Fund Information / Factsheet • Nov 21, 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: | 214.00p |
|---|---|
| NAV: | 239.98p |
| Discount: | 10.83% |
| Gearing: | 6.80% |
| Ordinary shares in issue: | 67,610,213 |
| Launch date: | 13/06/1996 |
| Portfolio Manager: | John Lo |
| Appointed to trust: | 01/09/2001 |
| Years at Fidelity: | 20 |
The portfolio favours companies with management who have a proven track record of managing through extreme cycles. I focus on companies with entrenched market positions where this strength and solid management of the company is exhibited in the ability to grow market share while maintaining pricing power. Typically these companies are likely to emerge stronger after any downturn. I pay particular attention to balance sheet strength and hence tend to hold companies that have low leverage. I do acknowledge top-down factors to portfolio construction, however stocks need to fit criteria and hence the focus remains from a bottom-up perspective. Since understanding a company in isolation is insufficient, I also consider the long term trends in an industry and the market, which can deliver a tangible investment advantage. The Fund typically holds between 30-70 stocks and tends to be fairly concentrated. I control risk in a number of ways such as holding a widely diversified portfolio of stocks invested across the Asian region, avoiding companies without sustainable growth models, weakmanagement and corporate governance.
Growth in China and Korea appear to be well supported by domestic factors. China's new leadership is likely to focus on expanding domestic demand and speeding up the transformation of the country's economic growth model. Valuations in China and Korea appear attractive given their above-average earnings projections compared to Asian peers. These markets also stand to benefit from an uptick in the global economy as they are home to some of the world's leading companies in the information technology, capital goods and transportation sectors.
Updated September 2013
John Lo, Portfolio Manager
| NAV | |
|---|---|
| Benchmark Index | |
| Share Price |
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 13.06.96 |
|---|---|---|---|---|---|---|---|---|
| Share Price | 13.2% | 4.9% | 6.4% | 17.6% | 10.2% | 154.6% | 237.4% | 138.6% |
| NAV | 11.7% | 5.1% | 0.3% | 16.0% | 11.5% | 150.1% | 248.7% | 160.7% |
| MSCI All Countries Far East ex Japan Index (NET) | 6.0% | 4.7% | 0.3% | 11.5% | 13.1% | 128.7% | 198.7% | 81.4% |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 October 2013, 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.
Investment available via ISA and Share Plan
| Oct-08 | Oct-09 | Oct-10 | Oct-11 | Oct-12 | |
|---|---|---|---|---|---|
| Oct-09 | Oct-10 | Oct-11 | Oct-12 | Oct-13 | |
| Share price | 80.7% | 27.8% | -7.3% | 1.0% | 17.6% |
| NAV | 67.0% | 34.3% | -8.0% | 4.6% | 16.0% |
| MSCI All Countries Far East ex Japan Index (NET) |
61.4% | 25.4% | -6.1% | 7.9% | 11.5% |
| Price Record | Oct 09 |
Oct 10 |
Oct 11 |
Oct 12 |
Oct 13 |
| Share Price (pence) | 154.50 | 197.50 | 182.00 | 182.88 | 214.00 |
| NAV (pence) | 162.74 | 218.51 | 199.78 | 207.89 | 239.98 |
| % | ||
|---|---|---|
| SAMSUNG ELECTRONICS | 7.4 | |
| TAIWAN SEMICONDUCTOR MANUFACTURING | 4.9 | |
| TENCENT HOLDINGS | 4.9 | |
| CHINA MOBILE | 4.8 | |
| SARIN TECHNOLOGIES | 4.0 | |
| TECHTRONIC INDUSTRIES | 3.8 | |
| LG HOUSEHOLD & HEALTHCARE | 3.8 | |
| AIA GROUP | 3.7 | |
| NINE DRAGONS PAPER HOLDINGS | 3.3 | |
| WHARF HOLDINGS | 3.1 | |
| Source: FIL Limited, 31 October 2013 | Source: FIL Limited, 31 October 2013 |
Includes present exposure of cash and equities (other). Source: FIL Limited, 31 October 2013
| 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, bank overdrafts and Contracts for Difference (CFDs) to increase its exposure to stocks. CFDs are used as a way of gaining exposure to the price movements of shares without buying the underlying shares directly.
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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