OverviewFidelity Asian Values PLC
Last Deal Price (p)
420.00Net Change (%) ↑↓
-1.41Estimated NAV (p)
466.62Prem/Disc (%)
-8.71Source: 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.
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 Dec 2019
Hunting for opportunities among beaten-up Asian stocks
While 2020 has been challenging for small-cap value stocks, Fidelity Asian Values PLC portfolio manager Nitin Bajaj outlines why he believes the current market environment offers an unprecedented opportunity to invest in high quality Asian smaller companies at attractive valuations.
Read moreSustainability and Asian small-caps
Investors across the globe are increasingly focusing on sustainability factors that go beyond traditional financial metrics. While this is clearly welcome, Fidelity Asian Values PLC’s Nitin Bajaj discusses some of the nuances and complications as it relates to investing in Asian smaller companies.
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.
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.
Your Board of Directors
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
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News & Insights - Asian Values PLC
Hunting for opportunities among beaten-up Asian stocks
While 2020 has been challenging for small-cap value stocks
Sustainability and Asian small-caps
Investors across the globe are increasingly focusing on sustainability factor…
*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.
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.
Kate Bolsover 1,2 serves as a Director of TR Property Investment Trust PLC, Baillie Gifford & Company Limited and is Chairman of Invesco Enhanced Investment Trust.
She worked for Cazenove Group plc and J.P. Morgan Cazenove between 1995 and 2005 where she was managing director of the mutual fund business, and latterly director of Corporate Communications. Prior to this, her work involved business development and mutual funds experience covering countries in the Far East.
Appointed as Director on 1 January 2010.
Appointed Chairman on 9 December 2014.
All the Directors are non-executive directors and are all independent.
1 Chairman of the Nomination Committee
2 Attendee of the Audit Committee
Grahame Stott 1,2,3 is a non-executive Director and Chairman of the Remuneration Committee of China Motor Bus Company Limited. He is a Fellow of the Institute and Faculty of Actuaries and an Affiliate of the ACCA. He spent 20 years at Watson Wyatt in Hong Kong, during which time he became the regional director for 12 countries across Asia Pacific. He also served as the head of Watson Wyatt’s Global Investment Consulting Business. His background is working with fast growing listed companies.
Appointed as Director and Chairman of the Audit Committee on 24 September 2013.
All the Directors are non-executive directors and are also independent.
1 Members of the Management Engagement Committee
2 Members of the Nomination Committee
3 Members of the Audit Committee
Michael Warren 1, 2, 3 is a non-executive director of Carrington Investments and a non-executive Board member of Rathbone Unit Trust Management Limited. He worked for Thames River Capital from 2007 until 2012 as Investment Director. Prior to that he worked at HSBC Investments, where he was responsible for Institutional and Retail distribution, and before that Deutsche Asset Management, where he was a main board member. Latterly, he has served as managing director of the UK mutual fund business, DWS.
Appointed as Director on 29 September 2014.
All the Directors are non-executive directors and are also independent.
1 Members of the Management Engagement Committee
2 Members of the Nomination Committee
3 Members of the Audit Committee.
Tim Scholefield 1, 2, 3 is a non-executive Director of BMO Capital and Income Investment Trust PLC, Jupiter Unit Trust Manager Ltd and Standard Life UK Smaller Companies PLC. He is Chairman of City Merchants High Yield Trust Ltd and a member of the Investment Management Certificate Panel. He has had over thirty years’ experience in investment management, latterly as Head of Equities at Baring Asset Management until April 2014.
Appointed as Director on 30 September 2015.
Appointed as Senior Independent Director on 22 April 2020.
All the Directors are non-executive directors and are also independent.
1 Members of the Management Engagement Committee
2 Members of the Nomination Committee
3 Members of the Audit Committee.
Clare Brady 1, 2, 3 is a governance professional with 30 years’ experience in banking and financial services. In the private sector, she headed audit and oversight functions at Barclays Capital, HSBC and Republic National Bank of New York. She was a Managing Director at Deutsche Bank in London and Singapore. In the public sector, she was the Head of Audit at the Bank of England representing the UK on the European Systems of Central Banks (“ESCB”) and also at the G10 meetings of Central Banks. She was Auditor General at the World Bank and held the position of Non-Executive Director of the Institute of Internal Auditors (“IIA”) and also was a Director of the International Monetary Fund (“IMF”), both in Washington D.C.
Appointed as Director on 1 August 2019.
All the Directors are non-executive directors and are also independent.
1 Members of the Management Engagement Committee
2 Members of the Nomination Committee
3 Members of the Audit Committee.