Fidelity Asian Values aims to generate long-term capital growth principally from the stock markets in the Asia Pacific ex-Japan region. It is benchmarked against the MSCI All Countries Asia ex-Japan index.
Fidelity Asian Values (FAS) significantly outperformed its benchmark in the 2018 market sell-off, helped by its focus on capital preservation as well as growth. Manager Nitin Bajaj says that recent stock market volatility has enabled him to purchase market-leading businesses at very attractive prices, as valuation multiples have compressed while corporate earnings have remained robust. Bajaj notes that FAS’s portfolio is currently trading on a relatively low aggregate P/E multiple and is generating a relatively high return on equity. The trust has a long-term record of outperformance versus the MSCI AC Asia ex-Japan index. Its share price is ahead over one, three, five and 10 years, while its NAV has outperformed over one, five and 10 years.