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Page 1 of 2 | Morningstar Factsheets | All data as at 05 Feb 2015 unless stated otherwise
Fidelity Asian Values PLC
FAS
Morningstar Peer Group Classification
Asia Pacific - Excluding Japan
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To achieve long-term capital growth through investment principally in the
stock markets of the Asian Region (excluding Japan).
Valuation statistics (NAVs estimated1) GBX
05 Feb 2015
Price
247.63
Fair Cum NAV
279.50
Fair Ex NAV
278.77
Par Cum NAV
279.50
Par Ex NAV
280.30
Fair Cum Discount
-11.40
Fair Ex Discount
-11.17
Par Cum Discount
-11.40
Par Ex Discount
-11.66
Peer Group Discount
-5.74
-0.42
Z-Statistic2
12 m High
255.00
Low
196.50
282.68
220.87
-7.35
-13.86
Last Actual NAVs (GBX) as at 04 Feb 2015
Fair Cum NAV
281.69
Fair Ex NAV
Par Cum NAV
281.69
Par Ex NAV
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2014)
Market Capitalisation (GBP)
Net Dividend Yield6
UK
13 Jun 1996
31 Jul
London (LSE)
Dec 2015
Daily
Annual
213.4m
189.2m
67,488,213
113
113
0.030m
0.109m
1.50%
167.1m
0.44%
Performance (Total Return %)8 GBP
1 month 3 months
Price
+3.50
+4.97
NAV
+3.41
+9.20
Peer Group (Price)
+4.05
+4.06
Peer Group (NAV)
+3.38
+6.20
Benchmark
+3.28
+5.95
6 months
+10.44
+10.09
+7.72
+9.34
+6.77
1 year
+26.60
+27.44
+25.74
+23.53
+22.10
YTD
+3.99
+6.30
+4.68
+5.26
+5.26
3 years
+31.66
+38.80
+33.22
+33.78
+24.68
5 years
+58.64
+66.38
+70.67
+70.85
+53.15
Peer Group: Morningstar IT AsiaPacific ExJapP
Morningstar Benchmark: MSCI AC ASIA PACIFIC ex JAPAN
Price performance based on LSE official closing prices. NAV Performance based on a bid to bid basis. Fund distributions reinvested on ex dividend date.
Initial charge excluded
The value of the fund can go down as well as up so you may get back less than you invested.
Past performance is not a guide of what might happen in the future.
Dividend Yields over 5 years (or since inception)
Dividend Policy
The fund intends to pay annual dividends
Year-on-Year Dividend Growth % (financial year 31 Jul)
2015
0.00
2014
0.00
2013
10.00
2012
0.00
2011
-
Dividend Growth % (annualised on current financial year)7
1 year
0.00
2 years
0.00
3 years
3.23
4 years
2.41
Distributions (GBP) over 5 years (or since inception)
5 years
0.00
Directors
Kate Bolsover (Chairman), William Knight, Philip Smiley, Grahame Stott,
Michael Warren
Fund Manager: John Lo (01 Oct 2001)
FIL Investments International Ltd
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, SURREY, UK,
KT20 6RP
Telephone: +44 (0)845 358 1107
Website: www.fidelity.co.uk/investmenttrusts/investment-range/asianvalues/default.page
Stockbroker: Oriel Securities
Latest Dividend History (GBp)
Type
Income
Income
Income
Dividend Declared Date
1.100
13 Nov 14
1.100
30 Sep 13
1.000
28 Sep 12
Ex Div Date
20 Nov 14
09 Oct 13
03 Oct 12
Record Date
21 Nov 14
11 Oct 13
05 Oct 12
Payment Date
16 Dec 14
06 Dec 13
06 Dec 12
Management Fee Summary
Management fee 0.25% p.q. of Total Assets (0.2125% on Cash). Contract
terminable on 6 months notice.
Initial Public Offering
102,458,000 Ordinary shares and 288,000 extra shares issued at 1.00 GBP
on 13 Jun 1996 raising 102.7m gross and 98.1m net of expenses
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Financial Year
2014
2013
2012
Page 2 of 2 | Morningstar Factsheets | All data as at 05 Feb 2015 unless stated otherwise
Fidelity Asian Values PLC
FAS
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
0.06
0.87
0.75
2.71
16
13
11
10
10
6 months
0.03
0.98
0.80
1.42
15
13
11
11
10
1 year
0.38
0.93
0.82
2.10
14
12
10
9
9
3 years
0.35
0.86
0.74
0.95
17
13
12
11
10
5 years
0.22
0.88
0.85
0.73
19
16
16
13
13
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio10) as at 31 Dec 2014
Samsung Electronics Co Ltd
Taiwan Semiconductor Manufacturing Co
Tencent
Sarin Technologies
AIA Group Ltd.
Ping An Insurance Co -H
China Mobile Ltd.
Techtronic Industries Co Ltd
Hana Tour Service Inc
Nine Dragons Paper holdings
Total
Capital Structure
Number of Shares
67,488,213
Loan CCY
GBP
5.4%
5.3%
4.6%
3.6%
3.6%
3.5%
3.5%
2.9%
2.4%
2.4%
37.1%
Share Type
Ord 25p
£m
24.2
Redemption
Coupon
-
Period
2015
2014
2013
2012
2011
2010
Since FTSE 2009 Low (13 Mar 2009)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
Price
+3.99
+11.79
+13.23
+8.70
-14.67
+18.77
+202.15
+66.54
+55.22
NAV Peer Price
+6.30
+4.68
+11.81
+11.72
+12.69
-0.50
+12.26
+25.75
-15.64
-15.45
+23.89
+28.92
+212.57
+194.15
+73.10
+85.78
+59.96
+69.24
Peer NAV Benchmark
+5.26
+5.26
+12.38
+9.51
+1.16
+1.73
+22.87
+17.24
-14.45
-14.75
+29.46
+22.14
+189.38
+158.48
+78.36
+54.41
+66.26
+43.12
Wind-up Provisions/Buy Back Policy
If the shares have traded at an average discount in excess of 15% to the diluted NAV for a 12 month period leading
up to the board meeting at which the annual accounts and notice of AGM are approved, the board will put forward
an ordinary resolution on whether the Company should continue as an investment trust at the AGM. A continuation
vote was passed at the Companys AGM on 23-Nov-12. The Company is subject to a continuation vote every five
years. A further continuation vote will take place at the AGM in 2016. The Company may purchase up to 14.99% of
its own share capital. Renewal of this authority will be sought annually. The Company has proposed amendments to
its Investment Policy to permit the use of CFDs for gearing purposes.
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an 6 Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
estimation of its value calculated using points over gilt methodology.
7 Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects 8 Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
of warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For
9 Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions respectively.
more detailed methodology document please contact [email protected]
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash and fixed interest which represent non-equity exposure.
2 Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
the past year, calculated as (Current Discount – Mean) / Std Dev
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
3 Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
4 Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns. The
as a percentage. Cash and fixed interest represents not-equity exposure.
figure shown is the annualized Sharpe Ratio.
5 Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
Average Net Assets
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
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