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 30 June 2020
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | 3.82 | 3.65 | 0.17 |
| 3 yr % pa | 12.17 | 7.41 | 4.76 |
| 5 yr % pa | 11.97 | 6.73 | 5.24 |
| 7 yr % pa | 14.62 | 10.35 | 4.27 |
| 10 yr % pa | 12.12 | 8.10 | 4.02 |
| Since inception (29/09/05) % pa | 10.24 | 7.78 | 2.46 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (29/09/05) % pa |
|---|---|---|---|---|---|---|
| Fund | 3.82 | 12.17 | 11.97 | 14.62 | 12.12 | 10.24 |
| Benchmark | 3.65 | 7.41 | 6.73 | 10.35 | 8.10 | 7.78 |
| Active return | 0.17 | 4.76 | 5.24 | 4.27 | 4.02 | 2.46 |
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: 30 June 2020
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 30 June 2020
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | 3.82 | 1.3 | 2.52 |
| 3 yr % pa | 12.17 | 7.13 | 5.04 |
| 5 yr % pa | 11.97 | 6.33 | 5.64 |
| 7 yr % pa | 14.62 | 10.04 | 4.58 |
| 10 yr % pa | 12.12 | 8.49 | 3.63 |
| Since inception (29/09/05) % pa | 10.24 | 5.16 | 5.08 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
Since inception (29/09/05) % pa |
|
|---|---|---|---|---|---|---|
| Total return | 3.82 | 12.17 | 11.97 | 14.62 | 12.12 | 10.24 |
| Growth | 1.3 | 7.13 | 6.33 | 10.04 | 8.49 | 5.16 |
| Income | 2.52 | 5.04 | 5.64 | 4.58 | 3.63 | 5.08 |
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 30 June 2020
As at 30 June 2020
| % total net assets | |
|---|---|
| HANGZHOU HIK-V DIG TECH CO LTD | 9.0% |
| KWEICHOW MOUTAI CO LTD | 8.1% |
| AIA GROUP LTD | 7.6% |
| TAIWAN SEMICONDUCTR MFG CO LTD | 6.8% |
| HDFC BANK LTD | 6.2% |
| BOC AVIATION LTD | 5.6% |
| ASML HOLDING NV | 5.3% |
| GALAXY ENT GROUP LTD | 5.0% |
| TECHTRONIC INDUSTRIES CO LTD | 4.9% |
| HON HAI PRECISION IND CO LTD | 4.3% |
As at 30 June 2020
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| HANGZHOU HIK-V DIG TECH CO LTD | 9.0 | 0.0 | 8.9 |
| KWEICHOW MOUTAI CO LTD | 8.1 | 0.3 | 7.8 |
| HDFC BANK LTD | 6.2 | 0.0 | 6.2 |
| BOC AVIATION LTD | 5.6 | 0.0 | 5.6 |
| AIA GROUP LTD | 7.6 | 2.2 | 5.4 |
As at 30 June 2020
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| ALIBABA GROUP HOLDING LTD | 0.0 | 7.8 | - 7.8 |
| TENCENT HLDGS LTD | 0.0 | 7.1 | - 7.1 |
| SAMSUNG ELECTRONICS CO LTD | 0.0 | 4.7 | - 4.7 |
| MEITUAN DIANPING | 0.0 | 1.5 | - 1.5 |
| CHINA CONSTRUCTION BANK | 0.0 | 1.5 | - 1.5 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 30-Jun-20 | 26.9188 | $20.7611 |
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
- Additional Information
- Quarterly top 10 holdings(383.09KB)
- Infographic: Asia(759.46KB)
- The case for Asia(669.29KB)
- Fund flyer(684.05KB)
- Product Disclosure Statement(108.10KB)
- Application form(650.43KB)
- Fund fact sheet(83.37KB)
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
Year in review: Asian equities
"The last 12 months could be categorised as a period of significant swings in sentiment, which has created opportunities, but also leads to less attractive risk/reward when sentiment is too positive". Read Anthony Srom's 'Year in review' here.
The impacts of recent tensions
Tensions between China and Hong Kong have intensified in recent weeks and investor sentiment towards Hong Kong could worsen due to political rhetoric. We examine some of the potential impacts for investors and where this could create some interesting buying opportunities where valuations become detached from fundamentals.
The opportunity in Asian equities for long-term investors
The spread of COVID-19 has taken its toll on equity markets globally, and whilst we have much to learn about the eventual underlying economic impact of the virus, there are reasons to remain invested and opportunities to take advantage of across Asian equity markets.
A cautious consumer rebound takes hold
Chinese consumers are offering a ray of hope in the economic wreckage from the Covid-19 coronavirus, as life slowly returns to normal in the country where a global pandemic first started.
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
Year in review: Asian equities
"The last 12 months could be categorised as a period of significant swings in sentiment, which has created opportunities, but also leads to less attractive risk/reward when sentiment is too positive". Read Anthony Srom's 'Year in review' here.
The impacts of recent tensions
Tensions between China and Hong Kong have intensified in recent weeks and investor sentiment towards Hong Kong could worsen due to political rhetoric. We examine some of the potential impacts for investors and where this could create some interesting buying opportunities where valuations become detached from fundamentals.
The opportunity in Asian equities for long-term investors
The spread of COVID-19 has taken its toll on equity markets globally, and whilst we have much to learn about the eventual underlying economic impact of the virus, there are reasons to remain invested and opportunities to take advantage of across Asian equity markets.
A cautious consumer rebound takes hold
Chinese consumers are offering a ray of hope in the economic wreckage from the Covid-19 coronavirus, as life slowly returns to normal in the country where a global pandemic first started.
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 cap3. 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.
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.