Fidelity Asian Values Outperforms Benchmark Despite Negative Return

LONDON (Alliance News) - Fidelity Asian Values PLC said on Tuesday it has outperformed its ...

Alliance News 16 April, 2019 | 11:10AM
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LONDON (Alliance News) - Fidelity Asian Values PLC said on Tuesday it has outperformed its comparative index for the first half of its financial year despite recording a negative return for the period.

The investment company reported a net asset value negative return for the six months to the end of January of 2.8%, compared to a 4.6% negative return from the MSCI All Countries Asia ex Japan Index.

Net asset value per share as at January 31 was 401.51 pence, down from 413.96p the same date the year before and 419.36p as at July 31.

Shares in Fidelity Asian Values were down 0.2% at 437.94 pence on Tuesday.

Portfolio-wise, Fidelity Asian's main detractors were mortgage lender Indiabulls Housing Finance, supply chain services provider Redington India and Chinese battery manufacturer Tianneng Power International.

These were due to the companies' stocks lagging the broader market, however Fidelity said it considered these as "temporary losses".

"Since the 2008 financial crisis, we have had an extended period of economic growth and we may see a business cycle downturn in the next three years. As well as the challenging global political climate, this will most likely create headwinds for equity market returns," said Portfolio Manager Nitin Bajaj.

By Dayo Laniyan;

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Fidelity Asian Values Ord 437.00 GBX -0.46
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