Fidelity Asian Values PLC

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Last NAV (p)


Last Premium/Discount (%)


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

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.

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 17,000 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.

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


Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may not get back the amount you invested. Fidelity does not give advice. If you’re unsure of the suitability of an investment for you, you should speak to an authorised financial adviser.

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 Investment Trust may also invest 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. Investment Trusts can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Their use may lead to higher volatility in the Net Asset Value and Share Price.


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.


Who is Nitin Bajaj?

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.


Investment Objective

The investment objective of the Company is to achieve long term capital growth through investment principally in the stock markets of the Asian region (excluding Japan).

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.


What are subscription shares?

Subscription shares give you the right, but not the obligation, to buy ordinary shares on set dates at set prices. They have a monetary value on the open market, so you may also be able to trade them in a similar way to other shares.

Whether you want to convert some or all of your subscription shares is likely to depend on the prevailing price of ordinary shares. In general, investors will want to convert their subscription shares if the market price of ordinary shares is higher than the conversion price of the subscription shares. For example, if the conversion price is 100p and the price of ordinary shares is 150p, investors are likely to want to convert their subscription shares.

However, it is important to realise that you have to apply to convert your subscription shares before the conversion date. This means you cannot know exactly what the market price of ordinary shares is going to be on the conversion date.


In December 2016, you received one subscription share in Fidelity Asian Values PLC for every five ordinary shares you held. The final opportunity to convert your subscription shares to ordinary shares will be on 29th November 2019 and you should consider what action you wish to take.

What will the price be for converting my subscription shares?

The conversion price on 29th November 2019 will be 392.75p.

Will the conversion price be higher or lower than the price of ordinary shares?

It is impossible to say what the price of ordinary shares will be on any future date. However, the closing share price in recent months has been:

31 July 2019 - 455.50p

28 June 2019 - 441.86p

31 May 2019 - 425.00p

30 April 2019 - 436.99p

What are the key things I need to think about before converting my subscription shares?

  • If you convert your subscription shares at a time when the conversion price is higher than the market price of ordinary shares, you will be paying more than the market feels they are worth.
  • Any ordinary shares you receive after converting subscription shares will be subject to the same risks as other ordinary shares. In other words, they could go down in value and, if you sell them, you may get less than you paid for them.
  • As Fidelity Asian Values PLC invests overseas, the value of your investment will be affected by changes in exchange rates.
  • Asian Values PLC focuses on smaller companies, whose share prices may be more volatile than those of larger companies.
  • Many of the markets that Asian Values PLC invests in are in small or emerging economies and can therefore be more volatile than their larger counterparts.

In addition, you should read the offer prospectus for the subscription shares. This is available here.

How do I convert my subscription shares?

Shareholders on the main register:

Please send the relevant subscription share certificate(s) to the registrars (Link) prior to the annual exercise date (and no later than 5pm on that date). The instruction should be accompanied by payment to cover the full exercise cost of the rights to be exercised.

Shareholders through Fidelity Personal Investing or FundsNetwork:

Notice of the election window and further instructions will be sent via email prior to that time.

Shareholders through other nominees/ platforms:

Please contact your account provider for details of how to exercise your rights.

Do I have to convert all my subscription shares?

No, you can convert as many or as few of your subscription shares as you like.

Can I sell my subscription shares and either withdraw the money or move it another investment?

Your subscription shares have a monetary value on the open market, so you may be able to trade them in a similar way to other shares. This means you have the option of selling and investing the proceeds of the sale in other investments or withdrawing the money you receive from the sale.

What happens if I decide not to convert my subscription shares into ordinary shares?

A trustee will be appointed no more than seven days after the final conversion date to decide what should happen to any subscription shares that investors do not convert. The trustee will have the option of converting the subscription shares and selling the resulting ordinary shares on the open market. The proceeds of these sales, minus costs, will be distributed among shareholders, although amounts under £5 will be retained by Fidelity Asian Values PLC.

If the trustee decides a conversion is not in shareholders’ interests, the subscription shares will expire.

Can I buy more ordinary shares rather than converting my subscription shares?

Yes. You can buy more ordinary shares at the current market price at any time, whether or not you also convert subscription shares.

Date Exercise Price
November 2019 (7% Premium to NAV): 392.75p

More about Subscription Shares


Board of Directors

Reports and Literature

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.

Historical information

Historical reports and announcements



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Fidelity Asian Values PLC latest news and insights

Next AGM: 11.00 am on 6 December 2019 (at Fidelity’s offices at 4 Cannon Street, London EC4M 5AB)

Last subscription share opportunity coming up
Edison has published its latest research note on the Company.

Final Results Announced for the year ending 31 July 2019
Final Results for the year ending 31 July 2019 have been announced.

Why we're investing in unloved Asia - May 2019
Fidelity Asian Values PLC’s Nitin Bajaj discusses his approach to navigating the ebbs and flows of today’s uncertain macro environment.

Subscription Shares - Update - May 2019
The Board is pleased to announce that the Company has issued and allotted 1,213,003 Ordinary Shares in respect of shares arising on the exercise of the conversion rights attached to the Subscription Shares.

Management Fees Update
The Board of Fidelity Asian Values PLC would like to inform Shareholders that, following Fidelity’s announcement in October last year to offer its clients a variable management fee, the Board has accepted a new fee proposal from the Manager.

Read more

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