Fidelity’s asia investment trust benefits from small caps popularity (LON:FAS)

Fidelity Asian Values plc (LON:FAS) has announced its monthly summary for January 2024.

Portfolio Manager Commentary

The Trust’s NAV fell -1.5% during the 12-month period ended 31 January 2024, underperforming its reference index which rose by 7.5%. The Trust’s share price fell -2.5% over the same period.

Stock selection was the key contributor to the Trust’s relative performance. Our investment process leads us to take contrarian positions in undervalued businesses. We have been finding a lot of such opportunities in China, where heighted perception of risks has led to a sharp decline in stock prices. But despite attractive valuations China continues to underperform and drag down the Trust’s relative returns versus the index. On the other hand, an underweight in Taiwan and India also held back relative returns. From a sector perspective, selections within financials and utilities added value. The Trust is managed with an absolute return focus, agnostic of the index, with a bias towards high quality and value stocks.

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