Investment objective
To achieve returns in excess of the MSCI AC Asia (ex-Japan) Index NR over the suggested minimum investment time period of five to seven years.
Access to a concentrated high conviction portfolio of typically between 25 to 35 companies across Asia.
Uses a bottom-up stock selection process that favours companies with a compelling business model, above average earnings rate, increasing returns on equity over time and attractive valuations.
A disciplined portfolio construction process with a 'one stock in, one stock out' approach designed to increase the prospect of each company making a meaningful contribution.
Key facts
Fund performance2
Net returns as at 31 May 2018
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 20.78 | 15.38 | 5.40 |
| 3 yr % pa | 14.72 | 7.84 | 6.88 |
| 5 yr % pa | 17.17 | 13.20 | 3.97 |
| 7 yr % pa | 14.81 | 10.55 | 4.26 |
| 10 yr % pa | 9.02 | 7.36 | 1.66 |
| Since inception (29/09/05) % pa | 10.84 | 8.62 | 2.22 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (29/09/05) % pa |
|---|---|---|---|---|---|---|
| Fund | 20.78 | 14.72 | 17.17 | 14.81 | 9.02 | 10.84 |
| Benchmark | 15.38 | 7.84 | 13.20 | 10.55 | 7.36 | 8.62 |
| Active return | 5.40 | 6.88 | 3.97 | 4.26 | 1.66 | 2.22 |
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 AC Asia ex-Japan Index NR, effective 1 January 2010. Benchmark data prior to 1 January 2010 is a blend of the MSCI Asia ex-Japan index and the MSCI Far East (ex Japan) 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.
See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity Asia Fund in September 2005 compared with $10,000 invested in the MSCI AC ex-Japan Index NR.
Chart as at: 31 May 2018
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 AC Asia ex-Japan Index NR, effective 1 January 2010. Benchmark data prior to 1 January 2010 is a blend of the MSCI Asia ex-Japan index and the MSCI Far East (ex Japan) 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 31 May 2018
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 20.78 | 17.43 | 3.35 |
| 3 yr % pa | 14.72 | 9.17 | 5.55 |
| 5 yr % pa | 17.17 | 13.13 | 4.04 |
| 7 yr % pa | 14.81 | 11.42 | 3.39 |
| 10 yr % pa | 9.02 | 5.32 | 3.7 |
| Since inception (29/09/05) % pa | 10.84 | 5.84 | 5 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (29/09/05) % pa |
|
|---|---|---|---|---|---|---|
| Total return | 20.78 | 14.72 | 17.17 | 14.81 | 9.02 | 10.84 |
| Growth | 17.43 | 9.17 | 13.13 | 11.42 | 5.32 | 5.84 |
| Income | 3.35 | 5.55 | 4.04 | 3.39 | 3.7 | 5 |
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 AC Asia ex-Japan Index NR, effective 1 January 2010. Benchmark data prior to 1 January 2010 is a blend of the MSCI Asia ex-Japan index and the MSCI Far East (ex Japan) 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 31 May 2018
As at 31 May 2018
| % total net assets | |
|---|---|
| KWEICHOW MOUTAI CO LTD | 9.8% |
| HDFC BANK LTD | 9.5% |
| TAIWAN SEMICONDUCTR MFG CO LTD | 8.6% |
| AIA GROUP LTD | 8.5% |
| CHINA PETROLEUM & CHEM CORP | 5.3% |
| SUN HUNG KAI PROPERTIES LTD | 5.0% |
| MIDEA GROUP CO LTD | 3.8% |
| BANK RAKYAT INDONESIA TBK PT | 3.6% |
| SK INNOVATION CO LTD | 3.6% |
| TSRC CORP | 3.5% |
As at 31 May 2018
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| KWEICHOW MOUTAI CO LTD | 9.8 | 0.0 | 9.8 |
| HDFC BANK LTD | 9.5 | 0.0 | 9.5 |
| AIA GROUP LTD | 8.5 | 2.4 | 6.2 |
| CHINA PETROLEUM & CHEM CORP | 5.3 | 0.5 | 4.8 |
| TAIWAN SEMICONDUCTR MFG CO LTD | 8.6 | 3.9 | 4.7 |
As at 31 May 2018
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| TENCENT HLDGS LTD | 0.0 | 6.2 | - 6.2 |
| SAMSUNG ELECTRONICS CO LTD | 0.0 | 5.5 | - 5.5 |
| ALIBABA GROUP HOLDING LTD | 0.0 | 4.9 | - 4.9 |
| CHINA CONSTRUCTION BANK | 0.0 | 1.8 | - 1.8 |
| BAIDU INC | 0.0 | 1.4 | - 1.4 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 31-Mar-18 | 0.000000 | $19.6024 |
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.
Related insights
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.
2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised.
Why this fund
Access the growth opportunities of this region via a concentrated high conviction portfolio which has delivered relatively strong performance since its inception in 2005.
A strong twelve-year track record backed by more than 40 years’ experience investing in Asia informed by 30 dedicated research professionals and 50 on-the-ground analysts.
This concentrated approach allows the portfolio manager to focus more time on specific stocks and thereby generates a greater chance of meaningful contribution
Meet Anthony Srom
What three advantages does the Fidelity Asia Fund offer to clients? Anthony Srom, Portfolio Manager of the Fidelity Asia Fund describes the most important elements of his investment process and how he aims to bring the best ideas in the region into the portfolio and managing the risk around it.
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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.
2The returns shown have been calculated using the net asset value of the Fund from one period to the next. The returns include any re-invested distributions and are after fees and expenses. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. For periods greater than one year returns have been annualised.