Fund Information / Factsheet • Jan 23, 2013
Fund Information / Factsheet
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SEEKING UNRECOGNISED GROWTH POTENTIAL
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 bottomup investment approach in the stock selection and portfolio construction process.
| Share price: | 190p |
|---|---|
| NAV: | 215.85p |
| Discount: | 11.98% |
| Gearing Exposure: | 105.42% |
| Ordinary shares in | 57,292,339 |
| issue: | |
| Launch date: | 13/06/1996 |
| Portfolio Manager: | John Lo |
| Appointed to trust: | 01/09/2001 |
| Years at Fidelity: | 19 |
While there remain questions regarding the health of the US and the frail economic conditions in Europe, I am positive towards the Asian region looking into the year ahead. Growth is likely to remain attractive with inflation under control and debt at low levels. Most Asian economies have the ability to use countercyclical fiscal and monetary policies to support their economies. Balance sheets and cashflows among Asian corporates remain healthy, whilst valuations are attractive. My strategy has remained focused towards better quality businesses.
John Lo, Portfolio Manager
The trust underperformed the index during the quarter as stock selection and positioning within the consumer discretionary and staples sectors eroded value. The South Korea-based holdings within both these sectors declined due to a combination of missed earnings expectations as well as due to fears about declining consumption growth in China. Security selection in the health care and energy space also hampered performance. In contrast, information technology added value, although selected names were among leading detractors.
Investment available via ISA and Share Plan
| Dec 08 | Dec 09 | Dec 07- Dec 08- Dec 09- Dec 10- Dec 11- Dec 10 |
Dec 11 | Dec 12 | |
|---|---|---|---|---|---|
| Share Price - | 36.2% | 76.4% | 18.8% | -14.7% | 8.7% |
| Price Record | Dec | Dec | Dec | Dec | Dec |
| 08 | 09 | 10 | 11 | 12 | |
| Share Price (pence) | 99.50 | 174.50 | 207.25 175.75 | 190.00 | |
| NAV (pence) | 109.99 | 182.18 | 231.84 189.86 | 215.85 |
| NAV | |
|---|---|
| Benchmark Index | |
| Share Price | |
| PERFORMANCE RECORD | ||||||||
|---|---|---|---|---|---|---|---|---|
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 13.06.96 |
| Share Price | 8.7% | 1.7% | 5.8% | 8.7% | 10.2% | 23.9% | 323.1% | 110.7% |
| NAV | 14.2% | 0.3% | 10.4% | 14.2% | 19.7% | 27.0% | 318.3% | 133.4% |
| MSCI All Countries Far East ex Japan Index (NET) | 16.7% | 2.0% | 11.4% | 16.7% | 22.9% | 25.9% | 271.7% | 71.1% |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 December 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 | 8.3 | |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 5.1 | |
| LG HOUSEHOLD & HEALTHCARE | 4.3 | |
| WHARF HOLDINGS | 4.1 | |
| TENCENT HOLDINGS | 3.9 | |
| TECHTRONIC INDUSTRIES | 3.5 | |
| AIA GROUP | 3.4 | |
| SUNG HUNG KAI PROPERTIES | 3.3 | |
| PETROCHINA | 3.0 | |
| LENOVO GROUP | 3.0 | |
| Source: FIL Limited, 31 December 2012 | Source: FIL Limited, 31 December 2012 |
Includes present exposure of cash and equities (other). Source: FIL Limited, 31 December 2012
| Listed: | London Stock Exchange |
|---|---|
| Quoted: | London Stock Exchange |
| Financial Times | |
| The Times | |
| The Daily Telegraph | |
| The Independent | |
| Reuters Code: | FAS.L |
| SEAQ Code: | 51094 |
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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