Fidelity Asian Values plc (LON:FAS) monthly factsheet for July 2026.
Portfolio Manager Commentary
The Trust’s NAV rose 6.1% during the 12 months to 31 July 2026, compared with a 9.1% rise in its reference index. The Trust’s share price increased 7.8% over the same period.
Our investment approach focuses on owning high-quality businesses with management teams we trust and investing only when valuations provide an attractive margin of safety. This often leads us to take contrarian positions, as undervalued opportunities are often found in less favoured areas of the market. Consistent with this approach, the portfolio’s limited exposure to Taiwan weighed on relative performance, as several AI-related companies continued to perform strongly. We remain selective, as capital has increasingly flowed into the broader AI theme without fully distinguishing between businesses with durable competitive advantages and those facing greater competitive pressures. Elsewhere, Indonesia remained out of favour with investors. From a sector perspective, stock selection in materials and consumer staples contributed positively to returns.
More recently, investors have started to rotate from growth stocks towards value-oriented companies within Asian small-caps. We believe this trend could continue, as value stocks remain attractively valued relative to their growth counterparts.
At the end of the period, the Trust was overweight consumer discretionary, financials, consumer staples and energy. At a country level, the portfolio was overweight China, Indonesia and Australia.
Fidelity Asian Values Plc (LON:FAS) provides shareholders with a differentiated equity exposure to Asian Markets. Asia is the world’s fastest-growing economic region and the trust looks to capitalise on this by finding good businesses, run by good people and buying them at a good price.
