(Alliance News) - Fidelity Asian Values PLC said Tuesday it outperformed its benchmark in its recently ended financial year, despite a volatile period for Asian markets.
The investment company reported its net asset value total return for the year ended July 31 of 8.2%, outperforming the MSCI All Countries Asia, excluding Japan Index, which returned 3.9%.
Net asset value per share at the end of July was 447.16 pence, up from 419.36p the same date the year before. Fidelity Asian's share price as at July 31 was 455.50p, reflecting a premium to net asset value of 1.9%.
Shares in Fidelity Asian Values were down 0.1% on the day Tuesday at 418.45 pence, having declined since the year-end.
The investment firm said during the period, Asian markets were as volatile as the rest of the world, as investors reacted to the flow of mixed news over the trade negotiations between the US and China.
Portfolio-wise, Fidelity Asian benefited from strong returns due to an increased allocation to non-banking finance companies in India.
Fidelity Asian declared a dividend of 8.80 pence per share, up 60% from 5.50p the year before.
"The long-term outlook for Asian equities is generally positive and, in a low growth world, the region's relatively higher growth prospects should continue to attract investors. Also, at a time when the world is becoming more protectionist, Asia's robust domestic demand from an expanding middle class supports the outlook for the region. Nonetheless, the region remains vulnerable to a global slowdown and the sudden tightening of global financial conditions," said Chair Kate Bolsover.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Fidelity Asian Values (FAS)