13th Oct 2020 20:13
Fidelity Asian Values PLC - providing differentiated equity exposure to Asian Markets - Underperforms benchmark with negative 16.7% net asset value total return for financial year ended July 31 compared to positive 2.7% return of comparative index. The company changes its comparative index to the MSCI All Countries Asia ex Japan Small Cap Index net total return in sterling terms in February from the MSCI All Countries Asia ex Japan Index net total return in Sterling terms and so its comparative index for the period is reported as a blend of the two. Fidelity Asian Values said: "In addition to the significant impact of Covid-19 on Asian equity markets, [Portfolio Manager Nitin Bajaj] also faces dual headwinds in his stylistic bias for value and also for smaller and medium sized businesses." Net asset value per share falls to 364.39 pence as at July 31 from 447.16p the year before. Recommends 8.50p per share dividend, down 3.4% from 8.80p per share the year before.
Chair Kate Bolsover: "In this year, perhaps more than most, predicting the future is difficult. The road ahead may be strewn with challenges, but we remain encouraged by the extreme valuation differential between 'growth' and 'value' companies and the opportunities inherent in that. As we begin the new financial year, valuations are even more extreme in Asia than they were in the run up to the dot com bubble, when growth stocks sold at extraordinary multiples. While we continue to monitor performance carefully, Nitin continues to have our full support in navigating the months and years ahead. We are reassured by the high quality of his portfolio and thank shareholders for their ongoing support."
Current stock price: 358.00p
Year-to-date change: down 12%
By Anna Farley; [email protected]
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