Fidelity Asian Values PLC

Current Share price (p)

405.00

Last NAV (p)

396.52

Last Premium/Discount (%)

3.15

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.

Take the road less travelled with someone who knows it well

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.

Subscription Shares offer shareholders the right but not the obligation to subscribe for Ordinary Shares during a pre-determined period at a pre-determined price. Shareholders were issued 1 Subscription Share for every 5 Existing Ordinary Shares they held on 2 December 2016.

Subscription Rights may be exercised on an annual basis with the remaining exercise opportunities occurring on the last business day in November 2018 & 2019.

The exercise prices have been calculated as follows and are based on the Net Asset Value (NAV) of the Company as at close of business on 2 December 2016.

Date Exercise Price
November 2018 (4% Premium to NAV): 381.75p
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

Fidelity Asian Values PLC latest Company news and press highlights

How to deal with uncertainty in Asia. As trade tensions grow and markets become more uncertain, Nitin Bajaj outlines how he is navigating an increasingly complex backdrop across Asia and beyond.

Subscription Shares - exercise opportunity

Final Results Announced for the year ending 31 July 2018

Management Fees Update - The Board of Fidelity Asian Values PLC has accepted a new fee proposal from the Manager.

Read more

General Data Protection Regulation ‘GDPR’

What personal data is collected and how it is used
 
The Company is an investment trust which is a public limited company and therefore has certain regulatory obligations such as the requirement to send documents to its shareholders such as the Annual Report, proxy forms and other documents that relate to meetings of the Company. The Company will therefore collect shareholders’ personal data including names, addresses and identification numbers such as investor codes and will use this personal data to fulfil its statutory obligations. 
 
Any personal data collected will be kept securely on computer systems and in some instances on paper. Personal information is kept secure in line with Fidelity’s Information Security policies and standards. If you are unhappy with how we have used your personal data please contact the UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP.
 
Sharing personal data
 
In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing of this data to its third party service providers, such as the Company’s Registrar and Printers.

The Company has appointed Fidelity to undertake marketing activities for the Company and their privacy statement can be found on the website here.
 
The Company’s agreements with these third party service providers have been updated to be compliant with GDPR requirements. The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose. In some rare circumstances, it may be necessary to transfer shareholders’ personal data across national borders to Fidelity Group entities operating in the EEA.  Where personal data is transferred within the Fidelity group but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.
  
How long will personal data be kept for?
 
Personal data will only be retained for as long as is necessary and no longer than is legally permissible. 
 
Requesting access, making changes to your personal data and other important information
Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by contacting Fidelity’s UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP. 

Registration information

Incorporated in England and Wales with company number 07133583.

Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Fidelity Asian Values PLC is a member of the Association of Investment Companies. Visit the London Stock Exchange for all the latest and historical announcements.

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