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Fidelity Asian Values PLC

Last Deal Price (p)

516.00

Net Change (%) ↑↓

+1.18

Estimated NAV (p)

569.51

Prem/Disc (%)

-9.40

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"

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

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.

The trust provides shareholders with a diverse and differentiated equity exposure to Asian markets, favouring smaller companies which portfolio manager Nitin Bajaj believes give him the best opportunity to find mispriced businesses, the “winners of tomorrow”, before they become well known.

What sets us apart

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A simple investment philosophy

Buying good businesses, run by good people, at a price that provides a good margin of safety.

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Investment expertise with local knowledge

An experienced portfolio management team supported by a large local presence in multiple Asian hubs enables us to find opportunities overlooked by the wider market.

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Finding Asia’s ‘winners of tomorrow’

With over 18,000 listed companies in Asia, we tirelessly look to uncover hidden gems in these diverse and ever-expanding markets.

News & Insights - Asian Values PLC

Examining the widening gulf between India and China valuations

The widening divergence in performance and valuations between India and China has been a notable feature of Asia’s investment landscape over recent times. Fidelity Asian Values PLC Investment Director Catherine Yeung highlights what has been driving this dynamic, how long it can endure and what it means for the positioning of the strategy in these key markets.

Find out more
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Kepler Trust Intelligence - latest research note on the Company

FAS has a highly differentiated profile: small-cap Asian value with a significant China exposure.

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A good year for investing in Asia

The Mail on Sunday’s Jeff Prestridge caught up in London with the team behind Fidelity Asian Values PLC giving readers a holistic view of the trust’s past year’s performance and highlighting trends and opportunities that make Asia an attractive place to invest.

Read more
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Set up to succeed

As outgoing Chairman Kate Bolsover hands over to incoming Chairman Clare Brady, they are joined in the studio by Claire Dwyer, Head of Investment Companies at Fidelity, to find out their thoughts.

Watch now

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
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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.

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Past Performance (%)

Dec 2018 -
Dec 2019

Dec 2019 -
Dec 2020

Dec 2020 -
Dec 2021

Dec 2021 -
Dec 2022

Dec 2022 -
Dec 2023

Net Asset Value

1.5

12.1

17.1

6.7

7.0

Share Price

2.2

3.9

13.5

10.4

7.1

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

13.6

22.3

21.8

-10.3

14.7

Past performance is not a reliable indicator of future returns. 
Source: Morningstar as at 31.12.2023, 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

Chairman

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.

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.

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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

Examining the widening gulf between India and China valuations

Is there a reason why it has to be that short, it seems to be fitting well th…


Catherine Yeung

Catherine Yeung

Investment Director

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


Fidelity

Fidelity

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.