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Fidelity Asian Values Plc - Half-year Report

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PR Newswire

Fidelity Asian Values PLC

 

Half-Yearly Results for the six months ended 31 January 2024

Financial Highlights

  • During the six months ended 31 January 2024, Fidelity Asian Values PLC reported a Net Asset Value (NAV) total return of -2.4% and an Ordinary Share Price total return of -2.5%.

 

  • The Comparative Index, the MSCI All Countries ex Japan Small Cap Index, returned +3.6%.

 

  • The Portfolio Managers remain focused on investing in good business, run by good management teams, available at a suitable margin of safety.

 


ARIVA.DE Börsen-Geflüster

Contacts

For further information please contact:

George Bayer

Company Secretary

0207 961 4240

FIL Investments International

 

PORTFOLIO MANAGERS’ HALF-YEARLY REVIEW

PERFORMANCE REVIEW
Over the six month period ended 31 January 2024, the net asset value (“NAV”) total return of Fidelity Asian Values PLC was -2.4%, underperforming the Comparative Index, the MSCI All Countries Asia ex Japan Small Cap Index (net) total return (in sterling terms), which was +3.6%. Over the same period, the Company’s share price total return was -2.5%. Whilst the Company's discount was 5.7% at the reporting period end, it widened to around 10% at the end of March, however, it was trading narrower than its peer group.

COMPANY’S NAV, SHARE PRICE AND COMPARATIVE INDEX TOTAL RETURNS (AS AT 31 JANUARY 2024)



 

NAV 
total return 
(%) 

Share Price 
total return 
(%) 

Comparative 
Index total 
return (%) 

Tenure (since 1 April 2015)

+107.4 

+123.2 

+118.5 

5 Years

+46.0 

+33.1 

+63.6 

3 Years

+28.5 

+27.5 

+21.9 

1 Year

-1.5 

-2.5 

+7.5 

6 Months

-2.4 

-2.5 

+3.6 

3 Months

+0.2 

+5.4 

+6.0 

 

========= 

========= 

========= 

Source: Fidelity International, 31 January 2024. Total returns include net income reinvested. Comparative Index: MSCI All countries Asia ex Japan Small Cap Index (net) total return (in sterling terms).

Our stock selection continued to contribute positively to the Company’s relative performance versus the Comparative Index. However, our market selection was a drag against a backdrop of continued divergence in country performance (see table below on country attribution). Small cap stocks in India rose by 26.7% and those in Taiwan gained by 9.6% during the six month review period. In contrast, small cap stocks in China and Hong Kong fell by 28.2% and 18.4% respectively. Since our investment process can lead us to take contrarian positions in undervalued businesses, our combined exposure to China and Hong Kong was close to its historical high (six month average of 40.6% versus the Index average weight of 13.0%). China and Hong Kong continue to underperform and have dragged down the Company’s relative returns compared to the Index in the period under review. However, stock selection has been positive, and valuations remain attractive.

COUNTRY ATTRIBUTION OVER 6 MONTHS TO 31 JANUARY 2024

 

Average weight (%)

Contribution to relative returns (%)


 

Company 
(%) 

Index 
(%) 

Relative 
(%) 

Stock 
selection 

Market 
selection 

 
Total 

Korea (South)

+7.8 

+16.1 

-8.3 

+1.4 

+1.2 

+2.6 

ASEAN

+20.7 

+15.1 

+5.6 

+1.8 

-1.2 

+0.6 

Others

+12.2 

0.0 

+12.2 

-0.4 

0.0 

-0.4 

Taiwan

+1.8 

+25.3 

-23.5 

+0.4 

-1.3 

-0.9 

India

+20.0 

+30.5 

-10.5 

-0.6 

-2.1 

-2.7 

China & Hong Kong

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