# IT and utilities selections add value in Asia investment trust (LON:FAS)

- Link: https://www.directorstalkinterviews.com/it-and-utilities-selections-add-value-in-asia-investment-trust-lonfas/4121172071
- Published: 2024-09-27T07:21:34+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))
has announced its monthly summary for August 2024.

**Portfolio Manager Commentary**

Stock selection was the key contributor to the Trust’s relative performance. 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, we have a significant percentage of
our portfolio in China versus the index but here small caps saw a sharp fall in 
share prices. Conversely, India, where our portfolio has a large underweight due
to valuation concerns, rose strongly and outperformed the index which led to the
Trust’s underperformance. From a sector perspective, selections within information
technology and utilities 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, among others. At a country level, it was overweight China, Indonesia,
and Australia, among others.  

The Trust’s NAV rose 3.1% during the 12-month period ended 31 August 2024, underperforming
its reference index which rose by 13.1%. The Trust’s share price fell 3.5% over 
the same period.

[Fidelity Asian Values 31 August 2024](https://www.directorstalkinterviews.com/wp-content/uploads/2024/09/Fidelity-Asian-Values-31-August-2024.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2024/09/Fidelity-Asian-Values-31-August-2024.pdf)

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