Edison review on Fidelity Asian Values (FAS)

London, UK, 21 July 2020

Edison issues review on Fidelity Asian Values (FAS)

Fidelity Asian Values (FAS) aims to achieve long-term capital growth through investment principally in the stock markets of the Asian region, excluding Japan. It seeks to outperform the MSCI AC Asia ex-Japan Small Cap index mainly via stock selection. The manager, Nitin Bajaj invests in good businesses, run by good managers, trading at attractive valuations. He has a bias towards small-cap value stocks, a sector he believes nurtures 'the winners of tomorrow', before they become well known. Recent performance has disappointed, but FAS has delivered outright gains and outperformance versus its previous and new benchmarks over the long term and pays the highest dividend in its AIC sector.

FAS's discount widened significantly during the recent market downturn, reaching a decade-wide 15.7% on 25 March. However, the board has since repurchased shares and they are currently trading at an 8.9% discount to NAV. The discount has scope to narrow as and when value stocks return to favour with investors.

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