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Fidelity Asian Values

Finding attractively priced opportunities

Review | Investment trusts | 04 Mar 2019

Fidelity Asian Values (FAS) significantly outperformed its benchmark in the 2018 market sell-off, helped by its focus on capital preservation as well as growth. Manager Nitin Bajaj says that recent stock market volatility has enabled him to purchase market-leading businesses at very attractive prices, as valuation multiples have compressed while corporate earnings have remained robust. Bajaj notes that FAS's portfolio is currently trading on a relatively low aggregate P/E multiple and is generating a relatively high return on equity. The trust has a long-term record of outperformance versus the MSCI AC Asia ex-Japan index. Its share price is ahead over one, three, five and 10 years, while its NAV has outperformed over one, five and 10 years.

Fidelity Asian Values

Good businesses, good management, good price

Initiation | Investment trusts | 30 Oct 2018

Fidelity Asian Values (FAS) is managed by Nitin Bajaj, who aims to generate long-term capital growth by finding ‘good businesses’ run by ‘good management teams’ that are available at a ‘good price’. The manager also aims to protect capital in periods of stock market weakness. Portfolio positions are only initiated after thorough fundamental research, which enables the manager truly to understand the businesses in which he invests. Bajaj’s approach is unconstrained and FAS’s NAV has outperformed its benchmark MSCI AC Asia ex-Japan index over five and 10 years, while its share price has outperformed over one, three, five and 10 years. The trust’s annual distribution has grown in the last four consecutive financial years; its current dividend yield is 1.5%.