Fund Information / Factsheet • Aug 20, 2012
Fund Information / Factsheet
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FIDELITY INVESTMENT TRUSTS 31 JULY 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: | 176p | |
|---|---|---|
| NAV: | 195.37p | |
| Discount: | 9.91% | |
| Gearing Exposure: | 105.56% | |
| Ordinary shares in | 60,008,781 | |
| 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 | ||
| Jul 07- Jul 08 |
Jul 08- Jul 09 |
Jul 09- Jul 10 |
Jul 10- Jul 11 |
Jul 11- Jul 12 |
|
|---|---|---|---|---|---|
| Share Price | -13.0% | 20.6% | 24.3% | 15.3% | -12.6% |
| Price Record | Jul 08 |
Jul 09 |
Jul 10 |
Jul 11 |
Jul 12 |
| Share Price (pence) | 119.00 | 142.25 | 175.75 202.63 | 176.00 | |
| NAV (pence) | 131.78 | 151.18 | 192.19 229.21 | 195.37 |
The prospects for the global economy remain divergent as the US continues to register moderate growth, whilst continuing sovereign debt crisis in Europe fuels uncertainty. Despite signs of moderation 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. Notwithstanding near term uncertainty, the market currently offers investment opportunities in quality companies with strong fundamentals at attractive valuations.
John Lo, Portfolio Manager
The fund underperformed the index, due to positions in IT, consumer discretionary, consumer staples and the telecom sector. An overweight in SouFun Holdings, which provides marketing, technology and information consultancy services to the real estate and home furnishing sectors in China, retreated due to a challenging property market. Shares in games producer NCSoft weighed on returns due to doubts about the popularity of its recently launched games. In contrast, the bias towards Bank Mandiri and the underweight in China Construction Bank boosted performance. The former proved rewarding given improved earnings expectations, driven by strong loan growth, stable margins, low credit cost and higher cost efficiency as the bank slows its expansion to focus on productivity.
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 13.06.96 |
|---|---|---|---|---|---|---|---|---|
| Share Price | 0.1% | -2.5% | -7.1% | -12.6% | 25.2% | 31.5% | 200.9% | 94.1% |
| NAV | 2.9% | -0.5% | -5.2% | -14.3% | 30.7% | 27.6% | 207.7% | 110.2% |
| MSCI All Countries Far East ex Japan Index (NET) | 7.9% | 3.0% | -0.2% | -6.6% | 30.1% | 29.0% | 197.6% | 58.2% |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 July 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 | 8.8 | |
| LG HOUSEHOLD & HEALTHCARE | 5.3 | |
| KIA MOTORS | 4.8 | |
| TENCENT HOLDINGS | 4.7 | |
| LI & FUNG | 4.7 | |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 4.5 | |
| AIA GROUP | 4.3 | |
| WHARF HOLDINGS | 4.3 | |
| CHINA OVERSEAS LAND & INVESTMENT | 3.0 | |
| BANK OF CHINA HONG KONG | 3.0 | |
| Source: FIL Limited, 31 July 2012 | Source: FIL Limited, 31 July 2012 | |
Includes present exposure of cash and equities (other). Source: FIL Limited, 31 July 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
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. 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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