Fidelity Emerging Asia Fund W-Accumulation

Asia Equities

Rated Fund 2017-2018. Focuses on Asia's 'true' emerging economies

The Asia Pacific region includes both emerging and developed economies. Although more than a third of assets are in Chinese companies, Fidelity Emerging Asia distinguishes itself by having higher weightings than other funds to what it describes as Asia's 'true' emerging economies � the ASEAN (Association of South East Asian Nations), including Thailand and Indonesia. These markets are seen as key beneficiaries of powerful growth drivers such as rapid urbanisation and rising domestic demand from an increasingly affluent middle class.Since 2013, the fund has been managed by Dhananjay Phadnis, based in Hong Kong. He employs a company-focused approach to investment management. He seeks to identify high-quality companies with sustainable growth prospects trading at attractive valuations. When seeking to assess the sustainability of a firm's competitive advantage, his emphasis is on developing a thorough understanding of the supply/demand balance within industries, as well as analysing the barriers to entry within a particular industry segment.He looks for three key characteristics when assessing potential investments. First, he likes to find 'moat stocks' � industry leaders with the ability to generate strong returns, sustain them and reinvest at increasing rates of return. Second, he seeks quality management teams � companies where the management has a strong track record and where interests are fully aligned with those of minority shareholders. And third, he wants to buy stocks with unrecognised long-term growth potential at favourable valuations, or those where valuations and fundamentals have become disconnected due to short-term issues.At the end of 2017, the fund's largest sector weighting was to technology at 28 per cent, followed by financial services at 24 per cent.

Narrative and ratings content all as of 01 January 2018.

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Name
Fidelity Emerging Asia Fund W-Accumulation
Manager
Fidelity (FIL Investment SVCS (UK) Ltd)
Type
Open Ended Investment Company
ISIN
GB00B84Q8M70
Sector
Asia Pacific Excluding Japan
Launched
28/01/2015
OCF
0.98 %
Risk Rating
3
3 Year Sharpe
1.10
3 Year Alpha
1.02
Yield
0.5 %
Benchmark
MSCI EM Asia NR EUR
The Fund’s investment objective is to achieve long term capital growth through investing principally in securities of companies having their head office or exercising a predominant part of their activity in less developed countries of Asia that are considered as emerging markets according to the MSCI Emerging Markets Asia Index. The Fund may also invest in other transferable securities, units in collective investment schemes, money market instruments, cash and deposits. Derivatives and forward transactions may also be used for investment purposes.
Holding %
Tencent Holdings Ltd 8.01 %
Alibaba Group Holding Ltd ADR 6.21 %
Taiwan Semiconductor Manufacturing Co Ltd 4.85 %
Samsung Electronics Co Ltd 4.47 %
HDFC Bank Ltd 3.16 %
Industrial And Commercial Bank Of China Ltd H 2.94 %
Housing Development Finance Corp Ltd 2.33 %
China Pacific Insurance (Group) Co Ltd H 2.11 %
China Petroleum & Chemical Corp H Shares 2.00 %
Taiwan Semiconductor Manufacturing Co Ltd ADR 1.94 %
Region %
Asia - Emerging 69.30 %
Asia - Developed 26.67 %
Sector %
Technology 28.74 %
Financial Services 27.61 %
Consumer Cyclical 15.15 %
Consumer Defensive 7.80 %
Industrials 6.71 %
Healthcare 5.30 %
Name
Fidelity (FIL Investment SVCS (UK) Ltd)
Address
TN11 9DZ, Hildenborough Kent, United Kingdom
UCITS
Yes
Legal Structure
Open Ended Investment Company

Managers

Dhananjay Phadnis
Joined 11/01/2013

Dhananjay joined Fidelity in 2004 as an investment analyst in India. He moved to Hong Kong in 2006. As an analyst, Dhananjay covered the Asian telecommunications, consumer discretionary, industrials and materials sectors. He was promoted to Director of Research (DoR) in 2009. As DoR, he was responsible for mentoring and guiding Fidelity’s team of research analysts based in various offices in the Asia ex Japan region.

Data provided by Morningstar.

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