Fund Information / Factsheet • Apr 30, 2012
Fund Information / Factsheet
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FIDELITY INVESTMENT TRUSTS 30 APRIL 2012
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: | 187.75p | |
|---|---|---|
| NAV: | 210.88p | |
| Discount: | 10.97% | |
| Gearing Exposure: | 105.09% | |
| Ordinary shares in | 60,047,672 | |
| issue: | ||
| Launch date: | 13/06/1996 | |
| Portfolio Manager: | John Lo | |
| Appointed to trust: | 01/09/2001 | |
| Years at Fidelity: | 19 | |
| Investment available via ISA and Share Plan | ||
The outlook for the global economy remains divergent with an improvement in US economic growth expectations balanced by concerns about Europe. However, despite the slowing pace of expansion in the Chinese economy, growth in Asia is likely to be strong given falling inflation, healthy government balance sheets and the availability of multiple policy tools to boost growth. Forward earnings expectations have improved, corporate balance sheets continue to be healthy, and robust household finances should contribute to rebalancing Asian growth towards domestic demand.
John Lo, Portfolio Manager
Your portfolio performed in-line with the index this month. Rewarding security selection with the financial sector buoyed overall returns. Notably exposure to a number of Chinese banks and Hong Kong/China property developers boosted returns. In addition, overweight exposure to information technology names added value. In contrast, overweight holdings in the industrials and consumer staples proved unrewarding. Additionally, stock selection within consumer discretionary weighed down returns.
| Apr 07- Apr 08- Apr 09- Apr 10- Apr 11- Apr 08 Apr 09 Apr 10 Apr 11 Apr 12 |
|||||
|---|---|---|---|---|---|
| Share Price | 21.4% | -21.1% | 62.9% | 13% | -8% |
| Price Record | Apr 08 |
Apr 09 |
Apr 10 |
Apr 11 |
Apr 12 |
| Share Price (pence) | 143.50 | 112.25 | 181.75 205.38 | 187.75 | |
| NAV (pence) | 157.07 | 124.41 | 199.84 230.95 | 210.88 |
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 13.06.96 | |
|---|---|---|---|---|---|---|---|---|---|
| Share Price | 6.8% | -3.7% | 3.2% | -8.0% | 69.3% | 62.2% | 163.6% | 107.1% | |
| NAV | 11.1% | -1.1% | 5.6% | -8.2% | 71.5% | 61.0% | 169.9% | 126.9% | |
| MSCI All Countries Far East ex Japan Index (NET) | 8.8% | -1.1% | 5.9% | -6.5% | 51.1% | 53.0% | 150.0% | 59.6% |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 30 April 2012. 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.
| % | ||
|---|---|---|
| SAMSUNG ELECTRONICS | 8.4 | |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 4.5 | |
| TENCENT HOLDINGS | 4.3 | |
| CHINA MERCHANTS BANK H | 3.9 | |
| CHINA CONSTRUCTION BANK H | 3.1 | |
| CHINA OVERSEAS LAND & INVESTMENT | 2.5 | |
| BANK OF CHINA HONG KONG | 2.5 | |
| WHARF HOLDINGS | 2.5 | |
| KIA MOTORS | 2.4 | |
| HON HAI PRECISION | 2.3 | |
| Source: FIL Limited, 30 April 2012 | Source: FIL Limited, 30 April 2012 | |
Includes present exposure of cash and equities (other). Source: FIL Limited, 30 April 2012
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. 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.
Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans and bank overdrafts to increase its exposure to stocks.
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.
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.
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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