Page 20 - DIY Investor Magazine | Issue 30

FIDELITY ASIAN VALUES PLC
- TAKING STOCK 25 YEARS ON
As Fidelity Asian Values PLC turns 25 years old, portfolio manager Nitin Bajaj reviews how the dramatic changes seen in Asia have shifted the centre of economic gravity shift from West to East - and are mirrored in the growth of the trust. As he reflects on the highs and the lows for investors, he examines the key lessons learned from the markets over the years.
Key points
• The Asian story, seen alongside China’s rapid emergence, still has many years to go as newer population blocks seek to imitate China’s economic policy play-book.
• For us, the most important lesson of this 25-year period has been the importance of avoiding speculative excesses in order to preserve capital.
• We remain focused on owning good businesses run by honest people and owning them at attractive prices.
Returns on £1,000 invested in
Fidelity Asian Values Trust MSCI AC Asia ex Japan Index FTSE 100 Index
Since launch to 30 June 2021
5,725 4,130 4,504
Jun 20 - Jun 21
59.1%
44%
4 0 . 0 %
62.5%
18%
It has been 25 years since the launch of Fidelity Asian Values PLC - a period which has seen Asia move from the fringes of global economic development to be the centre of it.
This journey is very much mirrored by various stages in the growth of the trust.
An investment of £1,000 invested in the trust at launch would have returned £5,725 compared with £4,130 if the same sum had been invested in the MSCI Asia ex Japan Index and £4,504 if invested in the FTSE 100.
Fidelity Asian Values PLC share price
Fidelity Asian Values PLC NAV
MSCI AC Asia ex Japan Index
MSCI Asia ex Japan Small Cap Index
FTSE 100
Jun 16 - Jun 17
35.5%
22.8%
2 7. 0 %
16%
16.9%
Jun 17 - Jun 18
6.3%
1.7%
1 0 . 2 %
6.9%
8.7%
Jun 18 - Jun 19
10.0%
2.1%
- 0 .1 7 %
-7.7%
-1.5%
Jun 19 - June 20
-25.9%
-15.7%
1 . 9 %
-4.5%
-13.8%
Source: Fidelity International, Refinitiv Eikon Data stream, 30 June 2021
Past performance is not a guide to the future.
Source: Fidelity International, 30 June 2021. Based on total return in GBP terms. MSCI Asia Pacific Ex Japan Small Cap Index replaced MSCI Asia Pacific Ex Japan as official benchmark from 1 February 2020.
DIY Investor Magazine | Sept 2021 20