AI assistant
FIDELITY ASIAN VALUES PLC Fund Information / Factsheet 2021
4757_rns_2021-05-21_bae1d2fc-48f9-4b14-a115-2da9c5c26ebe.pdf
Fund Information / Factsheet
Open in viewerOpens in your device viewer
FIDELITY INVESTMENT TRUSTS
FIDELITY ASIAN VALUES PLC
MONTHLY FACTSHEET
30 APRIL 2021
Investment Objective
To achieve long-term capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan).
Investment Trust Facts
| Launch date: | 13.06.96 |
|---|---|
| Portfolio manager: | Nitin Bajaj |
| Appointed to trust: | 01.04.15 |
| Years at Fidelity: | 18 |
| Total Net Assets (TNA): | £ 355m |
| Ordinary shares in Issue: | 73,178,879 |
| Share price: | 481.50p |
| NAV: | 484.83p |
| Discount: | 0.69% |
| Gross Market Gearing: | 0.70% |
| Net Market Gearing: | 0.0% |
Performance Comparator
Market Index: MSCI All Country Asia ex Japan Small Cap (N) Index
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.
Cumulative performance in GBP (%)
Performance is shown for the last five years (or since launch for funds launched within that period).
Performance to 30.04.21 in GBP (%)
Portfolio Manager Commentary
The Trust's NAV rose 51.3% during the 12-month period ended 30 April 2021, underperforming its reference index which rose 57.5%. The Trust's share price rose 55.5% over the same period.
The underperformance was largely due to the Trust's small cap and value approach being out of favour. The overweight in China and underweight in Korea and Taiwan weighed on relative performance. Conversely, stock selection in Singapore and Hong Kong boosted performance.
Of late, investors appear to be rotating out of growth stocks and into value names, but this trend is not yet significant in the Asian small cap space. Meanwhile, the market is offering an unprecedented opportunity to invest in high quality value companies at attractive valuations. The manager continues to believe that owning good businesses, run by competent managements at attractive prices is the most time-tested way to make money in the stock market. He remains biased towards smaller companies for three reasons. First, this space provides opportunities to invest in "winners of tomorrow" before they become well known. Secondly, this space is not widely followed by professional investors and hence offers a higher likelihood of finding "mispriced businesses". Lastly, with over 18,000 listed companies, there is a lot to choose from among the "winners of tomorrow" and "mispriced businesses".
Overall, the Trust was overweight consumer, financials and utilities. At a country level, it was overweight China, Australia and Indonesia.
Performance for 12 month periods in GBP (%)
| 1m | 3m | YTD | 1yr | 3yr | 5yr | Since 13.06.96* | |
|---|---|---|---|---|---|---|---|
| Share Price Cumulative Growth | 5.1 | 15.2 | 16.0 | 55.5 | 27.9 | 97.8 | 493.8 |
| NAV Cumulative Growth | 3.0 | 10.9 | 11.2 | 51.3 | 24.5 | 76.9 | 477.1 |
| Index Cumulative Growth | 5.4 | 13.9 | 14.3 | 57.5 | 45.1 | 131.7 | 329.4 |
| Share Price Annualised Growth | - | - | - | 55.5 | 8.6 | 14.6 | 7.4 |
| NAV Annualised Growth | - | - | - | 51.3 | 7.6 | 12.1 | 7.3 |
| Index Annualised Growth | - | - | - | 57.5 | 13.2 | 18.3 | 6.0 |
Basis: bid-bid with 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.
Key Risks
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.
F
Fidelity
INTERNATIONAL
FIDELITY INVESTMENT TRUSTS
FIDELITY ASIAN VALUES PLC
MONTHLY FACTSHEET
30 APRIL 2021
Equity Exposure % Total Net Assets (% TNA)
| Exposure (% TNA) | |
|---|---|
| Gross Market Exposure | 100.7 |
| Net Equity | 96.2 |
| Other | 0.0 |
| Uninvested Cash | 3.8 |
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.
Sector/Industry Exposure (% TNA)
| GICS Sector | Net | Index | Relative |
|---|---|---|---|
| Consumer Discretionary | 20.2 | 12.3 | 7.9 |
| Information Technology | 14.8 | 19.8 | -5.0 |
| Industrials | 14.1 | 16.1 | -2.0 |
| Financials | 13.4 | 8.8 | 4.6 |
| Materials | 8.8 | 11.5 | -2.7 |
| Health Care | 6.6 | 8.9 | -2.4 |
| Consumer Staples | 5.9 | 4.5 | 1.5 |
| Utilities | 3.7 | 2.9 | 0.9 |
| Real Estate | 3.2 | 9.6 | -6.3 |
| Energy | 2.3 | 1.6 | 0.7 |
| Communication Services | 1.9 | 4.1 | -2.2 |
| Total Sector Exposure | 94.9 | 100.0 | |
| Other Index / Unclassified | 1.3 | 0.0 | |
| Total Equity Exposure | 96.2 | 100.0 |
Top Net Long Positions (% TNA)
| GICS Sector | |
|---|---|
| AXIS BK LTD | Financials |
| CHINA YONGDA AUTO SVC HLDG | Consumer Discretionary |
| GRANULES INDIA LTD | Health Care |
| POWER GRID CORP OF INDIA LTD | Utilities |
| CHOW SANG SANG HLDS INTL LTD | Consumer Discretionary |
| SHINHAN FINANCIAL GROUP CO LTD | Financials |
| ARWANA CITRAMULIA TBK PT | Industrials |
| REDINGTON INDIA LTD | Information Technology |
| POWERTECH TECHNOLOGY INC | Information Technology |
| SINOTRANS LIMITED | Industrials |
Top Overweight Positions (% TNA)
| Net | Index | Relative | |
|---|---|---|---|
| AXIS BK LTD | 2.7 | 0.0 | 2.7 |
| CHINA YONGDA AUTO SVC HLDG | 2.6 | 0.0 | 2.6 |
| GRANULES INDIA LTD | 2.1 | 0.1 | 2.1 |
| POWER GRID CORP OF INDIA LTD | 2.0 | 0.0 | 2.0 |
| CHOW SANG SANG HLDS INTL LTD | 2.0 | 0.1 | 1.9 |
| SHINHAN FINANCIAL GROUP CO LTD | 1.9 | 0.0 | 1.9 |
| ARWANA CITRAMULIA TBK PT | 1.8 | 0.0 | 1.8 |
| POWERTECH TECHNOLOGY INC | 1.7 | 0.0 | 1.7 |
| REDINGTON INDIA LTD | 1.7 | 0.1 | 1.7 |
| SINOTRANS LIMITED | 1.6 | 0.0 | 1.6 |
Net Long Positions Concentration (% TNA)
| Fund | Index | |
|---|---|---|
| Top 10 | 20.1 | 5.1 |
| Top 20 | 33.3 | 8.2 |
| Top 50 | 61.2 | 15.6 |
Market Capitalisation Exposure (% TNA)
| GBP | Net | Index | Relative |
|---|---|---|---|
| >10bn | 17.8 | 0.5 | 17.3 |
| 5-10bn | 1.7 | 2.7 | -1.0 |
| 1-5bn | 23.3 | 55.2 | -31.9 |
| 0-1bn | 52.4 | 39.4 | 13.0 |
| Total Market Cap Exposure | 95.2 | 97.8 | |
| Other Index / Unclassified | 1.0 | 2.2 | |
| Total Equity Exposure | 96.2 | 100.0 |
Country Exposure (% TNA)
| Net | Index | Relative | |
|---|---|---|---|
| China | 22.1 | 12.9 | 9.2 |
| India | 20.3 | 18.3 | 2.0 |
| Korea (South) | 11.7 | 20.5 | -8.9 |
| Taiwan | 9.1 | 25.8 | -16.8 |
| Hong Kong | 8.1 | 6.4 | 1.8 |
| Australia | 6.5 | 0.0 | 6.5 |
| Indonesia | 6.2 | 2.0 | 4.2 |
| USA | 2.6 | 0.0 | 2.5 |
| Philippines | 2.3 | 0.8 | 1.6 |
| Singapore | 2.1 | 5.3 | -3.2 |
| Others | 5.2 | 8.0 | -2.8 |
| Total Country Exposure | 96.2 | 100.0 | |
| Other Index / Unclassified | 0.0 | 0.0 | |
| Total Equity Exposure | 96.2 | 100.0 | |
| Country | Net | Index | Relative |
| --- | --- | --- | --- |
| India | 2.7 | 0.0 | 2.7 |
| China | 2.6 | 0.0 | 2.6 |
| India | 2.1 | 0.1 | 2.1 |
| India | 2.0 | 0.0 | 2.0 |
| Hong Kong | 2.0 | 0.1 | 1.9 |
| Korea (South) | 1.9 | 0.0 | 1.9 |
| Indonesia | 1.8 | 0.0 | 1.8 |
| India | 1.7 | 0.1 | 1.7 |
| Taiwan | 1.7 | 0.0 | 1.7 |
| China | 1.6 | 0.0 | 1.6 |
Top Underweight Positions (% TNA)
| Net | Index | Relative | |
|---|---|---|---|
| HYUNDAI MERCHANT MARINE CO | 0.0 | 0.9 | -0.9 |
| FUTU HOLDINGS LTD | 0.0 | 0.8 | -0.8 |
| SITC INTL HOLDINGS CO LTD | 0.0 | 0.6 | -0.6 |
| GCL POLY ENERGY HOLDGS | 0.0 | 0.5 | -0.5 |
| ADANI GAS LTD | 0.0 | 0.5 | -0.5 |
| PARADE TECHNOLOGIES LTD | 0.0 | 0.4 | -0.4 |
| MAPLETREE INDUSTRIAL REIT | 0.0 | 0.4 | -0.4 |
| SINO-AMERICAN SILICON PRDS | 0.0 | 0.4 | -0.4 |
| YANG MING MARINE TRNSPORT | 0.0 | 0.4 | -0.4 |
| MAN WAH HLDGS LTD | 0.0 | 0.3 | -0.3 |
FIDELITY INVESTMENT TRUSTS
FIDELITY ASIAN VALUES PLC
MONTHLY FACTSHEET
30 APRIL 2021
Approach and Style
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.
Administrative & Dealing Information
| 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* |
| Other Ongoing Costs (including AMC/excluding Portfolio transaction costs): | 0.98% |
| Portfolio Transaction Costs: | 0.41% |
| Annual Management Charge: | 0.70% (net assets)+/-0.20% (based on performance relative to the Market Index) |
| Last VMF adjustment (+/- 0.2%) applied at month end: | -0.20% |
*Variable element of fee all charged to capital
Independent Assessment
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.
How data is calculated and presented
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.
Portfolio Construction - Explained
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.
Glossary / Additional Notes
Equity Exposure notes
GROSS MARKET EXPOSURE
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).
NET EQUITY
The net positive exposure to the market with short and hedge positions subtracted from long positions.
FIDELITY INVESTMENT TRUSTS
FIDELITY ASIAN VALUES PLC
MONTHLY FACTSHEET
30 APRIL 2021
Glossary / Additional Notes
OTHER
The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.
UNINVESTED CASH
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.
Investment Trust Facts
NAV
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.
PREMIUM
If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.
DISCOUNT
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
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.
FAIR VALUE
The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and
Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.
General notes
TOTAL NET ASSETS (TNA)
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.
INDEX
The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.
TOP NET LONG POSITIONS
Those companies in which the largest percentages of the trust'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.
TOP OVERWEIGHT & UNDERWEIGHT POSITIONS
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.
NET LONG POSITIONS CONCENTRATION
Illustrates the weight of the top 10, 20 and 50 positions in the trust 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 (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.
FIDELITY INVESTMENT TRUSTS
FIDELITY ASIAN VALUES PLC
MONTHLY FACTSHEET
30 APRIL 2021
Glossary / Additional Notes
ONGOING COSTS (KID)
These include Portfolio transaction costs (the costs of us buying and selling underlying investments) and Other ongoing costs (the costs that we take each year for managing the investment).
These are based on the methodology prescribed by EU Regulation (PRIIPS) and differ from other presentations of costs such as the Ongoing Charge Figure (OCF) in the Company's Annual Report & Accounts.
PORTFOLIO TRANSACTION COSTS
These are costs incurred when trading underlying investments.
SECTOR INDUSTRY CLASSIFICATION
GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 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/
Legal Information
Fidelity International 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 International, the Fidelity International 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 - © 2016 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 Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom.
F
Fidelity
INTERNATIONAL