Fact sheet: Fidelity Asian Values IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
ASIA EQUITIES
Sector
IT Asia Pacific excluding Japan Equities
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Fidelity Asian Values IT

Rated Fund 2014, 2017. A trust with a small and medium-sized companies bias

This trust, highly commended in Money Observer's 2016 investment trust awards, was taken over by Nitin Bajaj in April 2015. He was tasked by the board with changing its focus away from medium-sized to larger companies and steering it towards an emphasis on small- and medium-sized businesses.

Bajaj had previously achieved impressive returns running an Asian smaller companies fund for Fidelity. He does not try to time markets but is purely company-focused. He uses analysis from Fidelity's local analysts, who research companies' valuations, financial strength, cash flows, competitive advantage, business prospects and earnings potential.

Bajaj says there are three guiding principles behind his investment process: understanding a business, paying the right price for it and being aware of existing market expectations. He looks for strong businesses run by able managements available at reasonable valuations with the aim of making money over three to five years.

He likes smaller companies for three reasons. First, this area of the market provides opportunities to invest in the 'winners of tomorrow' before they become well known.

Secondly, smaller companies are not widely followed by professional investors and tend to be less well-researched, so the sector offers investors a greater chance of finding mispriced businesses.

Thirdly, with over 17,000 listed companies in the region, there are plenty of firms to choose from in both the winners-of-tomorrow and mispriced business categories.

Bajaj's primary objective is to generate absolute positive returns. So besides looking for firms with growth potential, he focuses hard on identifying and avoiding companies that may leave him suffering significant capital losses.

3 Year Performance
Fund Performance65.3%
Average of Rated Funds Group58.7%
Sector Performance47.2%
Fund information
Fund name
Fidelity Asian Values PLC Ord
Fund manager company
Fidelity (FIL Invt Intl)
Fund type
Investment Trust
Fund managers
  • Nitin Bajajsince 04/01/2015
Accolades
Highly commended - Best Asia Pacific Trust 
Highly commended - Regular savings Developing Markets
Fund objective
The investment objective of the Company is to achieve long term capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan). The portfolio manager uses a bottom-up investment approach in the stock selection and portfolio construction process.
Benchmark
  • MSCI AC Asia ex Japan
Investment style
Value
Investment method
No data available.
Quick stats
1 Year return
18.7%
1 Year rank in sector
9/15
Sector
IT Asia Pacific excluding Japan Equities
Yield
1.2%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.33%
Fund size
£258m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
128
Mid price
383
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
420.38
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-8.89
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
Pacific Horizon IT PLC36.5%
ScrdrAsnTtlRetnInvstCo32.3%
JP Morgan Asian IT plc31.4%
Schroder Asia Pacific27.6%
Invesco Asia Trust plc27.5%
...more in IT Asia Pacific excluding Japan Equities

Performance snapshot

Holdings snapshot

  • India16.5%
    Taiwan13.1%
    Money Market10.8%
    Korea10.7%
    China8.7%
  • Consumer Discretionary18%
    Information Technology15.5%
    Consumer Staples12.6%
    Industrials11.9%
    Money Market10.8%
  • Indian Equities16.5%
    Taiwanese Equities13.1%
    Money Market10.8%
    South Korean Equities10.7%
    Chinese Equities8.7%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund--1.4%5.3%18.7%65.3%126.1%
Sector0.2%6.8%12.3%22.1%47.2%85.2%
Rank within sector8 / 1515 / 1514 / 159 / 154 / 152 / 15
Quartile3rd4th4th3rd2nd1st
Calendar performance
 YTD - 20172016201520142013
Fund10.4%42.3%4.6%11.8%13.2%
Sector20.3%28.9%-6.1%11.7%1.3%
Rank within sector14 / 151 / 151 / 159 / 152 / 15
Quartile4th1st1st3rd1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
6.12
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.01
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.08
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
16.13
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
7.96
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.73
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.75
Price movement
52 week high405.5
52 week low309.25
Current bid price382
Current offer price384
Current mid price383
Region
1India16.5%
2Taiwan13.1%
3Money Market10.8%
4Korea10.7%
5China8.7%
6Australia7.7%
7Singapore6.1%
8Hong Kong5.9%
9Others5.9%
Industry sector
1Consumer Discretionary18%
2Information Technology15.5%
3Consumer Staples12.6%
4Industrials11.9%
5Money Market10.8%
6Financials9.9%
7Health Care7.5%
8Utilities5.7%
9Real Estate4.3%
Asset type
1Indian Equities16.5%
2Taiwanese Equities13.1%
3Money Market10.8%
4South Korean Equities10.7%
5Chinese Equities8.7%
6Australian Equities7.7%
7Singapore Equities6.1%
8Hong Kong Equities5.9%
9International Equities5.9%
Individual holdings
1POWER GRID CORP OF INDIA3.03%
2POWER GRID CORP OF INDIA3.03%
3WPG HOLDINGS2.99%
4TAIWAN SEMICONDUCTOR MANUFACTURING2.66%
5HOUSING DEVELOPMENT FINANCE CORP2.51%
6HOUSING DEVELOPMENT FINANCE CORP2.51%
7LT GROUP INC2.24%
8REDINGTON INDIA LTD1.95%
9REDINGTON INDIA LTD1.95%
Management
Fund manager group
Fidelity
Fund manager company
Fidelity (FIL Invt Intl)
Fund type
Investment Trust
Fund objective
The investment objective of the Company is to achieve long term capital growth through investment principally in the stockmarkets of the Asian Region (excluding Japan). The portfolio manager uses a bottom-up investment approach in the stock selection and portfolio construction process.
Benchmark
  • MSCI AC Asia ex Japan
Investment style
Value
Investment method
No data available.
Fund managers
NameSinceBiography
Nitin Bajaj04/01/2015Nitin joined Fidelity International in 2003 as a research analyst in London. After a very successful and highly rated period in research, in 2007, he became an Assistant Portfolio Manager for the Global Special Situations Fund in the UK with a remit to search for investment opportunities globally. As a research analyst, he covered European food and tobacco and large cap Italian and Spanish banks. Prior to joining Fidelity, he was at KPMG in India for four years working as a business analyst. Nitin holds a Bachelor of Commerce degree from the University of Delhi and an MBA from Insead, Singapore. He is a member of the Institute of Chartered Accountants of India.
Compliance
AIC Member, Non UCITS Retail Scheme
Domicile
No data available.
Fund for sale in
United Kingdom
Fidelity Asian Values PLC Ord
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price420.38
CurrencyGBX
Price updated18/08/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNJDU
Fidelity Asian Values PLC Sub Shs 0.001P
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price22
Offer price29
Mid price25.5
CurrencyGBX
Price updated18/08/2017
Type-
Institutional or retail classRetail
Domicile-
Citi codeNO9R
Data provided by

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