Fidelity Asian Values plc (LON:FAS) monthly factsheet for August 2026.
Portfolio Manager Commentary
The Trust’s NAV increased by 9.8% over the 12 months to 31 August 2026, compared with a rise of 19.4% for the reference index. The share price rose by 13.6% over the same period.
Our investment approach focuses on owning quality businesses led by 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 frequently found in less popular areas of the market. Consistent with this philosophy, performance was affected by our limited exposure to Taiwan, where several AI-related companies continued to perform strongly. While enthusiasm for artificial intelligence remains high, we remain selective and focus on businesses with durable competitive advantages and sustainable long-term growth prospects. From a sector perspective, stock selection within materials and consumer staples contributed positively to returns, while Indonesia remained one of the region’s least favoured markets.
More recently, investors have rotated from growth stocks into value-oriented companies across the Asian smaller companies’ universe. We believe this trend could continue, as Asian small-cap value stocks continue to trade at attractive discounts relative to their growth counterparts.
During the period, the Trust maintained overweight positions in consumer discretionary, financials, consumer staples and energy. At a country level, it 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.
