Fund Information / Factsheet • Jul 31, 2015
Fund Information / Factsheet
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To achieve long term capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan).
| Launch date: | 13.06.96 |
|---|---|
| Portfolio manager: | Nitin Bajaj |
| Appointed to trust: | 01.04.15 |
| Years at Fidelity: | 12 |
| Total Net Assets (TNA): | £ 179m |
| Ordinary shares in Issue: | 67,488,213 |
| Share price: | 236.88p |
| NAV: | 265.39p |
| Discount: | 10.74% |
| Gross Market Gearing: | 0.0% |
| Net Market Gearing: | 0.0% |
| Market Index: | MSCI AC Far East ex Japan |
|---|---|
| (N) |
The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.
Performance is shown for the last five years (or since launch for funds launched within that period).
| 1m | 3m | YTD | 1yr | 3yr | 5yr | Since 13.06.96* |
|
|---|---|---|---|---|---|---|---|
| Share Price Cumulative Growth | -3.8 | -13.2 | -0.5 | 6.2 | 36.7 | 37.7 | 165.6 |
| NAV Cumulative Growth | -2.9 | -12.1 | 0.4 | 4.1 | 37.7 | 40.8 | 189.0 |
| Index Cumulative Growth | -6.4 | -15.0 | -1.8 | 0.3 | 18.4 | 28.6 | 87.5 |
| Share Price Annualised Growth | - | - | - | 6.2 | 11.0 | 6.6 | 5.2 |
| NAV Annualised Growth | - | - | - | 4.1 | 11.2 | 7.1 | 5.7 |
| Index Annualised Growth | - | - | - | 0.3 | 5.8 | 5.2 | 3.3 |
Basis: bid-bid with net income reinvested, in GBP, net of fees.
Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar. *Performance commencement date.
The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.
The fund strongly outperformed its reference index in July primarily driven by stock selection with a number of high conviction holdings in India, China, Australia, Korea and Philippines contributing to returns.
I have not made any significant changes to the portfolio. However, the position in Slater & Gordon has been reduced. Slater & Gordon fell after it acquired a division of Quindell, which was suspended from trading on AIM in London. Post the selloff, the Australian Securities and Investment Commission (ASIC) is also reviewing Slater & Gordon and I understand that some of the issues pertaining to this review are internal in nature and involves company-specific, non-public information. I also expect Quindell to move to a cash-based accounting approach from an accrual accounting approach, which could be taken negatively by the market in the short term. Although so far most of the information that has led to the stock decline has not been substantiated by facts, I am conscious that it has led to extreme speculation. As a result, the position was reduced to mitigate the unfavourable impact from the news flow related to these events. Trading positions is not the way I invest, however in this case given the starting position size, I have done so in the interest of prudence.
The fund remains focused on strong businesses run by able managers that can compound money over a 3-5 year period and which are available at a reasonable valuation.
| Exposure (% TNA) |
||
|---|---|---|
| Gross Market Exposure | 90.9 | |
| Net Equity | 90.9 | |
| Other | 0.0 | |
| Uninvested Cash | 9.1 |
Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.
| GICS Sector | Net | Index | Relative |
|---|---|---|---|
| Consumer Discretionary | 23.4 | 7.9 | 15.6 |
| Financials | 18.3 | 36.2 | -17.9 |
| Information Technology | 16.0 | 20.3 | -4.2 |
| Consumer Staples | 8.9 | 4.9 | 4.0 |
| Industrials | 8.2 | 9.5 | -1.2 |
| Health Care | 6.0 | 1.3 | 4.7 |
| Utilities | 4.7 | 4.5 | 0.2 |
| Materials | 2.8 | 4.3 | -1.4 |
| Telecommunication Services | 1.4 | 7.2 | -5.8 |
| Energy | 1.1 | 4.0 | -2.8 |
| Total Sector Exposure Other Index / Unclassified Total Equity Exposure |
90.9 0.0 90.9 |
100.0 0.0 100.0 |
| Information Technology | Taiwan | |
|---|---|---|
| LTD POWER GRID CORP OF INDIA LTD |
Utilities | India |
| RELIGARE HEALTH TRUST | Health Care | |
| HDFC BANK LTD | Financials | India |
| TISCO FINANCIAL GROUP PCL | Financials | Thailand |
| G8 EDUCATION LTD | Consumer Discretionary | Australia |
| INTERNATIONAL HOUSEWARES | Consumer Discretionary | |
| RETAIL CO LTD WPG HOLDING CO LTD |
Information Technology | Taiwan |
| NEW ORIENTAL ED & TECH GRP INC | Consumer Discretionary | China |
| YOWIE GROUP LTD | Consumer Staples | Australia |
| Relative | ||
|---|---|---|
| 3.8 | ||
| 3.6 | ||
| 2.9 | 0.0 | 2.9 |
| 2.6 | 0.0 | 2.6 |
| 2.4 | 0.0 | 2.4 |
| 2.4 | 0.0 | 2.4 |
| 2.2 | 0.1 | 2.2 |
| 2.1 | ||
| 1.8 | ||
| 1.6 | 0.0 | 1.6 |
| Net 3.8 3.6 2.1 1.8 |
Index 0.0 0.0 0.0 0.0 |
| Fund | Index | |
|---|---|---|
| Top 10 | 29.0 | 26.0 |
| Top 20 | 43.1 | 35.0 |
| Top 50 | 67.2 | 49.6 |
| Net | Index | Relative | |
|---|---|---|---|
| >10bn | 14.9 | 53.0 | -38.0 |
| 5-10bn | 6.4 | 18.6 | -12.2 |
| 1-5bn | 15.1 | 26.4 | -11.3 |
| 0-1bn | 46.0 | 1.5 | 44.5 |
| Total Market Cap Exposure | 82.4 | 99.5 | |
| Other Index / Unclassified | 8.5 | 0.5 | |
| Total Equity Exposure | 90.9 | 100.0 |
| Net | Index | Relative | |
|---|---|---|---|
| Taiwan | 15.1 | 16.4 | -1.3 |
| India | 14.4 | 0.0 | 14.4 |
| China | 11.2 | 31.6 | -20.3 |
| Hong Kong | 9.6 | 14.6 | -5.0 |
| Korea (South) | 8.1 | 18.6 | -10.6 |
| Australia | 7.9 | 0.0 | 7.9 |
| Singapore | 6.8 | 6.3 | 0.6 |
| Thailand | 5.1 | 3.0 | 2.2 |
| Indonesia | 3.9 | 3.1 | 0.8 |
| Malaysia | 2.4 | 4.5 | -2.0 |
| Other Countries | 6.3 | 1.9 | 4.4 |
| Total Country Exposure | 90.9 | 100.0 | |
| Other Index / Unclassified | 0.0 | 0.0 | |
| Total Equity Exposure | 90.9 | 100.0 |
| GICS Sector | Country | Net | Index | Relative | |
|---|---|---|---|---|---|
| TAIWAN SEMICONDUCTR MFG CO | Information Technology | Taiwan | 5.2 | 3.9 | 1.3 |
| LTD POWER GRID CORP OF INDIA LTD |
Utilities | India | 3.8 | 0.0 | 3.8 |
| RELIGARE HEALTH TRUST | Health Care | Singapore | 3.6 | 0.0 | 3.6 |
| HDFC BANK LTD | Financials | India | 2.9 | 0.0 | 2.9 |
| TISCO FINANCIAL GROUP PCL | Financials | Thailand | 2.6 | 0.0 | 2.6 |
| G8 EDUCATION LTD | Consumer Discretionary | Australia | 2.4 | 0.0 | 2.4 |
| INTERNATIONAL HOUSEWARES | Consumer Discretionary | Hong Kong | 2.4 | 0.0 | 2.4 |
| RETAIL CO LTD WPG HOLDING CO LTD |
Information Technology | Taiwan | 2.2 | 0.1 | 2.2 |
| NEW ORIENTAL ED & TECH GRP INC | Consumer Discretionary | China | 2.1 | 0.0 | 2.1 |
| YOWIE GROUP LTD | Consumer Staples | Australia | 1.8 | 0.0 | 1.8 |
| Net | Index | Relative | |
|---|---|---|---|
| SAMSUNG ELECTRONICS CO LTD | 0.0 | 4.5 | -4.5 |
| TENCENT HLDGS LTD | 0.0 | 3.4 | -3.4 |
| CHINA MOBILE LTD | 0.0 | 2.8 | -2.8 |
| AIA GROUP LTD | 0.0 | 2.8 | -2.8 |
| CHINA CONSTR BK CORP | 0.0 | 2.4 | -2.4 |
| INDUSTRIAL & COML BK CHINA | 0.0 | 1.8 | -1.8 |
| BANK CHINA LTD | 0.0 | 1.5 | -1.5 |
| CK HUTCHISON HOLDINGS LTD | 0.0 | 1.4 | -1.4 |
| HON HAI PRECISION IND CO LTD | 0.0 | 1.4 | -1.4 |
| HONG KONG EXCH & CLEARING LTD | 0.0 | 1.1 | -1.1 |
Nitin Bajaj aims to generate outperformance mainly through stock selection within the Asia Pacific ex Japan universe. He prefers investing in smaller companies because they tend to be less well researched, which leads to greater valuation anomalies. His fundamental analysis involves the evaluation of various factors including, but not limited to, stock valuation, financial strength, cash flows, company's competitive advantages, business prospects and earnings potential. His style is tilted towards value and he has a two to three year investment horizon.
This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.
The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.
The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.
| Financial Year End: | 31st July |
|---|---|
| Reference currency: | UK Sterling (GBP) |
| Company domicile: | United Kingdom |
| Company legal structure: | Investment trust |
| Capital guarantee: | No |
| ISIN: | GB0003322319 |
| SEDOL: | 0332231 |
| Bloomberg: | FAS LN |
| Distribution frequency: | Annual |
| Charges made to income or capital: | Income |
| Ongoing Charges Figure (OCF) per year: | 1.50% (31.07.14)* |
| OCF takes into account annual management | 1.00% (gross) |
| charge: |
* On 1st August 2015, the Annual Management Charge was reduced from 1.00% of gross assets to a tiered fee starting at 0.9%. The Board therefore estimates that the Ongoing Charges of the trust have reduced to below 1.40%.
Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results.
Portfolio composition data has been calculated and presented according to several general principles, which are listed below.
Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated.
Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.
Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.
"Basket" securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.
Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).
The net positive exposure to the market with short and hedge positions subtracted from long positions.
The value of any non-equity investments (excluding cash funds) expressed as a percentage of fund TNA.
This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.
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.
Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.
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.
The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.
The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.
Those companies in which the largest percentages of the fund's total net assets are effectively invested. Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.
Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.
Illustrates the weight of the top 10, 20 and 50 positions in the fund and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (ie GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions of GICS, ICB, TOPIX and IPD can be found in the glossary.
The ongoing charges figure represents the charges taken from the fund over a year. It is calculated at the fund's financial year end and may vary from year to year. For new funds, the ongoing charges figure is estimated until the fund's financial year end.
The types of charges included in the ongoing charges figure are management fees, administration fees, custodian and depositary fees and transaction charges, shareholder reporting costs, regulatory registration fees, Directors fees (where applicable) and bank charges.
It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling units in another collective investment undertaking. For more information about charges (including details of the fund's financial year end), please consult the charges section in the most recent Annual Report.
GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries. More information is available at http://www.standardandpoors.com/indices/gics/en/us
ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/
Fidelity Worldwide Investment refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America.
Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.
This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.
Unless otherwise stated, all views are those of Fidelity.
Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, 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. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.
Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited.
This fund is managed by FIL Investments International.
Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2015 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.
Issued by FIL Investments International, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investments International is registered in England and Wales under the company number 1448245. The registered office of the company is Oakhill House, 130 Tonbridge Road, Hildenborough, Tonbridge, Kent TN11 9DZ, United Kingdom.
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