Fidelity Asian Values Regulatory News (FAS)

Hardman & Co Research: (Initiation of coverage) Grabbing hold of the tiger's tail

Fidelity Asian Values (FAV) gives investors liquid access to the attractive small-cap Asian market (ex-Japan). Its long-term returns have beaten UK markets, Asian benchmarks, listed peers and open-ended fund comparators. This performance is driven by i) superior GDP growth, demographics, cherry-picking from 18,000 potential investments and markets with pricing anomalies, and ii) the value added by Fidelity, with its rigorous investment process, flexible mandate and active management. Risks include geopolitical and economic tensions, volatility and the market's appetite for small-cap value stocks. FAV trades at a modest discount to NAV.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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