Fidelity Asian Values plc (LON:FAS) monthly factsheet for April 2026.
Portfolio Manager Commentary
The Trust’s NAV rose 23.9% during the 12-month period ended 30 April 2026, underperforming its reference index, which rose by 38.4%. The Trust’s share price increased by 31.7% over the same period.
Our process focuses on investing in high-quality businesses led by management we trust, and only where a sufficient margin of safety exists. This approach often leads to contrarian positioning, as undervalued opportunities are found in such areas of the market. In line with this philosophy, exposure to select Indonesian holdings detracted from performance, while an underweight position in Taiwan also weighed on relative returns. From a sector perspective, stock selection within financials and industrials detracted, while energy and consumer discretionary added value.
Overall, stock selection was the primary driver of the company’s relative performance. Of late, investors appear to be rotating from growth into value within the Asian small-cap universe. This trend may persist, given that small-cap value stocks continue to trade at a significant discount to growth counterparts.
The Trust maintained overweight positions in consumer discretionary, financials, consumer staples and energy, and at a country level was overweight China, Indonesia and Australia.
