Skip Header

Fidelity Asian Values PLC

Last Deal Price (p)


Net Change (%) ↑↓


Estimated NAV (p)


Prem/Disc (%)


Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.*

Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

" Investing in good businesses, run by good people, at an attractive price"

Fidelity Asian Values PLC provides shareholders with a differentiated equity exposure to Asian Markets. Asia is the world's fastest-growing economic region and the trust looks to capitalise on this by finding good businesses, run by good people and buying them at a good price.

The trust favours smaller companies as this gives it the opportunity to find mispriced businesses, the "winners of tomorrow", before they become well known.

With more than 18,000 listed companies in Asia - which is more than the rest of the world put together - there is a huge opportunity for a fundamental research driven stock picker who can fully utilise Fidelity's extensive locally based analyst team.

Source: Fidelity International as at September 2023

News & Insights - Asian Values PLC

The value in Asia

Value small-cap stocks in Asia continue to trade at very significant discount to so-called growth stocks, despite the fact that value stocks grow earnings faster over the long-term. Fidelity Asian Values PLC portfolio manager Nitin Bajaj outlines the key areas of opportunity among this under-researched segment.
Read more

Watch Nitin Bajaj’s recent interview with Citywire

Nitin Bajaj, portfolio manager of Fidelity Asian Values, spoke to Citywire’s Gavin Lumsden about why value is the best way to capture Asia’s growth. He presents the case for Asia, his approach to managing the trust and the opportunities he looks for in the region.

Watch now

Uncovering hidden gems in Asia

In an uncertain market environment, picking the right stocks at the right price has never been more important. We expect stock selection to continue to drive performance in the Fidelity Asian Values Trust as we spread our net wide for undervalued, high-quality stocks in the Asian small and mid-cap space.

Find out more
What’s our approach?

Nitin Bajaj, the portfolio manager, has a straight forward approach. He aims to buy good businesses, run by good people and buy them at a good price. He ignores the macroeconomic noise and concentrates on finding the right businesses to meet his quality and value criteria. In practice this is easier said than done, as finding good businesses demands a high level of skill and requires a great deal of patience to uncover a hidden gem no one else has found.

Nitin has a value-orientated stock-picking approach, based on fundamental research that is coupled with an absolute return perspective. Nitin seeks to identify investments he believes can earn a return of 50% over a three year period, while looking to avoid capital losses.

The portfolio is focused on smaller sized companies, as this is where Nitin sees the greatest opportunity to find mispriced companies, given that this section of the market tends to be less well researched and he thinks the “winners of tomorrow” are more likely to be found here.

By fully utilising Fidelity’s unrivalled locally based research resources in Asia, Nitin is able to find these mispriced companies and to do so before others can.

Nitin Bajaj, Portfolio Manager

Nitin Bajaj joined Fidelity in 2003 in London as a research analyst covering European food & tobacco and large cap Italian & Spanish banks. In 2007, after a very successful and highly rated period in research, Nitin became an Assistant Portfolio Manager for the Fidelity Global Special Situations Fund in the UK. Nitin subsequently moved to Fidelity’s Mumbai office in 2009 to manage FIL’s domestic Indian equity funds. He moved to Singapore in early 2013 and manages the Fidelity Asian Values PLC and Fidelity Asian Smaller Companies Fund from there.

Ajinkya Dhavale, Assistant Portfolio Manager

Ajinkya joined Fidelity in 2011 as an Investment Analyst in our Mumbai office and in 2014, he relocated to our Singapore office to take up the role of a shorting analyst covering the whole Asia ex Japan region. In 2018, he rotated into the small cap space covering equities in Korea and Taiwan. Ajinkya is a CFA and Chartered Accountant from the Institute of Chartered Accountants of India and holds a B. Com. from the University of Pune.


Past Performance (%)

Oct 2018 -
Oct 2019

Oct 2019 -
Oct 2020

Oct 2020 -
Oct 2021

Oct 2021 -
Oct 2022

Oct 2022 -
Oct 2023

Net Asset Value






Share Price






MSCI All Country Asia ex Japan Small Cap (N) Index






Past performance is not a reliable indicator of future returns.
Source: Morningstar as at 31.10.2023, bid-bid, net income reinvested.
©2023 Morningstar Inc. All rights reserved. MSCI All Country Asia ex Japan Small Cap (N) Index is a comparative index of the investment trust.

Investment objective

The investment objective of the Company is to achieve long-term capital growth principally from the stock markets of the Asian region excluding Japan. 

The Company's performance will be measured against the return of the MSCI AC Asia ex Japan Small Cap Index (net) total return (in Sterling terms).

Summary of the key aspects of the Investment policy

The Portfolio Manager invests in securities of companies which he considers to have fundamental value which has not been recognised by the market.

The Company is not restricted in terms of size or industry of companies included in the portfolio and may invest in unlisted securities.

The Company may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management, to gain additional market exposure (gearing) and for investment purposes.

The Company has adopted a variable management fee which is calculated by referencing performance relative to the MSCI AC Asia ex Japan (N) Small Cap Index.

ESG Policy

Our Approach
Investment Process

Your Board of Directors

Clare Brady


Matthew Sutherland

Senior Independent Director

Hussein Barma

Chairman of the Audit Committee

Michael Warren

Non-Executive Director

Sally Macdonald

Non-Executive Director

Reports and Literature

Latest monthly factsheet

Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.

Annual report

The latest annual report includes an update on the trust’s strategy, governance and financial performance.

Half-yearly report

The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.

Key Information Document

This document provides you with key information about this investment product. It is not marketing material.

Investors should be aware that the content of the Key Information Document (KID), including methodologies for the calculation and presentation of risks, performance scenarios and costs are defined by technical standards under the EU’s PRIIPs Regulation. The forward-looking Performance Scenarios are based on degrees of variation from historic performance, and cannot be guaranteed. The figures in the KID may not reflect the expected returns for the Company and will be higher following periods of strong returns and lower following market falls. Please remember that past performance is not a guide to future performance.

Additional Information

Historical reports and announcements

Ready to invest?

Tell us whether you are a personal investor or an investment professional, and we will show you the different ways you can invest in our trusts.


Sign up

To receive a free paper copy of the trust's annual and half-yearly reports

*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.

News & Insights - Asian Values PLC

The value in Asia

Value small-cap stocks in Asia continue to trade at very significant discount…

Nitin Bajaj

Nitin Bajaj

Portfolio Manager, Fidelity Asian Values PLC

Value: the best way to capture Asia’s growth

Watch Nitin’s recent broadcast with Citywire

Nitin Bajaj

Nitin Bajaj

Portfolio Manager, Fidelity Asian Values PLC

Fidelity Asian Values Results Announcement

The Company has announced its Annual Results for the year ended 31 July 2023



Research team

Important information

Overseas investments are subject to currency fluctuations. This Investment Trust invests in emerging markets which can be more volatile than other more developed markets. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. 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.

Company Research

FAS’ approach is unique amongst peers, leading to a stellar year that has elevated long-term outperformance
India: adding spice to the mix
Questions for the 2022 AGM on 23 November