# Fidelity Asian Trust surpasses benchmark with 3.7% annual share price gain

- Link: https://www.directorstalkinterviews.com/fidelity-asian-trust-surpasses-benchmark-with-3-7-annual-share-price-gain/4121193402
- Published: 2025-04-23T08:24:46+01:00
- Author: Amilia Stone

**[Fidelity Asian Values plc](https://www.directorstalkinterviews.com/company/fidelity-asian-values-plc/fas.l)**(
[LON:FAS](https://www.directorstalkinterviews.com/company/fidelity-asian-values-plc/fas.l))
monthly factsheet for March 2025.

**Portfolio Manager Commentary **

The Trust’s NAV rose 1.5% during the 12-month period ended 31 March 2025, outperforming
its reference index which fell by -3.5%. The Trust’s share price advanced 3.7% over
the same period.   

Our process is driven by owning good businesses run by management we trust and owning
them only when we have ample margin of safety – this often leads us to take contrarian
positions as it is easier to find undervalued businesses in countries which are 
out of favour with investors. Following this philosophy, we have a significant percentage
of our portfolio in China and Hong Kong which enhanced relative returns as these
markets experienced strong gains. Meanwhile, the overweight exposure to Indonesia
compared to the index detracted as small caps saw a sharp fall in share prices. 
From a sector perspective, selections within information technology and industrials
added value. Given this approach, stock selection was the key contributor to the
Trust’s relative performance. Of late, investors seem to be rotating out of growth
stocks and into value names in the Asian small-cap space. This trend should continue
as small-cap value stocks remain at a significant discount to small-cap growth stocks
in Asia.   

Overall, the Trust was overweight consumer discretionary, financials, consumer staples,
and energy. At a country level, it was overweight China, Indonesia, and Australia.

[FAS Factsheet 31 March 2025](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/FAS-Factsheet-31-March-2025.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/FAS-Factsheet-31-March-2025.pdf)

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