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 20 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 December 2019
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 27.86 | 18.35 | 9.51 |
| 3 yr % pa | 18.83 | 13.89 | 4.94 |
| 5 yr % pa | 15.80 | 9.84 | 5.96 |
| 7 yr % pa | 16.87 | 11.86 | 5.01 |
| 10 yr % pa | 13.06 | 8.67 | 4.39 |
| Since inception (29/09/05) % pa | 10.97 | 8.27 | 2.70 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (29/09/05) % pa |
|---|---|---|---|---|---|---|
| Fund | 27.86 | 18.83 | 15.80 | 16.87 | 13.06 | 10.97 |
| Benchmark | 18.35 | 13.89 | 9.84 | 11.86 | 8.67 | 8.27 |
| Active return | 9.51 | 4.94 | 5.96 | 5.01 | 4.39 | 2.70 |
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 December 2019
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 December 2019
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 27.86 | 24.76 | 3.1 |
| 3 yr % pa | 18.83 | 13.49 | 5.34 |
| 5 yr % pa | 15.8 | 9.97 | 5.83 |
| 7 yr % pa | 16.87 | 12.02 | 4.85 |
| 10 yr % pa | 13.06 | 9.39 | 3.67 |
| Since inception (29/09/05) % pa | 10.97 | 5.69 | 5.28 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (29/09/05) % pa |
|
|---|---|---|---|---|---|---|
| Total return | 27.86 | 18.83 | 15.8 | 16.87 | 13.06 | 10.97 |
| Growth | 24.76 | 13.49 | 9.97 | 12.02 | 9.39 | 5.69 |
| Income | 3.1 | 5.34 | 5.83 | 4.85 | 3.67 | 5.28 |
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 December 2019
As at 31 December 2019
| % total net assets | |
|---|---|
| AIA GROUP LTD | 9.9% |
| TAIWAN SEMICONDUCTR MFG CO LTD | 8.2% |
| HDFC BANK LTD | 7.7% |
| HANGZHOU HIK-V DIG TECH CO LTD | 7.6% |
| BOC AVIATION LTD | 6.8% |
| SUN HUNG KAI PROPERTIES LTD | 5.2% |
| CHINA PETROLEUM & CHEM CORP | 4.8% |
| BANK RAKYAT INDONESIA TBK PT | 4.5% |
| ANGEL YEAST CO LTD | 4.3% |
| KWEICHOW MOUTAI CO LTD | 4.2% |
As at 31 December 2019
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| HDFC BANK LTD | 7.7 | 0.0 | 7.7 |
| HANGZHOU HIK-V DIG TECH CO LTD | 7.6 | 0.0 | 7.6 |
| AIA GROUP LTD | 9.9 | 2.4 | 7.5 |
| BOC AVIATION LTD | 6.8 | 0.0 | 6.8 |
| SUN HUNG KAI PROPERTIES LTD | 5.2 | 0.5 | 4.7 |
As at 31 December 2019
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| ALIBABA GROUP HOLDING LTD | 0.0 | 6.8 | - 6.8 |
| TENCENT HLDGS LTD | 0.0 | 5.2 | - 5.2 |
| SAMSUNG ELECTRONICS CO LTD | 0.0 | 5.0 | - 5.0 |
| CHINA CONSTRUCTION BANK | 0.0 | 1.6 | - 1.6 |
| PING AN INS GROUP CO CHINA LTD | 0.0 | 1.4 | - 1.4 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 28-Jun-19 | 50.355 | $20.2564 |
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 downloads
- Quarterly top 10 holdings(503.34KB)
- Infographic: Asia(752.29KB)
- The case for Asia(673.75KB)
- Fund flyer(664.25KB)
- Product Disclosure Statement(108.10KB)
- Monthly fund fact sheet(75.10KB)
- Application form(990.86KB)
- Quarterly fund fact sheet(85.57KB)
- Additional information(72.16KB)
Fund ratings3
| Organisation | Rating |
|---|---|
| Lonsec | Rated4 The Lonsec Report is only available to financial advisers, please contact us for a copy. |
| Morningstar | Bronze5 |
| Zenith | Highly Recommended6 |
Category winner: International Equities - Emerging Markets and Regional7
Get Fidelity insights
Fidelity Insights is a free, monthly e-newsletter that brings you valuable and distilled investment insights, opinion and education.
Related insights
Time to look east in 2020?
Modest valuations in Asia set investors up for reasonable returns from the region in 2020, while developed markets outside the US struggle to boost growth. But it remains important to be selective as we expect some rotation within markets. In China, in particular, there could be weaker returns from the popular technology and consumer names...
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In a world searching for growth, Asia shines
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The case for Asia
In the last two decades, Asia has become a powerhouse of global growth. Demographics and digitalisation are fuelling a boom economy that’s expected to continue for decades to come. Find out why you should be looking at this region more closely...
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.
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 fourteen-year track record, backed by 50 years' experience in Asia, informed by 38 on-the-ground research professionals and 400 investment experts around the world.
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.
Related insights
Time to look east in 2020?
Modest valuations in Asia set investors up for reasonable returns from the region in 2020, while developed markets outside the US struggle to boost growth. But it remains important to be selective as we expect some rotation within markets. In China, in particular, there could be weaker returns from the popular technology and consumer names...
China's Singles' Day is pushing offline
China’s Singles’ Day has grown exponentially in its first decade to smash retail sales records globally. The ecommerce holiday’s changing focus offers a glimpse into the country’s overall retail trends, where online/offline integration and deeper penetration of lower-tier cities are key for investors tracking both the sector and the broader consumption patterns in China.
In a world searching for growth, Asia shines
Asian equity markets don’t just offer Australian investors growth potential, they also increasingly offer genuine diversity and possible protection from an economic downturn in the developed world. Of course, proximity to these markets is important for the ability to assess the risk associated with investments there.
The case for Asia
In the last two decades, Asia has become a powerhouse of global growth. Demographics and digitalisation are fuelling a boom economy that’s expected to continue for decades to come. Find out why you should be looking at this region more closely...
Get Fidelity insights
Fidelity Insights is a free, monthly e-newsletter that brings you valuable and distilled investment insights, opinion and education.
Awards6
Fidelity International has won two categories at the 2019 Zenith Fund Award - International equities – emerging markets & regional and Australian equities - small cap. Fidelity was also a finalist for Fund Manager of the Year.
The annual awards were held in Sydney on 11 October 2019. The award points to the skill and expertise of Fidelity’s investment team across Fidelity’s Future Leaders Fund, Asia Fund, and Global Emerging Markets Fund. It is awarded in the name of Fidelity rather than to a specific fund.
The Zenith Fund Awards were issued 11 October 2019 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is General Advice for Wholesale clients only without taking into consideration the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice. Investors should obtain a copy of and consider any relevant PDS or offer document before making any investment decisions. Past performance is not an indication of future performance. Fund Awards are current for 12months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only.
Fund downloads
- Quarterly top 10 holdings(503.34KB)
- Infographic: Asia(752.29KB)
- The case for Asia(673.75KB)
- Fund flyer(664.25KB)
- Product Disclosure Statement(108.10KB)
- Monthly fund fact sheet(75.10KB)
- Application form(990.86KB)
- Quarterly fund fact sheet(85.57KB)
- Additional information(72.16KB)
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.