FIDELITY ASIAN VALUES PLC

Regulatory Filings • Mar 4, 2019

National Storage Mechanism | Additional information

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RNS Number : 7715R

Fidelity Asian Values PLC

04 March 2019

London, UK, 4 March 2019

Edison issues review on Fidelity Asian Values (FAS)

Fidelity Asian Values (FAS) significantly outperformed its benchmark in the 2018 market sell-off, helped by its focus on capital preservation as well as growth. Manager Nitin Bajaj says that recent stock market volatility has enabled him to purchase market-leading businesses at very attractive prices, as valuation multiples have compressed while corporate earnings have remained robust. Bajaj notes that FAS's portfolio is currently trading on a relatively low aggregate P/E multiple and is generating a relatively high return on equity. The trust has a long-term record of outperformance versus the MSCI AC Asia ex-Japan index. Its share price is ahead over one, three, five and 10 years, while its NAV has outperformed over one, five and 10 years.

FAS is currently trading at a 4.4% premium to cum-income NAV, which compares with a 10-year widest discount of 14.8% in mid-March 2016. Over the last one, three, five and 10 years, the trust has traded on average discounts of 0.2%, 5.3%, 7.6% and 8.5% respectively. While focusing on capital growth rather than income, the trust also offers a 1.3% dividend yield. At end-January 2019, FAS had gross market gearing of 1.3%, which was more than offset by a 7.3% cash holding, resulting in a net cash position of 6.0%.

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