Fund Information / Factsheet • Sep 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: | 174p | ||||
|---|---|---|---|---|---|
| NAV: | 185.47p | ||||
| Discount: | 6.18% | ||||
| Gearing (Gross): | 8.45% | ||||
| Gearing (Net): | 1.98% | ||||
| Ordinary shares in | 61,439,526 | ||||
| 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 | |||||
I believe investors are turning more risk averse and selling in the wake of fiscal sustainability problems that continue to cloud the outlook for economic growth in the developed world. While Asia will not be immune from softer growth in the developed world, I continue to believe that the region's strong and structural domestic growth story remains intact. Such extreme market movements provide opportunities to buy good quality companies at valuations that are now significantly below long terms historical averages.
John Lo, Portfolio Manager
The investment trust underperformed over the month as markets remained volatile. Select holdings within the consumer discretionary space and a lack of exposure to the defensive telecoms sector weighed on returns. However, not holding Chinese banks Industrial & Commercial Bank of China and Bank of China bolstered relative returns as concerns about an increase in non-performing loans hampered share prices. Within materials, lack of exposure to LG Chemical helped relative performance as softness in product prices hurt its shares.
| Sep 06- Sep 07- Sep 08- Sep 09- Sep 10- Sep 07 Sep 08 Sep 09 Sep 10 Sep 11 |
|||||
|---|---|---|---|---|---|
| Share Price | 50.5% | -31.9% | 57% | 22.1% | -10.1% |
| Price Record | Sep 07 |
Sep 08 |
Sep 09 |
Sep 10 |
Sep 11 |
| Share Price (pence) | 150.50 | 102.50 | 159.50 193.50 | 174.00 | |
| NAV (pence) | 169.04 | 117.84 | 170.74 218.91 | 185.47 |
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 13.06.96 |
|---|---|---|---|---|---|---|---|---|
| Share Price | -16.0% | -7.9% | -13.6% | -10.1% | 72.3% | 76.7% | 336.2% | 90.7% |
| NAV | -20.0% | -11.7% | -18.8% | -15.3% | 59.6% | 67.0% | 291.0% | 98.4% |
| MSCI All Countries Far East ex Japan Index (NUK) | -18.8% | -10.0% | -18.5% | -12.4% | 47.5% | 51.0% | 224.6% | 38.8% |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 30 September 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 | 4.4 | |
| LG HOUSEHOLD & HEALTHCARE | 3.9 | |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 3.9 | |
| HUTCHISON WHAMPOA | 2.8 | |
| CHINA MERCHANTS BANK H | 2.7 | |
| KIA MOTORS | 2.6 | |
| SJM HOLDINGS | 2.4 | |
| TENCENT HOLDINGS | 2.2 | |
| ADVANCED SEMICONDUCTOR ENGINEERING | 2.2 | |
| SHINHAN FINANCIAL GROUP | 2.1 | |
| Source: FIL Limited, 30 September 2011 | Source: FIL Limited, 30 September 2011 | |
Includes present exposure of cash and equities (other). Source: FIL Limited, 30 September 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
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.
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.
For more information contact us on 0800 41 41 10, 9am – 6pm Monday to Saturday or go to www.fidelity.co.uk/asianvalues
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