Fund Information / Factsheet • Jun 30, 2011
Fund Information / Factsheet
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Fidelity Asian Values PLC aims to produce long-term capital growth through investment in an actively managed portfolio of equities primarily in the South East Asian region (excluding Japan). The portfolio manager uses a bottom-up investment approach in the stock selection and portfolio construction process.
| Share price: | 203.00p | |
|---|---|---|
| NAV: | 228.43p | |
| Discount: | 11.13% | |
| Gearing (Gross): | 6.62% | |
| Gearing (Net): | 3.18% | |
| Ordinary shares in | 61,621,095 | |
| issue: | ||
| Launch date: | 13/06/1996 | |
| Portfolio Manager: | John Lo | |
| Appointed to trust: | 01/09/2001 | |
| Years at Fidelity: | 18 | |
| Investment available via ISA and Share Plan | ||
SINGLE YEAR PERFORMANCE (5 YEARS ENDING JUNE)
Share Price (pence) 133.00 121.50 121.00 173.75 203.00 NAV (pence) 149.66 134.19 130.37 190.41 228.43
Share Price
Price Record
Jun 06- Jun 07- Jun 08- Jun 09- Jun 10- Jun 07 Jun 08 Jun 09 Jun 10 Jun 11
38.4% -8.6% 0.5% 44.5% 16.8%
Jun Jun Jun Jun Jun 07 08 09 10 11
Earnings expectations remained resilient despite a tough first half of the year and valuations look attractive relative to potential growth. Fundamentals are strong whilst moderating economic growth may signal an end to the current cycle of monetary tightening. The Asian region largely continued to grow unhindered by fiscal and monetary challenges facing the developed world. Robust domestic demand was supported by low debt and high savings, all likely to support a multiyear growth cycle. Inflation continues to be a concern, consumption and investment continues to underpin a shift in economic activity away from external towards domestic demand.
John Lo, Portfolio Manager
Over the month the trust underperformed its benchmark over the quarter. Exposure to information technology and materials sectors detracted from relative performance. Whilst the underweight in telecommunications and utilities hurt returns as investor risk aversion contributed to stronger share price performance. In contrast, exposure to the consumer sector bolstered performance and the overweight in industrials added value. Specifically, among the leading outperformers were Lock & Lock, a food container manufacturer and LG household & Healthcare, a leading Korean producer of household products and cosmetics. Both companies benefited from strong sales growth and increasing market share.
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 30 June 2011. bid-bid with net income reinvested. These figures do not include an initial charge.
Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be subject to currency fluctuations. Investments in small and emerging markets may be more volatile than more established markets. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.
| % total of gross assets | ||
|---|---|---|
| SAMSUNG ELECTRONICS | 4.5 | |
| HUTCHISON WHAMPOA | 3.5 | |
| CHINA MERCHANTS BANK H | 3.4 | |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 3.4 | |
| LG HOUSEHOLD & HEALTHCARE | 3.1 | |
| SJM HOLDINGS | 2.7 | |
| TENCENT HOLDINGS | 2.6 | |
| LOCK&LOCK | 2.4 | |
| KIA MOTORS | 2.3 | |
| SHINHAN FINANCIAL GROUP | 2.3 | |
| Source: FIL Limited, 30 June 2011 | Source: FIL Limited, 30 June 2011 | |
Includes present exposure of cash and equities (other). Source: FIL Limited, 30 June 2011
SEAQ Code: 51094
Listed: London Stock Exchange Quoted: London Stock Exchange Financial Times The Times The Daily Telegraph The Independent Reuters Code: FAS.L
GLOSSARY
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. If the NAV per share is higher than the price each of these shares or securities are 'in the money'. 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.
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.
The term used to describe the process of borrowing money for investment purposes in the expectation that the returns on the investments purchased using the borrowings exceed the costs of those borrowings.
If a stock is deemed "overweight" this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed "underweight" this indicates that portfolio has a lower exposure to a stock compared to its benchmark.
The ten largest investments by value are valued at fair value and shown as a percentage of total assets less current liabilities, excluding loans.
These are expressed as a percentage of total portfolio and cash. FAIR VALUE
The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.
Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, 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. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.
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