Fidelity Asia Fund W Acc

Asia Equities

New for 2018. Seeks growing companies trading below their intrinsic value

Teera Chanpongsang, manager of Fidelity Asia, is one of the longest-tenured managers within the Fidelity Asia ex-Japan equities investment team, based in Hong Kong. He has been with the firm for almost 25 years, starting as an analyst before taking on a portfolio management role. Morningstar believes that most peers would struggle to match this level of experience, which should provide investors with 'plenty of comfort'.

The manager took over this fund at the start of 2014 after his predecessor Allan Liu retired, and has so far shown he is comfortably up to the task. He has shown an ability to perform well relative to peers in both up and down markets.

Chanpongsang seeks companies trading below their intrinsic value that he believes have improving fundamentals the market has not yet recognised in the underlying share price. He has no stated style bias, although he typically leans towards 'growth at a reasonable price' (Garp). He will also take advantage of value opportunities, particularly restructuring stories, where he has significant conviction. The end portfolio is broadly diversified at both country and sector level, holding 80 to 100 names (around 90 at the end of 2017).

A company's management is a primary focus for Chanpongsang, particularly with regards to the treatment of minority shareholders. Prior to joining Fidelity, he worked as an accountant in his native Thailand and this background stands him in good stead. He is especially wary of companies that display earnings growth without corresponding cash flow growth.

At the end of 2017, the fund had the greatest exposures to information technology and financials, collectively almost 60 per cent of assets.

Narrative and ratings content all as of 01 January 2018.

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Name
Fidelity Asia Fund W Acc
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B6Y7NF43
Sector
Asia Pacific Excluding Japan
Launched
15/10/2012
OCF
0.94 %
Risk Rating
3
3 Year Sharpe
1.11
3 Year Alpha
4.43
Yield
0.7 %
Benchmark
MSCI AC Asia Ex Japan NR USD
This fund aims to provide long-term capital growth by investing in the shares of companies throughout Asia excluding Japan. The fund is likely to have a bias towards larger companies, it isn’t restricted in the choice of a company either by size or industry, or in terms of the geographical split of the portfolio which is largely determined by the availability of attractive investment opportunities, rather than the outlook for each market.
Holding %
Tencent Holdings Ltd 6.78 %
Taiwan Semiconductor Manufacturing Co Ltd 5.34 %
Alibaba Group Holding Ltd ADR 4.88 %
AIA Group Ltd 4.44 %
Samsung Electronics Co Ltd 4.39 %
HDFC Bank Ltd 2.63 %
Industrial And Commercial Bank Of China Ltd H 2.56 %
Fidelity ILF - USD A Acc 2.31 %
United Overseas Bank Ltd 2.23 %
China Construction Bank Corp H 2.03 %
Region %
Asia - Emerging 58.33 %
Asia - Developed 38.89 %
Sector %
Financial Services 28.77 %
Technology 27.75 %
Consumer Cyclical 16.37 %
Consumer Defensive 6.87 %
Energy 5.03 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough Kent, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Teera Changpongsang
Joined 01/01/2014

Teera commands a strong background in research and fund management in the telecommunications sector. He has been the research team leader of the Asia Pacific ex-Japan telecommunications sector, and co-manager of the fund, since early 2000. He joined Fidelity in 1994 as a research analyst covering a wide spectrum of sectors including banks and telecommunications in South East Asia, and as the country specialist for Thailand. Since July 1998, Teera has managed Fidelity Funds Thailand Fund.

Data provided by Morningstar.

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