28th Mar 2014 17:19
LONDON (Alliance News) - Fidelity Asian Values PLC Friday said its net asset value total return fell in the first-half of the year, but not as dramatically as its benchmark.
The UK-based investment company said that for the six months ended January 31, its net asset value total return fell by 1.6%, compared with a decline of 6.0% for the MSCI All Countries Far East ex Japan Index.
"The company's outperformance relative to the Index was driven by favourable positioning in the IT sector and rewarding stock selection in the industrials sector," it said.
Its share price total return declined by 2.7%.
It said its net asset value per share for the period was 225.56 pence, compared with 230.24 pence the prior six months before.
"Far East ex Japan equities declined over the review period. Investors worried about the impact of a reduction in the US Federal Reserve's bond buying programme. In addition, whilst economic data from China was mixed, signs of slowing growth in the overall economy dampened investor sentiment," it said.
The trust said an improvement in the US economy, signs of early stage recovery in the Eurozone, and continued momentum of growth in Japan, led to a reversal in investment flows in favour of developed markets.
Shares in Fidelity Asian Values closed 0.1% lower Friday at 204.50 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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