Fidelity Asia Fund
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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

About this fund
Unit prices (at 17/10/18) Buy 17.5554 / Sell 17.4156 Unit price history
Buy/sell spread 0.40%/0.40%
Management costs1 1.16% p.a. Fee disclosure document
Fund size (at 17/10/18) A$177.39M
Inception date 29 September 2005
Distribution frequency Annually
Currency Australian dollar
Benchmark MSCI AC Asia ex-Japan Index NR
About the manager
Portfolio manager Anthony Srom
Appointed to fund 01 June 2014
Location Singapore
Joined Fidelity 2006
Unique identifiers
APIR code FID0010AU
ARSN code 116072498
mFund code FIL10

Fund performance2

Net returns as at 30 September 2018

Timeframe Fund Benchmark Active return
1 yr % 20.03 10.02 10.01
3 yr % pa 17.36 12.17 5.19
5 yr % pa 17.15 12.25 4.90
7 yr % pa 17.21 12.87 4.34
10 yr % pa 10.98 9.32 1.66
Since inception (29/09/05) % pa 10.52 8.22 2.30
Timeframe 1 yr
%
3 yr
% pa
5 yr
% pa
7 yr
% pa
10 yr
% pa
Since inception
(29/09/05) % pa
Fund 20.03 17.36 17.15 17.21 10.98 10.52
Benchmark 10.02 12.17 12.25 12.87 9.32 8.22
Active return 10.01 5.19 4.90 4.34 1.66 2.30

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.

    Fidelity Asia Fund
    0
    MSCI AC Asia ex-Japan Index NR
    0

    Chart as at: 30 September 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 30 September 2018

    Total return Growth Income
    1 yr % 20.03 10.23 9.8
    3 yr % pa 17.36 11.46 5.9
    5 yr % pa 17.15 11.48 5.67
    7 yr % pa 17.21 12.37 4.84
    10 yr % pa 10.98 7.11 3.87
    Since inception (29/09/05) % pa 10.52 4.97 5.55
    1 yr
    %
    3 yr
    % pa
    5 yr
    % pa
    7 yr
    % pa
    10 yr
    % pa
    Since inception
    (29/09/05) % pa
    Total return 20.03 17.36 17.15 17.21 10.98 10.52
    Growth 10.23 11.46 11.48 12.37 7.11 4.97
    Income 9.8 5.9 5.67 4.84 3.87 5.55

    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 September 2018

    As at 30 September 2018

    % total net assets
    KWEICHOW MOUTAI CO LTD 9.9%
    AIA GROUP LTD 9.4%
    TAIWAN SEMICONDUCTR MFG CO LTD 8.0%
    HDFC BANK LTD 7.7%
    CHINA PETROLEUM & CHEM CORP 6.3%
    SUN HUNG KAI PROPERTIES LTD 5.2%
    HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO LTD 3.8%
    SK INNOVATION CO LTD 3.7%
    KOREA ELEC POWER CORP 3.6%
    TSRC CORP 3.6%

    As at 30 September 2018

    Fund % Benchmark % Relative %
    KWEICHOW MOUTAI CO LTD 9.9 0.0 9.8
    HDFC BANK LTD 7.7 0.0 7.7
    AIA GROUP LTD 9.4 2.4 7.0
    CHINA PETROLEUM & CHEM CORP 6.3 0.6 5.7
    SUN HUNG KAI PROPERTIES LTD 5.2 0.5 4.7

    As at 30 September 2018

    Fund % Benchmark % Relative %
    SAMSUNG ELECTRONICS CO LTD 0.0 5.1 - 5.1
    ALIBABA GROUP HOLDING LTD 0.0 4.2 - 4.2
    TENCENT HLDGS LTD 2.4 5.2 - 2.7
    CHINA CONSTRUCTION BANK 0.0 1.8 - 1.8
    BAIDU INC 0.0 1.4 - 1.4
    Distribution Distribution (CPU) Reinvestment price
    30-Jun-18 163.7444 $18.4156

    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
    Zenith Recommended4
    Morningstar  Bronze5
     

    Related insights

    Only looking at indices in Asia? You may be missing a trick...
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    Only looking at indices in Asia? You may be missing a trick...

    The Asian growth story continues to be a vibrant and fast-moving one. But looking at just the broad indices covering the region means that investors are missing out.

    Rethinking Asia allocations:  The investment world's distorted view

    Rethinking Asia allocations: The investment world's distorted view

    There is more to Asia than many global investors outside the region realise. As a result, global allocations lag the region’s modernisation, and will be playing catch up with its structural potential even if risks and market valuations cannot be ignored.

    Our investment expert views: Asian equities

    Our investment expert views: Asian equities

    In 2018 Asian equity markets have challenging. Our expectation is an upward bias to volatility combined with moderating global growth and US dollar strength.

    2018 outlook: Asian equities
    Anthony Srom

    2018 outlook: Asian equities

    Following strong returns over the last 18 months markets face a tougher period in 2018. Capturing returns may require investing where other are not…

    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.

    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 Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned October 2017) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines

    5© 2017 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned December 2017. 

     

    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.

    Related insights

    Only looking at indices in Asia? You may be missing a trick...
    Medha Samant

    Only looking at indices in Asia? You may be missing a trick...

    The Asian growth story continues to be a vibrant and fast-moving one. But looking at just the broad indices covering the region means that investors are missing out.

    Rethinking Asia allocations:  The investment world's distorted view

    Rethinking Asia allocations: The investment world's distorted view

    There is more to Asia than many global investors outside the region realise. As a result, global allocations lag the region’s modernisation, and will be playing catch up with its structural potential even if risks and market valuations cannot be ignored.

    Our investment expert views: Asian equities

    Our investment expert views: Asian equities

    In 2018 Asian equity markets have challenging. Our expectation is an upward bias to volatility combined with moderating global growth and US dollar strength.

    2018 outlook: Asian equities
    Anthony Srom

    2018 outlook: Asian equities

    Following strong returns over the last 18 months markets face a tougher period in 2018. Capturing returns may require investing where other are not…

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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.

    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 Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned October 2017) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines

    5© 2017 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or Investment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Rating assigned December 2017.