Fidelity China Fund

Fidelity China Fund
Fund fact sheet Invest now

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.

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.

Key facts

Unit prices (at 27/05/24)
Buy 23.2560 / Sell 23.1168
Unit price history
Buy/sell spread
0.30%/0.30%

At a glance

Management costs1
1.21% p.a.
Fund size (at 27/05/24)
A$33.57M
Inception date
29 September 2005
Distribution frequency
Annually
Currency
Australian dollar
Benchmark
MSCI China Index NR

Unique identifiers

APIR code
FID0011AU
ARSN code
116072649
mFund code
FIL11

Fund managers

Nitin Bajaj
Singapore
Alice Li
Hong Kong

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.

Chart as at: 30 April 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 30 April 2024

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 -9.74 -1.08 -0.69 3.77 8.78 6.88 10.04
Benchmark -5.12 -12.64 -4.01 1.67 5.82 4.77 6.96
Active return -4.62 11.56 3.32 2.10 2.96 2.11 3.08

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 30 April 2024

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 - - - 3.77 8.78 6.88 10.04
Growth - - - - 1.45 1.70 4.43
Income 5.83 7.56 8.57 9.14 7.33 5.18 5.61

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.

DistributionDistribution (CPU)Reinvestment price
30-Jun-23160.9338$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. 

Sectors and holdings

As at 30 April 2024

As at 30 April 2024

% total net assets
ALIBABA GROUP HOLDING LTD 7.2%
PROSUS NV 4.3%
TENCENT HLDGS LTD 4.3%
CHINA CONSTRUCTION BANK 4.2%
INDUSTRIAL & COML BK CHINA 4.1%
YIXINGTANG PHARMACEUTICAL CO LTD 3.5%
CHINA OILFIELD SVCS LTD 3.5%
CHINA MERCHANTS BANK CO LTD 3.2%
BOC AVIATION LTD 3.1%
ENN ENERGY HLDGS LTD 3.1%

As at 30 April 2024

Fund % Benchmark % Relative %
PROSUS NV 4.3 0.0 4.3
YIXINGTANG PHARMACEUTICAL CO LTD 3.5 0.0 3.5
CHINA OILFIELD SVCS LTD 3.5 0.1 3.4
BOC AVIATION LTD 3.1 0.1 3.0
ENN ENERGY HLDGS LTD 3.1 0.4 2.7

As at 30 April 2024

Fund % Benchmark % Relative %
TENCENT HLDGS LTD 4.3 15.2 -11.0
PDD HOLDINGS INC 0.0 3.9 -3.9
BANK OF CHINA LTD 0.0 1.9 -1.9
NETEASE INC 0.0 1.9 -1.9
PING AN INS GROUP CO CHINA LTD 0.0 1.8 -1.8

Fund ratings3

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

Ways to invest

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.