Interim / Quarterly Report • Jan 31, 2019
Interim / Quarterly Report
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FIDELITY ASIAN VALUES PLC
Half-Yearly Report for the 6 months ended 31 January 2019
The Company's objective is to achieve long term capital growth principally from the stockmarkets of the Asian Region excluding Japan.
"Fidelity Asian Values PLC provides shareholders with a differentiated equity exposure to Asian markets. Asia is the world's fastest-growing economic region and the Company looks to capitalise on this by finding strong businesses, run by trusted people and buying them at a sensible price. The Company, therefore, favours undervalued small and medium sized companies as this allows it to find mispriced businesses, the "winners of tomorrow", before they become well known."
Kate Bolsover, Chairman, Fidelity Asian Values PLC Annual Report 2018
Portfolio Manager's Review Read more page 04
| At a Glance | 02 |
|---|---|
| Summary of Results | 03 |
| Portfolio Manager's Half-Yearly Review | 04 |
| Interim Management Report | 07 |
| Directors' Responsibility Statement | 09 |
| Twenty Largest Holdings | 10 |
| Income Statement | 14 |
|---|---|
| Statement of Changes in Equity | 16 |
| Balance Sheet | 18 |
| Notes to the Financial Statements | 19 |
| Shareholder Information | 28 |
|---|---|
| Directory | 30 |
| Glossary of Terms | 32 |
Six months ended 31 January 2019
Net Asset Value ("NAV") per Ordinary Share (undiluted) total return*
-2.8%
(31 January 2018: +0.9%)
MSCI All Countries Asia ex Japan Index (net) total return (in Sterling terms)*
-4.6%
Ordinary Share Price total return*
+3.3%
(31 January 2018: +9.2%)
* Includes reinvested income
Shareholders' Funds
£280.6m
Market Capitalisation
£295.5m
Capital Structure Ordinary Shares of 25 pence each in issue
Subscription Shares of 0.001 pence each in issue
11,103,030
The Portfolio Manager invests in securities of companies which he considers to have fundamental value that has not been recognised by the market.
The Company is not restricted in terms of size or industry of companies included in the portfolio and may invest in unlisted securities.
The Company may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.
| 31 January 2019 |
31 July 2018 |
|
|---|---|---|
| Assets | ||
| Gross Asset Exposure1 | £284.4m | £285.2m |
| Total Shareholders' Funds | £280.6m | £288.0m |
| NAV per Ordinary Share – undiluted | 401.51p | 419.36p |
| NAV per Ordinary Share – diluted2 | 400.31p | 413.64p |
| Gearing/(net cash position)3 | 1.4% | (1.0%) |
| Share Price and Discount Data | ||
| Ordinary Share Price at period end | 419.00p | 412.00p |
| Period high | 423.00p | 415.00p |
| Period low | 356.00p | 361.00p |
| Premium/(Discount) to NAV per Ordinary Share at period end – undiluted | 4.4% | (1.8%) |
| Premium period high | 5.9% | 2.3% |
| (Discount) period high | (4.3%) | (9.6%) |
| Premium/(Discount) to NAV per Ordinary Share at period end – diluted | 4.7% | (0.4%) |
| Subscription Share Price at period end | 24.50p | 23.50p |
| Results for the six months ended 31 January | 2019 | 2018 |
| Revenue Return per Ordinary Share | 2.00p | 1.71p |
| Capital (Loss)/Return per Ordinary Share | (13.94p) | 2.81p |
| Total (Loss)/Return per Ordinary Share | (11.94p) | 4.52p |
1 The value of the portfolio exposed to market price movements.
2 The NAV per Ordinary Share assuming that all remaining Subscription Share rights are exercised.
3 Gross Asset Exposure less Total Shareholders' Funds expressed as a percentage of Total Shareholders' Funds.
Over the six month period ended 31 January 2019, the net asset value ("NAV") of Fidelity Asian Values PLC ("the Company") fell by 2.8%, compared with a decline of 4.6% for the MSCI All Countries Asia ex Japan Index in Sterling terms (the Company's "Comparative Index"). The Company's share price increased by 3.3% over the review period (all figures are on a total return basis). It is pleasing to report that there have been periods where the Company's shares have been trading at a significant premium and therefore, since 31 January 2019 and up to the date of this report, the Company has issued 1,025,000 ordinary shares.
The Company has outperformed the Comparative Index over the last 6 months and one year, as well as since I took over the management of the portfolio when the investment strategy was changed to focus more on small cap companies. However, the Company's returns have lagged the Comparative Index over the two and three year reporting periods (see table below). I believe that while the overall economic cycle has helped, a shift in favour of large cap growth stocks versus value stocks detracted somewhat. A central pillar of my investment process is to minimise losses by investing in good businesses that have strong balance sheets and buying them at a price that leaves enough margin of safety. These kinds of companies can lag the market in big upswings in investors' sentiment. My belief is that this is all part of the market cycle and should even out over time.
| Fidelity Asian Values PLC NAV total return (%) |
Comparative Index total return (%) |
|
|---|---|---|
| Tenure (since 1 April 2015) | +53.9 | +40.2 |
| 3 Years | +53.7 | +60.3 |
| 2 Years | +7.6 | +17.3 |
| 1 Year | -1.6 | -7.7 |
| 6 Months | -2.8 | -4.6 |
Sources: Fidelity International and Datastream, 31 January 2019.
| Average Active Weight (%) |
Gain/Loss (%) |
Contribution to Relative Returns (%) |
||
|---|---|---|---|---|
| Top 5 Contributors | ||||
| 1 | BOC Aviation | +2.4 | +36.1 | +0.9 |
| 2 | Energy Development Corp | +0.7 | +43.3 | +0.5 |
| 3 | China Mobile | +1.4 | +18.5 | +0.4 |
| 4 | Bank Rakyat Indonesia | +1.2 | +29.1 | +0.4 |
| 5 | Baidu | -1.3 | -30.4 | +0.4 |
| Total | +2.6 | |||
| Bottom 5 Detractors | ||||
| 1 | Indiabulls Housing Finance | +1.0 | -49.6 | -0.6 |
| 2 | Redington India | +1.2 | -33.2 | -0.4 |
| 3 | Tianneng Power International | +0.9 | -29.8 | -0.3 |
| 4 | Samsung Electronics | -4.9 | +1.2 | -0.3 |
| 5 | Interojo | +0.7 | -33.3 | -0.2 |
| Total | -1.8 |
Source: Fidelity International, 31 January 2019.
There are two primary sources of error in investing – errors of omission, that is to say stocks that we do not own which go up in value (such as Samsung Electronics in the table above), and errors of commission, or stocks we do in fact own that go down in value (such as Indiabulls Housing Finance and Redington India). As our objective is to compound absolute returns over time, my primary focus remains on minimising errors of commission over the medium term. We try hard to avoid businesses where we could lose significant amounts of money (such as those with high debt, high multiples, unsustainable earnings, poor management teams and fragile business models), but sometimes the market environment suddenly becomes unfavourable or indeed our analysis might on occasion be inaccurate. In such situations, we try our best to stay objective, and if the facts change, we are ready to change our minds and act accordingly.
In the past six months, the main losses we suffered were from Indiabulls Housing Finance, Redington India and Tianneng Power International as these stocks lagged the broader market. I regard these as temporary losses and I have therefore maintained the Company's holdings in these companies given their attractive valuations, strong underlying businesses and high quality management teams.
Since the 2008 financial crisis, we have had an extended period of economic growth and we may see a business cycle downturn in the next three years. As well as the challenging global
political climate, this will most likely create headwinds for equity market returns.
Having said that, the recent pull-back in equity markets created some interesting stock-specific opportunities, and over the last six months, I have added companies to the portfolio that are market leaders and which are available at attractive valuations.
Broadly, the Company is managed from an absolute return perspective. Each security is owned for what it might contribute to
returns, rather than its inclusion in an index. As mentioned earlier, I look for companies with strong competitive advantages, good management, and try to buy them at a reasonable price. The core to my investment philosophy is the idea that if we lose less money during market downturns, we should be able to compound money at higher rates in the longer term. Given that Asia has more than 18,000 listed companies, the opportunity to find hidden gems continues to be immense and I, together with the analyst teams at Fidelity, remain vigilant for new opportunities.
(as a percentage of Total Shareholder Funds/Net Assets)
January 2019
Sources: Fidelity International and MSCI classifications.
Portfolio Manager 15 April 2019
As reported in the Annual Report for the year ended 31 July 2018, the Company has had a new fee arrangement in place since 1 August 2018 which provides an overall reduction from the previous fee. The new fee replaced the Company's previous tiered fee structure (0.90% of gross assets up to £200 million; and 0.85% on gross assets over £200 million) and reduced the headline base management fee of 0.90%/0.85% of gross assets to 0.70% of net assets per annum with a +/- 0.20% variation based on performance relative to the Comparative Index. The variable element of the fee was effective from 1 November 2018. The maximum fee that the Company will pay under this revised arrangement is 0.90% of net assets. However, if the Company underperforms against the Comparative Index, then the overall fee can fall as low as 0.50% of net assets. There is no change to the investment process as a result of the new fee arrangement.
The Company issued 1,213,003 ordinary shares of 25 pence on 30 November 2018 following the second exercise date of the conversion rights attached to the subscription shares. The bonus issue of subscription shares on the basis of one subscription share for every five ordinary shares held by qualifying investors was approved at the Company's Annual General Meeting on 2 December 2016. As at the date of this Half-Yearly Report, there are 11,103,030 subscription shares remaining which can be exercised in the 25 business days preceding the last business day in November 2019 which is the final exercise date. The exercise price is equal to the published NAV of 366.88 pence per ordinary share on 2 December 2016 plus a premium of 7% which equates to an exercise price of 392.75 pence per share.
The Company's shares have been trading at a sustained level of premium since December 2018, therefore the Board applied for a block listing authority for 6,866,940 ordinary shares which is the maximum allowed under the Company's current authority as approved by shareholders at the Annual General Meeting on 13 December 2018. The block listing was effective on 8 February 2019. Since 11 February and the date of this report 1,025,000 shares have been issued from this block listing.
Repurchases of ordinary shares and subscription shares are made at the discretion of the Board and within guidelines set by it from time to time and in light of prevailing market conditions. Shares will only be repurchased when it results in an enhancement to the NAV of the ordinary shares for the remaining shareholders. In order to assist in managing the discount, the Board has shareholder approval to hold in Treasury any ordinary shares repurchased by the Company, rather than cancelling them. Any shares held in Treasury would only be re-issued at NAV per share or at a premium to NAV per share. Any subscription shares repurchased would be cancelled.
In the six months to 31 January 2019, no ordinary shares were repurchased for cancellation or for holding in Treasury and no subscription shares were repurchased for cancellation. Since the end of the reporting period and as at the date of this report no shares have been repurchased.
The Board, with the assistance of the Alternative Investment Fund Manager (FIL Investment Services (UK) Limited/the "Manager"), has developed a
risk matrix which, as part of the risk management and internal controls process, identifies the key risks that the Company faces.
The Board considers that the principal risks and uncertainties faced by the Company continue to fall in the following categories: market risk; performance risk; discount control risk; gearing risk; derivatives risk; and currency risk. Other risks facing the Company include cybercrime; tax and regulatory; and operational (service providers) risk. The Company is subject to a continuation vote every five years and there is a risk that the vote, when due, may not be approved. Information on each of these risks can be found in the Strategic Report section of the Annual Report for the year ended 31 July 2018 and can be found on the Company's pages of the Manager's website at www.fidelityinvestmenttrusts.com.
These principal risks and uncertainties have not materially changed in the six months to 31 January 2019 and are equally applicable to the remaining six months of the Company's financial year.
The Manager has delegated the Company's portfolio management and the role of Company Secretary to FIL Investments International. Transactions with the Manager and related party transactions with the Directors are disclosed in Note 12 on page 27.
The Directors have considered the Company's investment objective, risk management policies, liquidity risk, credit risk, capital management policies and procedures, the nature of its portfolio (being mainly securities which are readily realisable) and its expenditure and cash flow projections, and have concluded that the Company has adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these Financial Statements.
Continuation votes are held every five years and the next continuation vote will be put to shareholders at the Annual General Meeting in 2021.
By order of the Board. FIL Investments International 15 April 2019
The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements.
The Directors confirm to the best of their knowledge that:
The Half-Yearly Report has not been audited or reviewed by the Company's Independent Auditor.
The Half-Yearly Report was approved by the Board on 15 April 2019 and the above responsibility statement was signed on its behalf by Kate Bolsover, Chairman.
The Gross Asset Exposures shown below measure exposure to market price movements as a result of owning shares and derivative instruments. The Balance Sheet Value is the actual value of the portfolio. Where a contract for difference ("CFD") is held, the Balance Sheet Value reflects the profit or loss on the contract since it was opened and is based on how much the share price of the underlying share has moved.
| Balance Sheet |
|||
|---|---|---|---|
| Gross Asset Exposure | Value | ||
| £'000 | %1 | £'000 | |
| Long Exposures – shares unless otherwise stated | |||
| Power Grid Corporation of India Operator of the Indian national electricity grid |
8,241 | 2.9 | 8,241 |
| Cognizant Technology Solutions (shares and written put options) |
|||
| Provider of IT, digital and technology services | 7,098 | 2.5 | 5,855 |
| Fufeng Group Bio-fermentation products manufacturer |
6,156 | 2.2 | 6,156 |
| China Mobile (long CFD) Provider of telecommunication services in China |
5,933 | 2.1 | 336 |
| BOC Aviation Global aircraft operating leasing company |
5,811 | 2.1 | 5,811 |
| LIC Housing Finance Provider of long term finance for construction & renovation of |
|||
| houses & flats for residential purposes | 5,794 | 2.0 | 5,794 |
| Housing Development Finance Corporation Provider of housing finance to individual households and corporates in India |
5,193 | 1.9 | 5,193 |
| SK Hynix Memory semiconductor supplier of dynamic random-access |
|||
| memory chips and flash memory chips | 4,983 | 1.8 | 4,983 |
| PTC India Provider of power trading solutions in India |
4,480 | 1.6 | 4,480 |
| Sebang Global Battery Battery manufacturer |
4,376 | 1.6 | 4,376 |
| WPG Holdings Distributor of semiconductor and core components |
4,285 | 1.5 | 4,285 |
| Balance Sheet |
|||||
|---|---|---|---|---|---|
| Gross Asset Exposure | Value | ||||
| £'000 | %1 | £'000 | |||
| Cromwell European Real Estate Investment Trust Real estate investment company |
4,213 | 1.5 | 4,213 | ||
| Xingda International Holdings Manufacturer and trader of radial tire cords, bead wires and |
|||||
| other wires | 4,200 | 1.5 | 4,200 | ||
| LT Group Banking, beverages, spirits, tobacco and property |
|||||
| development group | 4,088 | 1.5 | 4,088 | ||
| Taiwan Semiconductor Manufacturing Company Developer, manufacturer and distributor of semiconductor |
|||||
| related products | 3,975 | 1.4 | 3,975 | ||
| Redington India Distributor of information technology products, mobile |
|||||
| handsets and accessories | 3,749 | 1.3 | 3,749 | ||
| Convenience Retail Asia Convenience store chain operator |
3,700 | 1.3 | 3,700 | ||
| Cebu Air | |||||
| Airline operator | 3,593 | 1.3 | 3,593 | ||
| Arwana Citramulia Ceramics manufacturer |
3,329 | 1.2 | 3,329 | ||
| First Resources | |||||
| Palm oil producer | 3,257 | 1.2 | 3,257 | ||
| Twenty largest long exposures | 96,454 | 34.4 | 89,614 | ||
| Other long exposures | 182,935 | 65.2 | 180,857 | ||
| Total long exposures before hedges (154 holdings) | 279,389 | 99.6 | 270,471 | ||
| Less: hedging exposures | |||||
| S&P CNX Nifty Index 10800 June 2019 (put option) | (5,344) | (1.9) | 329 | ||
| S&P CNX Nifty Index 10200 June 2019 (put option) | (1,753) | (0.7) | 66 | ||
| Forward Currency Contracts | (93) | – | (93) | ||
| Total hedging exposures | (7,190) | (2.6) | 302 |
| Balance Sheet |
|||
|---|---|---|---|
| Gross Asset Exposure | Value | ||
| £'000 | %1 | £'000 | |
| Total long exposures after the netting of hedges | 272,199 | 97.0 | 270,773 |
| Add: short exposures | |||
| Short CFDs (15 holdings) | 12,228 | 4.4 | 705 |
| Gross Asset Exposure2 | 284,427 | 101.4 | |
| Portfolio Fair Value3 | 271,478 | ||
| Net current assets (excluding derivative assets and liabilities) | 9,104 | ||
| Total Shareholders' Funds/Net assets | 280,582 |
1 Gross Asset Exposure is expressed as a percentage of Total Shareholders' Funds.
2 Gross Asset Exposure comprises market exposure to investments of £270,518,000 plus market exposure to derivative instruments of £13,909,000.
3 Portfolio Fair Value comprises investments of £270,518,000 plus derivative assets of £1,846,000 less derivative liabilities of £886,000 (per the Balance Sheet, on page 18).
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for the six months ended 31 January 2019
| six months ended 31 January 2019 unaudited |
||||||||
|---|---|---|---|---|---|---|---|---|
| Notes | revenue £'000 |
capital £'000 |
total £'000 |
|||||
| (Losses)/gains on investments | – | (10,742) | (10,742) | |||||
| Gains/(losses) on derivative instruments | – | 1,159 | 1,159 | |||||
| Income 4 |
3,350 | – | 3,350 | |||||
| Investment management fees 5 |
(982) | (97) | (1,079) | |||||
| Other expenses | (363) | – | (363) | |||||
| Foreign exchange gains/(losses) on cash and cash equivalents |
– | 51 | 51 | |||||
| Net return/(loss) on ordinary activities before finance costs and taxation |
2,005 | (9,629) | (7,624) | |||||
| Finance costs | (349) | – | (349) | |||||
| Net return/(loss) on ordinary activities before taxation |
1,656 | (9,629) | (7,973) | |||||
| Taxation on return/(loss) on ordinary activities 6 |
(272) | – | (272) | |||||
| Net return/(loss) on ordinary activities after taxation for the period |
1,384 | (9,629) | (8,245) | |||||
| Basic return/(loss) per ordinary share 7 |
2.00p | (13.94p) | (11.94p) | |||||
| Diluted return/(loss) per ordinary share 7 |
1.99p | (13.84p) | (11.85p) |
The Company does not have any other comprehensive income. Accordingly the net return/(loss) on ordinary activities after taxation for the period is also the total comprehensive income for the period and no separate Statement of Comprehensive Income has been presented.
The total column of this statement represents the Income Statement of the Company. The revenue and capital columns are supplementary and presented for information purposes as recommended by the Statement of Recommended Practice issued by the AIC.
No operations were acquired or discontinued in the period and all items in the above statement derive from continuing operations.
| six months ended 31 January 2018 year ended 31 July 2018 ORTS DIRECTORS' REPORTS unaudited audited DIRECTORS' REP revenue capital total revenue capital total £'000 £'000 £'000 £'000 £'000 £'000 – 5,213 5,213 – 4,084 4,084 – (2,279) (2,279) – (1,907) (1,907) 3,466 – 3,466 8,747 – 8,747 (1,314) – (1,314) (2,626) – (2,626) (362) – (362) (696) – (696) – (1,037) (1,037) – 568 568 1,790 1,897 3,687 5,425 2,745 8,170 MENTS MENTS (289) – (289) (779) – (779) FINANCIAL STATE FINANCIAL STATE 1,501 1,897 3,398 4,646 2,745 7,391 (343) 11 (332) (754) 141 (613) 1,158 1,908 3,066 3,892 2,886 6,778 1.71p 2.81p 4.52p 5.70p 4.23p 9.93p 1.70p 2.80p 4.50p 5.67p 4.20p 9.87p OLDERS ON FOR SHAREH MATI INFOR |
|---|
for the six months ended 31 January 2019
| share | ||||
|---|---|---|---|---|
| share capital |
premium account |
|||
| Notes | £'000 | £'000 | ||
| Six months ended 31 January 2019 (unaudited) | ||||
| Total shareholders' funds at 31 July 2018 | 17,167 | 24,316 | ||
| Net (loss)/return on ordinary activities after taxation for the period |
– | – | ||
| Issue of ordinary shares on the exercise of rights attached to subscription shares |
10 | 303 | 4,327 | |
| Dividend paid to shareholders | 8 | – | – | |
| Total shareholders' funds at 31 January 2019 | 17,470 | 28,643 | ||
| Six months ended 31 January 2018 (unaudited) | ||||
| Total shareholders' funds at 31 July 2017 | 16,872 | 20,232 | ||
| Net return on ordinary activities after taxation for | ||||
| the period | – | – | ||
| Issue of ordinary shares on the exercise of rights | ||||
| attached to subscription shares | 10 | 295 | 4,084 | |
| Dividend paid to shareholders | 8 | – | – | |
| Total shareholders' funds at 31 January 2018 | 17,167 | 24,316 | ||
| Year ended 31 July 2018 (audited) | ||||
| Total shareholders' funds at 31 July 2017 | 16,872 | 20,232 | ||
| Net return on ordinary activities after taxation for the year |
– | – | ||
| Issue of ordinary shares on the exercise of rights | ||||
| attached to subscription shares | 10 | 295 | 4,084 | |
| Dividend paid to shareholders | 8 | – | – | |
| Total shareholders' funds at 31 July 2018 | 17,167 | 24,316 | ||
| total shareholders' funds £'000 287,974 (8,245) 4,630 (3,777) 280,582 280,191 3,066 4,379 (3,374) 284,262 280,191 |
revenue reserve £'000 6,005 1,384 – (3,777) 3,612 5,487 1,158 – |
capital reserve £'000 221,309 (9,629) – – 211,680 218,423 1,908 |
other reserve £'000 8,613 – – – 8,613 8,613 |
other non distributable reserve £'000 7,367 – – – 7,367 7,367 |
capital redemption reserve £'000 3,197 – – – 3,197 |
|---|---|---|---|---|---|
| 3,197 | |||||
| – | – | – | |||
| – | – | – | – | ||
| (3,374) | – | – | – | – | |
| 3,271 | 220,331 | 8,613 | 7,367 | 3,197 | |
| 5,487 | 218,423 | 8,613 | 7,367 | 3,197 | |
| 6,778 | 3,892 | 2,886 | – | – | – |
| 4,379 | – | – | – | – | – |
| (3,374) | (3,374) | – | – | – | – |
| 287,974 | 6,005 | 221,309 | 8,613 | 7,367 | 3,197 |
| 31.01.19 | 31.07.18 | 31.01.18 | ||
|---|---|---|---|---|
| unaudited | audited | unaudited | ||
| Notes | £'000 | £'000 | £'000 | |
| Fixed assets | ||||
| Investments | 9 | 270,518 | 273,714 | 271,760 |
| Current assets | ||||
| Derivative instruments | 9 | 1,846 | 1,529 | 2,312 |
| Debtors | 2,427 | 2,307 | 2,097 | |
| Amounts held at futures clearing houses | ||||
| and brokers | 1,944 | 2,363 | 2,645 | |
| Cash at bank | 5,537 | 11,468 | 11,395 | |
| 11,754 | 17,667 | 18,449 | ||
| Creditors | ||||
| Derivative instruments | 9 | (886) | (960) | (2,014) |
| Other creditors | (804) | (2,447) | (3,933) | |
| (1,690) | (3,407) | (5,947) | ||
| Net current assets | 10,064 | 14,260 | 12,502 | |
| Net assets | 280,582 | 287,974 | 284,262 | |
| Capital and reserves | ||||
| Share capital | 10 | 17,470 | 17,167 | 17,167 |
| Share premium account | 28,643 | 24,316 | 24,316 | |
| Capital redemption reserve | 3,197 | 3,197 | 3,197 | |
| Other non-distributable reserve | 7,367 | 7,367 | 7,367 | |
| Other reserve | 8,613 | 8,613 | 8,613 | |
| Capital reserve | 211,680 | 221,309 | 220,331 | |
| Revenue reserve | 3,612 | 6,005 | 3,271 | |
| Total shareholders' funds | 280,582 | 287,974 | 284,262 | |
| Net asset value per ordinary share | 11 | 401.51p | 419.36p | 413.96p |
| Diluted net asset value per ordinary share | 11 | 400.31p | 413.64p | 409.06p |
Fidelity Asian Values PLC is an Investment Company incorporated in England and Wales with a premium listing on the London Stock Exchange. The Company's registration number is 3183919, and its registered office is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP. The Company has been approved by HM Revenue & Customs as an Investment Trust under Section 1158 of the Corporation Tax Act 2010 and intends to conduct its affairs so as to continue to be approved.
The Financial Statements in this half-yearly financial report have not been audited by the Company's Independent Auditor and do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 (the "Act"). The financial information for the year ended 31 July 2018 is extracted from the latest published Financial Statements of the Company. Those Financial Statements were delivered to the Registrar of Companies and included the Independent Auditor's Report which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Act.
Customer: Fidelity Project Title: Asian Values Half Year Rpt 2019 T: 0207 055 6500 F: 020 7055 6600 DIRECTORS' REPORTSFINANCIAL STATEMENTS Notes to the Financial Statements The Company prepares its Financial Statements on a going concern basis and in accordance with UK Generally Accepted Accounting Practice ("UK GAAP") and FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland, issued by the Financial Reporting Council. The Financial Statements are also prepared in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP") issued by the Association of Investment Companies ("AIC"), in November 2014 and updated in February 2018 with consequential amendments. FRS 104: Interim Financial Reporting has also been applied in preparing this condensed set of Financial Statements. The accounting policies followed are consistent with those disclosed in the Company's Annual Report and Financial Statements for the year ended 31 July 2018.
Investment management fees and other expenses are accounted for on an accruals basis. The base management fee and other expenses are charged in full to revenue. The variable investment management fee, effective 1 November 2018, is charged to capital as it is based on the performance of the net asset value per share relative to the Comparitive Index.
| six months ended 31.01.19 |
six months ended 31.01.18 |
year ended 31.07.18 |
|
|---|---|---|---|
| unaudited £'000 |
unaudited £'000 |
audited £'000 |
|
| Investment income | |||
| Overseas dividends | 3,243 | 3,277 | 8,242 |
| Overseas scrip dividends | – | 130 | 299 |
| 3,243 | 3,407 | 8,541 | |
| Derivative income | |||
| Dividends on long CFDs | 16 | – | 51 |
| Interest on short CFDs | 55 | 38 | 90 |
| 71 | 38 | 141 | |
| Other income | |||
| Deposit interest | 36 | 21 | 65 |
| Total income | 3,350 | 3,466 | 8,747 |
| six months | six months | year | |
|---|---|---|---|
| ended | ended | ended | |
| 31.01.19 | 31.01.18 | 31.07.18 | |
| unaudited | unaudited | audited | |
| £'000 | £'000 | £'000 | |
| Investment management fees – base | |||
| (charged to revenue) | 982 | 1,314 | 2,626 |
| Investment management fees – variable (charged to capital) |
97 | – | – |
| 1,079 | 1,314 | 2,626 | |
| From 1 August 2018, the Company adopted a new fee arrangement which reduced the base | |||
| management fee from 0.90%/0.85% of gross assets to 0.70% of net assets per annum. In addition, with effect from 1 November 2018, there is a +/- 0.20% variation based on performance relative to the Comparative Index. Fees are payable monthly in arrears and are calculated on a daily basis. Prior to this date, FII charged portfolio management service fees at an annual rate of 0.90% on the first £200 million of gross assets and 0.85% on gross assets over £200 million. Fees were paid quarterly in arrears and calculated on the last business day of March, June, September and December. Further details of the Management Fee Agreement are given in the Interim Management Report on page 7. |
|||
| 6 Taxation on Ordinary Activities | |||
| six months | six months | year | |
| ended | ended | ended | |
| 31.01.19 | 31.01.18 | 31.07.18 | |
| unaudited | unaudited | ||
| £'000 | £'000 | audited £'000 |
|
| Revenue – taxation on overseas dividends | 272 | 343 | 754 |
| Capital – Indian capital gains tax received in the period |
– | (11) | (141) |
| six months | six months | year | |
|---|---|---|---|
| ended | ended | ended | |
| 31.01.19 | 31.01.18 | 31.07.18 | |
| unaudited | unaudited | audited | |
| £'000 | £'000 | £'000 | |
| Revenue – taxation on overseas dividends | 272 | 343 | 754 |
| Capital – Indian capital gains tax received | |||
| in the period | – | (11) | (141) |
| Total taxation charge for the period | 272 | 332 | 613 |
| six months | six months | year | |
|---|---|---|---|
| ended | ended | ended | |
| 31.01.19 | 31.01.18 | 31.07.18 | |
| unaudited | unaudited | audited | |
| Revenue return per ordinary share – basic | 2.00p | 1.71p | 5.70p |
| Capital (loss)/return per ordinary share – basic | (13.94p) | 2.81p | 4.23p |
| Total (loss)/return per ordinary share – basic | (11.94p) | 4.52p | 9.93p |
| Revenue return per ordinary share – diluted | 1.99p | 1.70p | 5.67p |
| Capital (loss)/return per ordinary share – diluted | (13.84p) | 2.80p | 4.20p |
| Total (loss)/return per ordinary share – diluted | (11.85p) | 4.50p | 9.87p |
The basic return/(loss) per ordinary share is based on the net return/(loss) on ordinary activities after taxation for the period divided by the weighted average number of ordinary shares held outside of Treasury during the period.
| £'000 | £'000 | £'000 | |
|---|---|---|---|
| Net revenue return on ordinary activities after taxation for the period |
1,384 | 1,158 | 3,892 |
| Net capital (loss)/return on ordinary activities after taxation for the period |
(9,629) | 1,908 | 2,886 |
| Net total (loss)/return on ordinary activities after taxation for the period |
(8,245) | 3,066 | 6,778 |
| number | number | number | |
| Weighted average number of ordinary shares in issue during the period |
69,084,724 | 67,892,642 | 68,277,830 |
The diluted return/(loss) per ordinary share reflect the notional dilutive effect that would have occurred if the rights attached to subscription shares had been exercised and additional ordinary shares had been issued. The net return/(loss) on ordinary activities after taxation for the period used in the diluted calculation are the same as those for the basic return/(loss) above. These returns/(losses) are divided by the notional weighted average number of ordinary shares in issue during the period of 69,592,203 (31 January 2018: 68,222,167, 31 July 2018: 68,654,259). This number of shares reflects the additional number of ordinary shares that could have been purchased at the average ordinary share price for the period with the proceeds from the excess of the subscription share rights exercise price over the average ordinary share price.
| six months | six months | year | ||
|---|---|---|---|---|
| ended | ended | ended | ||
| 31.01.19 | 31.01.18 | 31.07.18 | ||
| unaudited | unaudited | audited | ||
| for the year ended 31 July 2018 | Dividend of 5.50 pence per ordinary share paid | 3,777 | – | – |
| for the year ended 31 July 2017 | Dividend of 5.00 pence per ordinary share paid | – | 3,374 | 3,374 |
| 3,777 | 3,374 | 3,374 | ||
| 9 Fair Value Hierarchy to estimate the fair values. |
The Company is required to disclose the fair value hierarchy that classifies its financial instruments measured at fair value at one of three levels, according to the relative reliability of the inputs used |
|||
| Classification | Input | |||
| Level 1 | Valued using quoted prices in active markets for identical assets | |||
| Level 2 | Valued by reference to valuation techniques using observable inputs other than quoted prices included within level 1 |
|||
| Level 3 | Valued by reference to valuation techniques using inputs that are not based on observable market data |
|||
| Classification | Input |
|---|---|
| Level 1 | Valued using quoted prices in active markets for identical assets |
| Level 2 | Valued by reference to valuation techniques using observable inputs other than quoted prices included within level 1 |
| Level 3 | Valued by reference to valuation techniques using inputs that are not based on observable market data |
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. The table below sets out the Company's fair value hierarchy:
| 31 January 2019 (unaudited) | level 1 £'000 |
level 2 £'000 |
level 3 £'000 |
total £'000 |
|---|---|---|---|---|
| Financial assets at fair value through profit or loss | ||||
| Investments | 270,063 | 51 | 404 | 270,518 |
| Derivative instrument assets | 395 | 1,451 | – | 1,846 |
| 270,458 | 1,502 | 404 | 272,364 | |
| Financial liabilities at fair value through profit or loss | ||||
| Derivative instrument liabilities | (186) | (700) | – | (886) |
| 31 July 2018 (audited) | level 1 £'000 |
level 2 £'000 |
level 3 £'000 |
total £'000 |
| Financial assets at fair value through profit or loss | ||||
| Investments | 273,248 | 59 | 407 | 273,714 |
| Derivative instrument assets | 466 | 1,063 | – | 1,529 |
| 273,714 | 1,122 | 407 | 275,243 | |
| Financial liabilities at fair value through profit or loss | ||||
| Derivative instrument liabilities | – | (960) | – | (960) |
| 31 January 2018 (unaudited) | level 1 £'000 |
level 2 £'000 |
level 3 £'000 |
total £'000 |
| Financial assets at fair value through profit or loss | ||||
| Investments | 265,905 | 5,855 | – | 271,760 |
| Derivative instrument assets | 358 | 1,954 | – | 2,312 |
| 266,263 | 7,809 | – | 274,072 | |
| Financial liabilities at fair value through profit or loss | ||||
| Derivative instrument liabilities | (6) | (2,008) | – | (2,014) |
| 31 January 2019 | 31 July 2018 | 31 January 2018 | ||||
|---|---|---|---|---|---|---|
| unaudited | audited | unaudited | ||||
| number of | number of | number of | ||||
| shares | £'000 | shares | £'000 | shares | £'000 | |
| Issued, allotted and fully paid |
||||||
| Ordinary shares of 25 pence each held outside Treasury |
||||||
| Beginning of the period | 68,669,402 | 17,167 | 67,488,213 | 16,872 | 67,488,213 | 16,872 |
| Ordinary shares issued | 1,213,003 | 303 | 1,181,189 | 295 | 1,181,189 | 295 |
| End of the period | 69,882,405 | 17,470 | 68,669,402 | 17,167 | 68,669,402 | 17,167 |
| Issued, allotted and fully paid |
||||||
| Subscription shares of 0.001 pence |
||||||
| Beginning of the period | 12,316,033 | – | 13,497,222 | – | 13,497,222 | – |
| Cancellation of subscription shares on the exercise of rights |
(1,213,003) | – | (1,181,189) | – | (1,181,189) | – |
| End of the period | 11,103,030 | – | 12,316,033 | – | 12,316,033 | – |
| Total share capital | 17,470 | 17,167 | 17,167 | |||
A bonus issue of subscription shares to ordinary shareholders on the basis of one subscription share for every five ordinary shares held took place on 5 December 2016. Each subscription share gives the holder the right, but not the obligation, to subscribe for one ordinary share upon payment of the subscription price. The subscription price is based on the published unaudited NAV per ordinary share at 2 December 2016, plus a premium depending upon the year in which the right is exercised. The subscription share rights can be exercised annually in the 25 business days prior to the relevant subscription date (on which the exercise would take effect). The subscription dates, subscription prices and premia are as follows:
| Subscription date | Subscription price | Premium | |
|---|---|---|---|
| First subscription date | 30 November 2017 | 370.75p | 1% |
| Second subscription date | 30 November 2018 | 381.75p | 4% |
| Final subscription date | 29 November 2019 | 392.75p | 7% |
After the final subscription date of 29 November 2019, the Company will appoint a trustee who will exercise any rights remaining that have not been exercised by shareholders, providing that by doing so a profit can be realised. To realise a profit the sale proceeds from selling the resulting ordinary shares in the market would need to be in excess of the 392.75 pence per share price of exercising the rights, plus any related expenses and fees. Any resulting profit will be paid to the holders of those outstanding subscription shares, unless the amount payable to an individual holder is less than £5, in which case such sum shall be retained for the benefit of the Company.
Subscription shares carry no rights to vote, to receive a dividend or to participate in the winding up of the Company.
During the period the Company issued 1,213,003 ordinary shares (year ended 31 July 2018 and six months ended 31 January 2018: 1,181,189 shares) on the exercise of rights attached to subscription shares. The subscription share price of 381.75 pence per ordinary share issued represented a premium of 356.75 pence per share over the 25 pence nominal value of each share. The total premium received in the period on the issue of ordinary shares of £4,327,000 (year ended 31 July 2018 and six months ended 31 January 2018: £4,084,000) was credited to the share premium account.
The net asset value per ordinary share is based on net assets of £280,582,000 (31 July 2018: £287,974,000 and 31 January 2018: £284,262,000) and on 69,882,405 (31 July 2018: 68,669,402 and 31 January 2018: 68,669,402) ordinary shares, being the number of ordinary shares of 25 pence each held outside Treasury at the end of the period.
The diluted net asset value per ordinary share reflects the potential dilution in the net asset value per ordinary share if the rights of the 11,103,030 subscription shares in issue had been exercised on 31 January 2019 at the next subscription date price of 392.75 pence per share. The basis of the calculation is in accordance with the guidelines laid down by the AIC.
The net asset value per ordinary share and the diluted net asset value per ordinary share are published by the London Stock Exchange on a daily basis.
FIL Investment Services (UK) Limited is the Company's Alternative Investment Fund Manager and has delegated portfolio management and the role of Company Secretary to FIL Investments International ("FII"). Both companies are Fidelity group companies.
Customer: Fidelity Project Title: Asian Values Half Year Rpt 2019 T: 0207 055 6500 F: 020 7055 6600 DIRECTORS' REPORTSFINANCIAL STATEMENTS 11 Net Asset Value per Ordinary Share Details of the fee arrangements are given in Note 5 above. During the period, management fees of £1,079,000 (six months ended 31 January 2018: £1,314,000 and year ended 31 July 2018: £2,626,000) and secretarial and administration fees of £38,000 (six months ended 31 January 2018: £38,000 and year ended 31 July 2018: £75,000) were payable to FII. At the Balance Sheet date, management fees of £202,000 (31 January 2018: £197,000 and 31 July 2018: £222,000) and secretarial and administration fees of £6,000 (31 January 2018: £6,000 and 31 July 2018: £6,000) were accrued and included in other creditors. FII also provides the Company with marketing services. The total amount payable for these services during the period was £64,000 (six months ended 31 January 2018: £65,000 and year ended 31 July 2018: £108,000). At the Balance Sheet date marketing services of £8,000 (31 January 2018: £32,000 and 31 July 2018: £11,000) were accrued and included in other creditors.
As at 31 January 2019, the Board consisted of five non-executive Directors (as shown in the Directory on page 30), all of whom are considered to be independent by the Board. None of the Directors have a service contract with the Company. The Chairman receives an annual fee of £34,000, the Audit Committee Chairman an annual fee of £28,000 and each other Director an annual fee of £25,000. The following members of the Board held shares in the Company: Kate Bolsover 12,919 ordinary shares and 3,050 subscription shares, Timothy Scholefield 10,000 ordinary shares and 2,000 subscription shares, Philip Smiley 2,500 ordinary shares and 500 subscription shares, Grahame Stott 20,000 ordinary shares and 11,000 subscription shares and Michael Warren, 6,000 ordinary shares and 800 subscription shares.
Fidelity Asian Values PLC is a company listed on the London Stock Exchange and you can buy its shares through a platform, stockbroker, share shop or bank. Fidelity also offers a range of options, so that you may invest in a way that is best for you. Details of how to invest can be found on Fidelity's website at
www.fidelityinvestmenttrusts.com
Shareholders and Fidelity Platform Investors should contact the appropriate administrator using the contact details given below and in the next column. Links to the websites of major platforms can be found online at www.fidelityinvestmenttrusts.com
Contact Link Asset Services, Registrar to Fidelity Asian Values PLC, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU.
Telephone: 0371 664 0300 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 – 17:30, Monday to Friday, excluding public holidays in England and Wales).
Details of individual shareholdings and other information can also be obtained online from the Registrar's Share Portal at www.signalshares.com. Shareholders are able to manage their shareholding online by registering for the Share Portal, a free and secure online access service. Facilities include:
Account Enquiry – Shareholders can access their personal shareholding, including share transaction history, dividend payment history and obtain an up-to-date shareholding valuation. Amendment of Standing Data – Shareholders can change their registered postal address and add, change or delete dividend mandate instructions. Shareholders can also download forms such as change of address, stock transfer and dividend mandate forms as well as buy and sell shares in the Company.
Should you have any queries in respect of the Link Share Portal, contact the helpline on 0371 664 0391 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 9:00 – 17:30, Monday to Friday excluding public holidays in England and Wales).
Link Asset Services offer a low cost share dealing service to buy or sell shares. Further information is available at www.linksharedeal.com, or by telephoning 0371 664 0445 (calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open 8:00 – 16:30, Monday to Friday excluding public holidays in England and Wales). The Link Share Dealing Service allows you to deal in the shares of other companies for which Link Asset Services acts as Registrar, provided you are already a shareholder in the relevant company, and that company offers the Share Deal facility to its shareholders.
| Website: www.fidelity.co.uk/shares/ Telephone: 01732 36 11 44 investment-trusts/ Email: [email protected] Private investors: call free on 0800 41 41 10, 9:00 – 18:00 Monday to Saturday. Website: www.fidelityinvestmenttrusts.com Financial advisers: call free on 0800 41 41 81, If you hold Fidelity Asian Values PLC shares in 8:00 – 18:00, Monday to Friday. an account provided by Fidelity International, you will receive a report every six months detailing all of your transactions and the value of your shares. Financial Calendar 2019 31 January Half-Year End April Announcement of the Half-Yearly results |
|---|
| April Publication of the Half-Yearly Report |
| 31 July Financial Year End |
| October Publication of the Annual Report |
| December Annual General Meeting |
Kate Bolsover (Chairman) Philip Smiley (Senior Independent Director) Grahame Stott (Chairman of the Audit Committee) Timothy Scholefield Michael Warren
FIL Investment Services (UK) Limited Oakhill House 130 Tonbridge Road Hildenborough Tonbridge Kent TN11 9DZ
FIL Investments International Beech Gate Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP Email: [email protected]
Stifel Nicolaus Europe Ltd 150 Cheapside London EC2V 6ET
Ernst & Young LLP 25 Churchill Place London E14 5EY
JPMorgan Chase Bank (London Branch) 125 London Wall London EC2Y 5AJ
J.P. Morgan Europe Limited 25 Bank Street London E14 5JP
Link Asset Services The Registry 34 Beckenham Road Beckenham Kent BR3 4TU
Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD
The Company is an investment trust which is a public limited company and, as such, has certain regulatory obligations such as the requirement to send documents to its shareholders such as the Annual Report and other documents that relate to meetings of the Company. The Company will therefore collect shareholders' personal data such as names, addresses and identification numbers such as investor codes and will use this personal data to fulfil its statutory obligations.
Any personal data collected will be kept securely on computer systems and in some circumstances on paper. Personal information is kept secure in line with Fidelity's Information Security policies and standards. If you are unhappy with how we have used your personal data, you can complain by contacting the UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP.
In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing of this data to its third party service providers, such as the Company's Registrar and Printers. The Company has appointed Fidelity to undertake marketing activities for the Company and their privacy statement can be found on the Company website at https://investment-trusts.fidelity.co.uk/privacy-policy/
Customer: Fidelity Project Title: Asian Values Half Year Rpt 2019 T: 0207 055 6500 F: 020 7055 6600 DIRECTORS' REPORTSINFORMATION FOR SHAREHOLDERSGeneral Data Protection Regulation ("GDPR") The Company's agreements with the third party service providers have been updated to be compliant with GDPR requirements. The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose, such as for marketing purposes. In some circumstances, it may be necessary to transfer shareholders' personal data across national borders to Fidelity Group entities operating in the European Economic Area ("EEA"). Where this does occur, the European standard of protections will be applied to the personal data that is processed. Where personal data is transferred within the Fidelity group, but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.
We will keep the personal data for as long as is necessary for these purposes and no longer than we are legally permitted to do so.
Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by contacting Fidelity's UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP.
Alternative Investment Fund ("AIF"). The Company is an AIF.
Alternative Investment Fund Manager ("AIFM"). The Board has appointed FIL Investment Services (UK) Limited to act as the Company's AIFM (the Manager).
The Alternative Investment Fund Managers Directive ("AIFMD") is a European Union Directive and was implemented on 22 July 2014.
Asset provided as security for the unrealised gain or loss under a contract for difference.
MSCI All Countries Asia ex Japan Index (net) total return (in Sterling terms).
A contract for difference is a derivative. It is a contract between the Company and an investment house at the end of which the parties exchange the difference between the opening price and the closing price of an underlying asset of the specified financial instrument. It does not involve the Company buying or selling the underlying asset, only agreeing to receive or pay the movement in its share price. A contract for difference allows the Company to gain access to the movement in the share price by depositing a small amount of cash known as margin. The Company may reason that the asset price will rise, by buying ("long" position) or fall, by selling ("short" position). If the Company trades long, dividends are received and interest is paid. If the Company trades short, dividends are paid and interest is received.
An entity that holds (as intermediary) the Company's assets, arranges the settlement of transactions and administers income, proxy voting and corporate actions. The Company's Custodian is JPMorgan Chase Bank.
An entity that oversees the custody, cash arrangements and other AIFM responsibilities of the Company. J.P. Morgan Europe act as the Company's Depositary.
Financial instruments (such as futures, options and contracts for difference) whose value is derived from the value of an underlying asset.
The diluted net asset value per ordinary share reflects what the net asset value per ordinary share would have been if all the rights attached to the outstanding subscription shares had been exercised at the period end date. A dilution occurs when the exercise price of the subscription share rights is less than the net asset value per ordinary share.
If the share price of the Company is lower than the net asset value per ordinary share, the Company's shares are said to be trading at a discount. The discount is shown as a percentage of the net asset value per ordinary share. The opposite of a discount is a premium. It is more common for an investment trust to trade at a discount than a premium.
The fair value is the best measure of the realisable value of the investments, including derivatives, at a point in time and this is measured as:
Agreements to buy or sell a stated amount of a security at a specific future date and at a pre-agreed price.
Customer: Fidelity Project Title: Asian Values Half Year Rpt 2019 T: 0207 055 6500 F: 020 7055 6600 DIRECTORS' REPORTSINFORMATION FOR SHAREHOLDERS• Listed investments – valued at bid Gearing describes the level of the Company's exposure and is expressed as a percentage of shareholders' funds. It reflects the amount of exposure the Company uses to invest in the market. It can be obtained through the use of bank loans, bank overdrafts and derivatives, in order to increase the Company's exposure to investments. If assets rise in value, gearing magnifies the return to shareholders. Correspondingly, if assets fall in value, gearing magnifies the fall. Derivatives are used as a way of gaining exposure to the price movements of shares without buying the underlying shares directly.
In a simple example, if a company has £100 million of net assets and a total portfolio of £108 million, with £8 million of borrowings (either via bank loans or derivatives), then the shareholders' funds are 8% geared. Normally, the higher the gearing percentage, the more sensitive the Company's shares will be to the movements up and down in the value of the investment portfolio.
A measure of the Company's total equity exposure. It is calculated as the sum of all long exposures, after taking account of hedging positions and the absolute value of all short exposures.
A strategy aimed at minimising or eliminating the risk or loss through adverse movements normally involving taking a position in a derivative such as future or option.
FIL Investments International acts as the Company's Investment Manager under delegation from FIL Investment Services (UK) Limited (the appointed AIFM).
FIL Investment Services (UK) Limited is the appointed Manager under the Alternative Investment Fund Managers' Directive ("AIFMD"), and has delegated the portfolio management of assets to FIL Investments International.
Net asset value is sometimes also described as "shareholders' funds", and represents the total value of the Company's assets less the total value of its liabilities. For valuation purposes it is common to express the net asset value on a per ordinary share basis.
The net asset value divided by the number of ordinary shares in issue.
A measure of the Company's net equity exposure. It is calculated as the total of all long exposures (less the total of any exposures hedging the portfolio) less the total of all short exposures.
An option is a contract which gives the right but not the obligation to buy or sell an underlying asset at an agreed price on or before an agreed date. Options may be calls (buy) or puts (sell) and are used to gain or reduce exposure to the underlying asset on a conditional basis.
Nitin Bajaj is the appointed Portfolio Manager for the Company and is responsible for managing the Company's assets.
If the share price of the Company is higher than the net asset value per ordinary share, the Company's shares are said to be trading at a premium. The premium is shown as a percentage of the net asset value per ordinary share.
An entity that manages the Company's shareholder register. The Company's Registrar is Link Asset Services.
The return/(loss) generated in the period from the investments:
Shareholders' funds are also described as net asset value and represent the total value of the Company's assets less the total value of its liabilities.
The return on the share price or net asset value per ordinary share taking into account the rise and fall of share prices and the dividends paid to shareholders. Any dividends received by the shareholder are assumed to have been reinvested in additional shares (for share price total return) or the Company's assets (for net asset value total return).
Ordinary shares of the Company that have been repurchased by the Company and not cancelled but held in Treasury. These shares do not receive dividends, have no voting rights and are excluded from the net asset value per ordinary share calculation.
To find out more about Fidelity Asian Values PLC visit our website www.fidelityinvestmenttrusts.com where you can read articles and watch videos on the Company.
Fidelity, Fidelity International, the Fidelity International logo and symbol are trademarks of FIL Limited
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