Fidelity Asian Values plc (LON:FAS) published its fact sheet for the period to 31 October 2022.
Portfolio Manager Commentary
The Trust’s NAV fell -2.9% during the 12-month period ended 31 October 2022, outperforming its reference index which fell by -14.1%. The Trust’s share price fell -8.2% over the same period.
Stock selection was the key contributor to the Trust’s relative performance, particularly in China, South Korea and Indonesia. Meanwhile, selections in Taiwan and Sri Lanka held back the relative performance. From a sector perspective, selections within health care, financials, and industrials added value. The Trust is managed with a value approach, which came into favour as value stocks outperformed growth stocks in the first half of 2022.
Of late, investors appear to be rotating out of growth stocks and into value names in the Asian small cap space and this trend should continue as small cap value stocks remain at a significant discount to small cap growth stocks in Asia. The manager continues to believe that owning good businesses, run by competent managements at attractive prices is the most time-tested way to make money in the stock market.
Overall, the Trust was overweight consumer discretionary, financials, consumer staples and energy among others. At a country level, it was overweight China, Australia, and Indonesia.
Fidelity Asian Values Plc (LON:FAS) is an investment trust that provides shareholders with a differentiated equity exposure to Asian Markets.
Asia is the world’s fastest-growing economic region providing a wealth of investment opportunities with long term potential. This Asia investment trust looks to capitalise on this by finding good businesses, run by good people and buying them at a good price.