Fidelity Asian Values plc (LON:FAS) monthly factsheet for June 2025.
Portfolio Manager Commentary
The Trust’s NAV rose +4.9% during the 12-month period ended 30 June 2025, outperforming its reference index which fell by -0.1%. The Trust’s share price increased by +6.9% 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 Australia which enhanced relative returns. 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 materials and consumer staples added value.
Given this approach, stock selection was the key contributor to the company’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.
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.
