16th Oct 2026 12:39
(Alliance News) - Fidelity Asian Values PLC on Friday reported a rise in net asset value per share, but underperformed its comparative index as a slump in the Indonesian stock market weighed on returns.
The Asia-focused investment trust said net asset value per share was 621.46 pence at July 31, up 2.8% from 604.69 pence a year earlier.
For financial 2026, NAV total return was 6.1%, down from 12.4% a year earlier. Its comparative index, the MSCI All Country Asia ex Japan Small Cap Index, generated a total return of 9.1%.
Primary contributors included Taiwan Semiconductor Manufacturing Co Ltd, Fidelity Asian Values' largest contributor over the period, as artificial intelligence-led demand drove its earnings growth. Topco Scientific Co Ltd benefited from increased demand for semiconductor materials amid continued investment in AI, while Chow Sang Sang Holdings International Ltd benefited from strong gold prices.
The company said its largest relative detractor was Indonesian stock, which has fallen nearly 40% over the past year. On Friday, Indonesia's stock market plunged more than 11%, prompting Morgan Stanley Capital International to propose reclassifying Indonesia as a standalone market rather than an emerging market.
Other detractors included the trust's decision to reduce its exposure to the information technology sector during the period. It added that its short position "in a technology stock did not yield the desired outcome in a momentum-led market".
Fidelity Asian Values recommended a final dividend of 22.0 pence per share for financial 2026, up 7.3% from 20.5 pence a year earlier.
Chair Clare Brady said: "Currently, the stocks in the portfolio are, on aggregate, close to the cheapest they have been in the past 10 years relative to the Index, yet their return on equity is substantially higher – close to a 10-year high. This is a portfolio that is full of high-quality companies trading at attractive valuations, managed with an absolute return mindset and patiently positioned for long-term capital growth, whatever short-term surprises the coming year may hold in store for the market."
Shares in Fidelity Asian Values were down 2.3% to 588.00 pence per share on Friday afternoon in London.
By Niall Holden, Alliance News reporter
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