Fidelity Asia Fund W Acc

Asia Equities

Rated Fund 2018-19. Seeks growing companies trading below their intrinsic value

Teera Chanpongsang, manager of Fidelity Asia, is one of the longest-tenured managers in the Fidelity Asia ex Japan equities investment team, based in Hong Kong. He has been with Fidelity for almost 25 years, starting as an analyst before taking on a portfolio management role. Morningstar believes his vast experience across sectors, countries and investment mandates makes him an “ideal manager for this regional strategy”.

Chanpongsang took over this fund at the start of 2014, after his predecessor, Allan Liu, retired, and he has shown he is comfortably up to the task, having performed well relative to peers in both rising and falling markets.

He 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 portfolio has around 100 holdings.

Though broadly diversified at country and sector level, the manager tends to favour companies operating in emerging Asian economies, such as China and India, at the expense of the more mature markets, including South Korea, Taiwan, Hong Kong and Singapore.

A company’s management is a primary focus for Chanpongsang, particularly with regard to the treatment of minority shareholders. Prior to joining Fidelity, he worked as an accountant in his native Thailand, and he is especially wary of companies that display earnings growth without corresponding cashflow growth.

 At the end of 2018, the fund had the greatest exposures to financials and information technology, which accounted collectively for almost half of its £2.7 billion of assets.

Narrative and ratings content all as of January 2019.  

See all Money Observer rated funds
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
4
3 Year Sharpe
1.14
3 Year Alpha
2.29
Yield
1 %
Benchmark
MSCI AC Asia Ex Japan NR USD
The Fund’s investment objective is to achieve long term capital growth from a portfolio made up of the shares of companies throughout the Pacific Basin, but excluding Japan. The portfolio is likely to have a bias towards larger companies. However, the ACD is not restricted in the choice of 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 6.83 %
AIA Group Ltd 5.98 %
Taiwan Semiconductor Manufacturing Co Ltd 5.83 %
Alibaba Group Holding Ltd ADR 5.34 %
Samsung Electronics Co Ltd 4.24 %
HDFC Bank Ltd 4.02 %
Housing Development Finance Corp Ltd 2.38 %
Industrial And Commercial Bank Of China Ltd Class H 2.31 %
PT Bank Central Asia Tbk 2.19 %
United Overseas Bank Ltd 1.88 %
Region %
Asia - Emerging 60.80 %
Asia - Developed 35.93 %
Sector %
Financial Services 35.81 %
Technology 27.21 %
Consumer Cyclical 14.91 %
Consumer Defensive 6.19 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Teera Chanpongsang
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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