Fidelity China Fund
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Fidelity China Fund

Investment objective

To achieve returns in excess of the MSCI China Index NR over the medium to long term.

Invests into typically between 50 to 80 Chinese companies.  

Uses a bottom-up stock selection process that focuses on quality business models and management teams out of favour due to short-term macro reasons.

Through a rigorous portfolio construction process, the best ideas likely to benefit from the country's growth dynamics will be selected for the portfolio.

Key facts

Fund at a glance
Unit prices (at 18/03/24) Buy 20.8498 / Sell 20.7250 Unit price history
Buy/sell spread 0.30%/0.30%
Management costs1 1.21% p.a.
Fund size (at 18/03/24) A$30.23M
Inception date 29 September 2005
Distribution frequency Annually
Currency Australian dollar
Benchmark MSCI China Index NR
About the manager
Portfolio manager Nitin Bajaj / Alice Li
Appointed to fund 30 September 2022
Location Singapore / Hong Kong
Joined Fidelity 2003 / 2019
Unique identifiers
APIR code FID0011AU
ARSN code 116072649
mFund code FIL11

Fund performance2

See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity China Fund in September 2005 compared with $10,000 invested in the MSCI China Index NR.

    Fidelity China Fund
    0
    MSCI China Index NR
    0

    Chart as at: 29 February 2024

    Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI China Index NR. NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.

    Net returns as at 29 February 2024

    Timeframe Fund Benchmark Active return
    1 yr % -13.67 -11.06 -2.61
    3 yr % pa -4.56 -16.20 11.64
    5 yr % pa -2.08 -4.38 2.30
    7 yr % pa 3.28 1.66 1.62
    10 yr % pa 6.98 4.24 2.74
    15 yr % pa 7.01 4.92 2.09
    Since inception (29/09/05) % pa 9.61 6.59 3.02
    Timeframe 1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    15 yr
    % pa
    Since inception
    (29/09/05) % pa
    Fund -13.67 -4.56 -2.08 3.28 6.98 7.01 9.61
    Benchmark -11.06 -16.20 -4.38 1.66 4.24 4.92 6.59
    Active return -2.61 11.64 2.30 1.62 2.74 2.09 3.02

    Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI China Index NR. NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.

    Net as at 29 February 2024

    Total return Growth Income
    1 yr % -13.67 -19.24 5.57
    3 yr % pa -4.56 -11.85 7.29
    5 yr % pa -2.08 -10.53 8.45
    7 yr % pa 3.28 -5.82 9.1
    10 yr % pa 6.98 -0.23 7.21
    15 yr % pa 7.01 1.82 5.19
    Since inception (29/09/05) % pa 9.61 3.97 5.64
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    15 yr
    % pa
    Since inception
    (29/09/05) % pa
    Total return -13.67 -4.56 -2.08 3.28 6.98 7.01 9.61
    Growth -19.24 -11.85 -10.53 -5.82 -0.23 1.82 3.97
    Income 5.57 7.29 8.45 9.1 7.21 5.19 5.64

    Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.

    Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI China Index NR. NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.

    Sectors, holdings and distributions

    As at 29 February 2024

    As at 29 February 2024

    % total net assets
    ALIBABA GROUP HOLDING LTD 7.7%
    CHINA CONSTRUCTION BANK 4.4%
    INDUSTRIAL & COML BK CHINA 4.3%
    FOCUS MEDIA INFORMATION TECHNOLOGY CO LTD 4.2%
    PROSUS NV 3.8%
    TENCENT HLDGS LTD 3.7%
    YIXINGTANG PHARMACEUTICAL CO LTD 3.6%
    GALAXY ENT GROUP LTD 3.5%
    CHINA MENGNIU DAIRY CO 3.4%
    CHINA OILFIELD SVCS LTD 3.3%

    As at 29 February 2024

    Fund % Benchmark % Relative %
    FOCUS MEDIA INFORMATION TECHNOLOGY CO LTD 4.2 0.0 4.2
    PROSUS NV 3.8 0.0 3.8
    YIXINGTANG PHARMACEUTICAL CO LTD 3.6 0.0 3.6
    GALAXY ENT GROUP LTD 3.5 0.0 3.5
    CHINA OILFIELD SVCS LTD 3.3 0.1 3.2

    As at 29 February 2024

    Fund % Benchmark % Relative %
    TENCENT HLDGS LTD 3.7 13.0 -9.3
    PDD HOLDINGS INC 0.0 4.1 -4.1
    NETEASE INC 0.0 2.4 -2.4
    PING AN INS GROUP CO CHINA LTD 0.0 1.9 -1.9
    BANK OF CHINA LTD 0.0 1.8 -1.8
    Distribution Distribution (CPU) Reinvestment price
    30-Jun-23 160.9338 $23.3012

    CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed. 

    Fund ratings3

    Organisation
    Rating
    Lonsec
    Investment grade4
    The Lonsec report is only available to financial advisers, please contact us for a copy

    This Fund is unhedged and is subject to the risk of fluctuations in international stock markets and currencies. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.

    1Management Costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

    2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed. 

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    4The Lonsec Rating (assigned March 2023) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

    Why this fund

    Actively managed, with the Portfolio Manager's more than 20 years' experience investing in China and rare access to local companies.

    Access to China's growth story by investing in some of the best undiscovered opportunities.

    A proven investment approach informed by 50 on-the-ground analysts in Asia with 17 dedicated to Chinese equities.

    This Fund is unhedged and is subject to the risk of fluctuations in international stock markets and currencies. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.

    1Management Costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.

    2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed. 

    3You should refer to respective research houses (and their disclaimers below) to obtain further information about the meaning of the rating and the rating scale. Ratings are only one factor to be taken into account when deciding whether to invest. Ratings are subject to change without notice and may not be regularly updated.  Ratings are current as at date (s) stated below. Fidelity pays a fee to some research houses for rating our funds.

    4The Lonsec Rating (assigned March 2023) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Fidelity International product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.