FIDELITY ASIAN VALUES PLC

Fund Information / Factsheet • Nov 30, 2019

Investment Objective

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To achieve long-term capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan).

Investment Trust Facts

Launch date:	13.06.96
Portfolio manager:	Nitin Bajaj
Appointed to trust:	01.04.15
Years at Fidelity:	16
Total Net Assets (TNA):	£ 286m
Ordinary shares in Issue:	72,499,434
Share price:	398.00p
NAV:	395.12p
Premium:	0.73%
Gross Market Gearing:	11.5%
Net Market Gearing:	3.4%
Subscription Share Price:	2.00p

Performance Comparator

Market Index:

MSCI AC Asia ex Japan (N)

The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.

Performance is shown for the last five years (or since launch for funds launched within that period).

Performance to 30.11.19 in GBP (%)

	1m	3m	YTD	1yr	3yr	5yr	Since 13.06.96*
Share Price Cumulative Growth	-0.4	-6.7	-0.5	-0.4	25.8	78.2	379.4
NAV Cumulative Growth	-1.1	-4.9	0.9	0.0	10.9	58.4	360.3
Index Cumulative Growth	0.3	0.3	9.1	6.3	27.2	52.4	194.9
Share Price Annualised Growth	-	-	-	-0.4	7.9	12.2	6.9
NAV Annualised Growth	-	-	-	0.0	3.5	9.6	6.7
Index Annualised Growth	-	-	-	6.3	8.4	8.8	4.7

Basis: bid-bid with income reinvested, in GBP, net of fees.

Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar.

*Performance commencement date.

Key Risks

The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.

Portfolio Manager Commentary

The Trust's NAV return was flat during the 12-month period ending 30 November 2019, underperforming its reference index which rose 6.3%. The Trust's share price also lagged the reference index falling -0.4% over the year.

The underperformance was mainly because of the Trust's small cap and value approach at a time when growth style outperformed. Stock selection proved unrewarding, particularly in India, Taiwan and China, and in financials and consumer discretionary sectors. Conversely, selection of stocks in Indonesia, South Korea and Malaysia, and materials and industrials sectors proved rewarding.

There was no major change in positioning, although cash exposure declined as the manager found more investment opportunities due to market correction. The focus continues to be on strong businesses run by able managements available at reasonable valuations, with an objective of compounding money over a 3-5 year period.

Overall, the Trust was overweight in the industrials, utilities, health care and consumer sectors, and it was underweight in communication services, financials and information technology. At country level, the Trust continued to be overweight India, Indonesia, Philippines and Australia, and underweight mainly in China, Korea, Hong Kong, Korea and Taiwan.

The final exercise of subscription shares took place on 29th November and 3,081,455 subscription shares were exercised by shareholders. Any remaining subscription share rights have lapsed.

Cumulative performance in GBP (%) Performance for 12 month periods in GBP (%)

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Equity Exposure % Total Net Assets (% TNA)

	Exposure (% TNA)
Gross Market Exposure	111.5
Net Equity	104.8
Other	0.0
Uninvested Cash	0.0

Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.

Sector/Industry Exposure (% TNA)

GICS Sector	Net	Index	Relative
Consumer Discretionary	20.2	15.1	5.1
Financials	17.8	23.3	-5.5
Industrials	12.7	6.8	5.9
Information Technology	12.3	17.8	-5.5
Consumer Staples	7.8	5.4	2.4
Health Care	7.5	3.1	4.4
Utilities	7.0	3.1	3.8
Materials	5.2	4.3	0.9
Energy	4.4	4.1	0.4
Real Estate	3.7	5.7	-2.0
Communication Services	1.9	11.3	-9.4
Total Sector Exposure	100.5	100.0
Other Index / Unclassified	4.3	0.0
Total Equity Exposure	104.8	100.0

Top Net Long Positions (% TNA)

	GICS Sector	Country	Net	Index	Relative
POWER GRID CORP OF INDIA LTD	Utilities	India	3.7	0.1	3.6
REDINGTON INDIA LTD	Information Technology	India	2.7	0.0	2.7
SHRIRAM TRANSPORT FIN CO LTD	Financials	India	2.7	0.1	2.7
FUFENG GROUP LTD	Materials	China	2.7	0.0	2.7
BOC AVIATION LTD	Industrials	China	2.0	0.0	2.0
CEBU AIR INC	Industrials	Philippines	1.9	0.0	1.9
CROMWELL EUROPEAN REAL ESTATE	Real Estate	France	1.9	0.0	1.9
INVESTMENT TRUST XINGDA INTL HLDGS LTD	Consumer Discretionary	China	1.8	0.0	1.8
CIKARANG LISTRINDO PT	Utilities	Indonesia	1.7	0.0	1.7
SHRIRAM CITY UNION FINANCE LTD	Financials	India	1.7	0.0	1.7

Top Overweight Positions (% TNA) Top Underweight Positions (% TNA)

	Net	Index	Relative
POWER GRID CORP OF INDIA LTD	3.7	0.1	3.6
REDINGTON INDIA LTD	2.7	0.0	2.7
SHRIRAM TRANSPORT FIN CO LTD	2.7	0.1	2.7
FUFENG GROUP LTD	2.7	0.0	2.7
BOC AVIATION LTD	2.0	0.0	2.0
CEBU AIR INC	1.9	0.0	1.9
CROMWELL EUROPEAN REAL ESTATE	1.9	0.0	1.9
INVESTMENT TRUST XINGDA INTL HLDGS LTD	1.8	0.0	1.8
CIKARANG LISTRINDO PT	1.7	0.0	1.7
SHRIRAM CITY UNION FINANCE LTD	1.7	0.0	1.7

Net Long Positions Concentration (% TNA)

	Fund	Index
Top 10	22.7	30.0
Top 20	37.3	37.1
Top 50	66.4	49.0

Market Capitalisation Exposure (% TNA)

GBP	Net	Index	Relative
>10bn	13.6	66.3	-52.6
5-10bn	5.0	14.4	-9.4
1-5bn	14.7	14.6	0.1
0-1bn	66.0	0.6	65.3
Total Market Cap Exposure	99.3	95.9
Other Index / Unclassified	5.4	4.1
Total Equity Exposure	104.8	100.0

Country Exposure (% TNA)

	Net	Index	Relative
India	23.9	10.6	13.2
China	21.6	39.8	-18.2
Korea (South)	10.9	13.5	-2.6
Indonesia	10.3	2.3	8.0
Taiwan	8.0	13.7	-5.7
USA	6.0	0.0	6.0
Hong Kong	5.5	10.0	-4.5
Philippines	4.9	1.2	3.7
Singapore	4.0	3.7	0.3
Sri Lanka	2.4	0.0	2.4
Others	7.3	5.4	1.9
Total Country Exposure	104.8	100.0
Other Index / Unclassified	0.0	0.0
Total Equity Exposure	104.8	100.0

	3.7
India	2.7	0.0	2.7
India	2.7	0.1	2.7
China	2.7	0.0	2.7
China	2.0	0.0	2.0
Philippines	1.9	0.0	1.9
France	1.9	0.0	1.9
China	1.8	0.0	1.8
Indonesia	1.7	0.0	1.7
India	1.7	0.0	1.7

	Net	Index	Relative
ALIBABA GROUP HOLDING LTD	0.4	6.8	-6.4
TENCENT HLDGS LTD	0.0	4.9	-4.9
SAMSUNG ELECTRONICS CO LTD	0.0	4.7	-4.7
TAIWAN SEMICONDUCTR MFG CO	1.1	5.0	-3.8
LTD AIA GROUP LTD	0.0	2.4	-2.4
CHINA CONSTRUCTION BANK	0.0	1.6	-1.6
PING AN INS GROUP CO CHINA	0.0	1.4	-1.4
LTD RELIANCE INDUSTRIES LTD	0.0	1.2	-1.2
INDUSTRIAL & COML BK CHINA	0.0	1.0	-1.0
Short Position - name withheld	-0.5	0.3	-0.8

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Nitin Bajaj aims to generate outperformance mainly through stock selection within the Asia Pacific ex Japan universe. He prefers investing in smaller companies because they tend to be less well researched, which leads to greater valuation anomalies. His fundamental analysis involves the evaluation of various factors including, but not limited to, stock valuation, financial strength, cash flows, company's competitive advantages, business prospects and earnings potential. His style is tilted towards value and he has a two to three year investment horizon.

Approach and Style Administrative & Dealing Information

Financial Year End: Reference currency: Company domicile: Company legal structure: Capital guarantee: ISIN: SEDOL: Bloomberg: Distribution frequency: Charges made to income or capital: Subscription Share ISIN: Subscription Share Bloomberg: Subscription Share Exercise Price: Subscription Share Exercise Date: Other Ongoing Costs (including AMC/ excluding Portfolio transaction costs): Portfolio transaction costs: Annual Management Charge:	31st July UK Sterling (GBP) United Kingdom Investment Trust No GB0003322319 0332231 FAS LN Annual Income GB00BDQZFV55 FASS LN 392.75p 29.11.2019 0.97% 0.17% 0.70% +/- 0.20% based on performance relative to the Market Index (Variable Management Fee)
Last Variable Management Fee (VMF) adjustment applied at month end:	-0.02%

Independent Assessment

Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results.

Portfolio Construction – Explained How data is calculated and presented

Portfolio composition data has been calculated and presented according to several general principles, which are listed below.

• Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated.

• Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.

• Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.

• "Basket" securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.

This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.

The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.

The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.

Glossary / Additional Notes

Equity Exposure notes

GROSS MARKET EXPOSURE

Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).

NET EQUITY

The net positive exposure to the market with short and hedge positions subtracted from long positions.

Glossary / Additional Notes

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OTHER

The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.

UNINVESTED CASH

This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.

Investment Trust Facts

NAV

The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.

PREMIUM

If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.

DISCOUNT

If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.

GEARING

Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.

FAIR VALUE

The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and

Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.

General notes

TOTAL NET ASSETS (TNA)

The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.

INDEX

The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.

TOP NET LONG POSITIONS

Those companies in which the largest percentages of the trust's total net assets are effectively invested. Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.

TOP OVERWEIGHT & UNDERWEIGHT POSITIONS

Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.

NET LONG POSITIONS CONCENTRATION

Illustrates the weight of the top 10, 20 and 50 positions in the trust and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.

Glossary / Additional Notes

OTHER ONGOING COSTS (KID)

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These are costs taken annually for managing the Trust using the PRIIPS KID costs disclosure methodology. They represent the impact each year of the different types of costs on the investment return investors might receive at the end of the recommended holding period.

They include the Annual management charge (AMC), Finance costs & Operating & administration costs.

They exclude any performance fees, portfolio transaction costs and any one off charges.

PORTFOLIO TRANSACTION COSTS

These are costs incurred when trading underlying investments.

SECTOR INDUSTRY CLASSIFICATION

GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 sub-industries.

More information is available at http://www.standardandpoors.com/indices/gics/en/us

ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/

Legal Information

Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America.

Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.

This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.

Unless otherwise stated, all views are those of Fidelity.

Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.

Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

This fund is managed by FIL Investments International.

Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.

Issued by FIL Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.