REG-Fidelity Asian Values Plc: Half-year Financial Report
Today 07:02
Fidelity ASIAN VALUES PLC
Half Yearly Report for the six months ended 31 January 2026
HIGHLIGHTS
* During the six-month period ended 31 January 2026, Fidelity Asian
Values PLC reported an ordinary share price total return of +15.2% and a Net
Asset Value (NAV) return of +10.9%.
* The benchmark index, the MSCI All Country Asia ex Japan Small Cap
Index, produced a total return of +8.9% over the same timeframe.
* Taiwan Semiconductor Manufacturing Company (“TSMC”) was the
largest contributor to performance.
* Underweight exposure to India, stock selection in Hong Kong and
China, and exposure to copper and gold mining also contributed positively
during the review period
Contact
For further information please contact:
George Bayer
Company Secretary
0207 961 4240
INVESTMENT OBJECTIVE AND OVERVIEW
The Company’s objective is to achieve long-term capital growth principally
from the stock markets of the Asian Region excluding Japan.
The Portfolio Manager, Nitin Bajaj, assisted by the Co-Portfolio Manager,
Ajinkya Dhavale, aims to generate outperformance mainly through a
fundamentals-driven bottom-up security selection approach within the Asia
Pacific ex Japan smaller companies universe. The focus is on investing in
smaller companies because they tend to be less well researched, which leads to
greater valuation anomalies. The Portfolio Managers’ fundamental analysis
involves the evaluation of various factors including, but not limited to,
stock valuation, financial strength, cash flows, companies’ competitive
advantages, business prospects and earnings potential. Their style is tilted
towards value and a two to three year investment horizon.
Clare Brady, Chairman,
Fidelity Asian Values PLC
At a Glance
Six months ended 31 January 2026
Share Price total return 1,2
+15.2%
(31 January 2025: +4.1%)
Net Asset Value (“NAV”) per Share total
return 1,2
+10.9%
(31 January 2025: +3.2%)
Comparative Index total return 1,3
+8.9%
(31 January 2025: -2.1%)
1 Calculated on the basis that dividends paid to
shareholders are reinvested in the Company at the ex-dividend date.
2 Alternative Performance Measures. See Glossary of
Terms.
3 MSCI All Country Asia ex Japan Small Cap Index (net)
total return (in sterling terms).
TOTAL RETURN PERFORMANCE (%) 1
Share price NAV per ordinary share Comparative Index 2
1 year ended 31 January 2026 +29.4 +20.8 +19.1
3 years ended 31 January 2026 +32.4 +29.8 +37.6
5 years ended 31 January 2026 +73.2 +69.4 +56.0
========= ========= =========
1 Calculated on the basis that dividends paid to
shareholders are reinvested in the Company at the ex-dividend date.
2 MSCI All Country Asia ex Japan Small Cap Index (net)
total return (in sterling terms).
Sources: Fidelity and Datastream.
Past performance is not a guide to future returns.
Financial Highlights
Assets 31 January 31 July 2025
2026
Gross Asset Exposure 1 £524.9m £470.2m
Net Market Exposure 1 £445.6m £416.6m
Shareholdersʼ Funds £414.3m £402.7m
NAV per Share 1,2 649.52p 604.69p
Gross Gearing 1,2 26.7% 16.8%
Net Gearing 1,2 7.5% 3.4%
Share Price and Discount Data
Share Price at the period end 628.00p 564.00p
Share Price: period high 3 628.00p 566.00p
Share Price: period low 3 556.00p 454.00p
Discount to NAV per Share at period end 1,2 3.3% 6.7%
Discount: period high 3 8.1% 14.5%
Discount: period low 3 2.5% 6.7%
Results for the six months ended 31 January 2026 2025
Revenue Return per Share 1,2 9.37p 7.88p
Capital Return per Share 1,2 54.37p 8.71p
Total Return per Share 1,2 63.74p 16.59p
1 See Glossary of Terms.
2 Alternative Performance Measures. See Glossary of
Terms.
3 For the six month period to 31 January 2026 and for the
year ended 31 July 2025.
SUMMARY OF THE KEY ASPECTS OF THE INVESTMENT POLICY
The Company invests in securities of companies which
the Portfolio Managers consider have fundamental value that has not been
recognised by the market.
The Company invests principally in the Asian Region
excluding Japan and the Portfolio Managers favour small and medium-sized
companies. There are no restrictions in terms of size or industry of companies
included in the portfolio and investments can be made in unlisted securities.
The Company may also invest into other transferable
securities, collective investment schemes, money market instruments, cash and
deposits and is also able to use derivatives for efficient portfolio
management and investment purposes.
The Company operates a variable management fee
arrangement which is calculated by reference to its performance against the
Benchmark Index.
Portfolio Managers’ Half-Yearly Review
Performance Review
Over the six-month period ended 31 January 2026, the Company’s share price
total return was +15.2%. The Company delivered a net asset value (“NAV”)
total return of +10.9%. Over the same period, the Comparative Index, the MSCI
All Country Asia ex Japan Small Cap Index (net) total return (in sterling
terms), returned +8.9%.
Table 1: Company’s Share Price, NAV and Comparative Index total returns (as
at 31 January 2026)
Share Price total return per annum 1 NAV Comparative Index total
(%) total return per annum 1 (%) return per annum 1 (%)
Tenure (since 30 Jun 2015) +10.8 +9.7 +9.9
5 Years +11.6 +11.1 +9.3
3 Years +9.8 +9.1 +11.2
1 Year +29.4 +20.8 +19.1
6 Months +15.2 +10.9 +8.9
1 Only the data over 12 months is annualised.
Source: Fidelity International.
Before turning to performance attribution, it is worth revisiting our
investment process. It is simple. We invest in good businesses run by
management teams we trust. We buy them only when the price offers a
comfortable margin of safety. We rely on Fidelity’s deep fundamental
research to help protect the downside and, over time, to outperform the
Comparative Index. Our portfolio construction is Index-agnostic. Although we
measure performance and risk in the context of country and sector weights,
they are not at the forefront of our minds when selecting positions for the
Company. Our exposures are simply the result of the businesses we choose to
own. Even a single holding can make us “overweight” a country or sector by
the size of that position. This approach often leads us to take contrarian
positions, as undervalued businesses are more likely to be found in sectors or
geographies that are out of favour.
Consistent with this philosophy, a significant portion of the Company’s
portfolio is currently invested in China and Indonesia. Exposure to India and
Taiwan is substantially lower than that of the Index. From a sector
perspective, we found attractive opportunities in gold and copper miners,
classified as materials, as well as in consumer companies. In contrast, we
have much lower exposure to areas of the market that are currently in favour
and consequently not at attractive valuations, such as technology hardware.
We found fewer opportunities in India, due to high valuations. This
contributed positively during the period under review. Stock selection in
Chinese and Hong Kong equities also added to performance. Our Chinese holdings
remain focused on consumer goods, materials, industrials, and real estate. In
addition, our holdings in gold and copper miners proved rewarding, as their
shares tracked rising commodity prices.
Our positioning in Taiwan and Indonesia detracted from performance in this
period. In Taiwan, excluding the investment in Taiwan
Semiconductor Manufacturing Company (TSMC) , the
Company maintained limited exposure. AI-driven momentum pushed hardware stocks
to peak valuations that offered limited margin of safety. Our Indonesian
holdings lagged the broader Indonesian market, which had a strong year, and
this weighed on relative performance. We have largely maintained our positions
and remain confident in our preferred Indonesian holdings, given their
attractive medium- to long-term prospects.
Table 2: Country Attribution over 6 months to 31 January 2026
Average Cumulative returns Contribution to relative returns (%)
weight (%) (%)
Company (%) Index (%) Relative (%) Stock selection Market selection Total
India +11.1 +28.6 -17.5 -13.8 +1.6 +4.3 +5.9
Others +12.6 0.0 +12.6 - +3.5 0.0 +3.5
China + Hong Kong +39.4 +18.1 +21.3 +3.8 +3.1 -0.9 +2.3
Singapore +3.3 +5.4 -2.1 +11.3 +0.7 0.0 +0.7
Malaysia +0.3 +3.2 -2.9 +12.4 +0.1 -0.1 0.0
Philippines +1.5 +1.0 +0.6 -3.0 +0.3 0.0 +0.2
Thailand +3.2 +2.8 +0.5 +0.5 -0.2 -0.1 -0.2
Korea (South) +11.1 +15.4 -4.3 +24.3 -0.9 -0.6 -1.4
Indonesia +18.1 +2.5 +15.5 +28.0 -6.2 +3.2 -3.1
Taiwan +5.6 +23.0 -17.4 +33.9 -1.7 -4.0 -5.7
-------------- -------------- -------------- -------------- -------------- -------------- --------------
Total Primary Assets 106.2 100.0 6.2 8.9 0.3 1.9 2.2
Cash & others -6.2 0.0 -6.2 0.0 0.0 0.0 -0.2
-------------- -------------- -------------- -------------- -------------- -------------- --------------
Total 100.0 100.0 0.0 8.9 0.0 0.0 2.0
-------------- -------------- -------------- -------------- -------------- -------------- --------------
Source: Fidelity International, 31 January 2026. Company = Fidelity Asian
Values PLC. Index = MSCI All Country Asia ex Japan. Small Cap Index (net)
total return (in sterling terms). Total assets may exceed 100% where
derivatives/gearing are used; ‘Cash & others’ reflects net cash/derivative
exposures.
Table 3: Top 5 Contributors and Detractors over six months to 31 January 2026
Top 5 Contributors
Order Security Average Active Weight 1 (%) Gain/Loss (%) Contribution to Portfolio Returns (%)
1 Taiwan Semiconductor Manufacturing (TSMC) +5.2 +40.2 +1.5
2 NAC Kazatomprom +1.7 +90.1 +1.2
3 Chow Sang Sang +0.8 +67.1 +0.8
4 Perseus Mining +1.3 +89.7 +0.8
5 Samsung Electronics +1.4 +59.9 +0.7
--------------
Total +5.0
--------------
1 Active weight is portfolio weight minus benchmark
weight.
Source: Fidelity International, 31 January 2026.
Top 5 Detractors
Order Security Average Active Weight 1 (%) Gain/Loss (%) Contribution to Portfolio Returns (%)
1 Short Position – name withheld -0.8 +570.3 -1.9
2 Winbond Electronics -0.4 +577.4 -0.8
3 Indofood CBP Sukses Makmur +2.1 -23.2 -0.8
4 Phison Electronics -0.4 +312.7 -0.7
5 Short Position – name withheld -1.1 +84.4 -0.7
--------------
Total -4.9
--------------
1 Active weight is portfolio weight minus benchmark
weight.
Source: Fidelity International, 31 January 2026.
Taiwan Semiconductor Manufacturing Company (TSMC) was the
largest contributor during the review period. It is the world’s leading
semiconductor foundry and remains at the forefront of advanced chip
manufacturing. Its scale and research capabilities, along with long-standing
partnerships with companies such as Apple, Nvidia and AMD, underpin its
competitive strength. The business requires significant capital and technical
expertise. These factors create high barriers to entry and cement its role in
global chip production. NAC
Kazatomprom , the world’s largest uranium
producer with high-quality mines in Kazakhstan, also contributed positively.
It is the lowest-cost producer in a market where demand is rising, and supply
is expected to remain tight. Chow Sang Sang
benefited from stronger gold prices. The Hong Kong-listed jeweller has
established brand recognition across Hong Kong and Mainland China. We took
some profits in several of these holdings as share prices increased.
In contrast, our lack of exposure to AI-driven technology hardware names such
as Winbond Electronics and
Phison Electronics in Taiwan weighed
on relative returns. Not owning an Asian semiconductor company
until mid-October 2025 reduced relative
performance by 0.8%, and our subsequent short position in the same company
further pressured returns as its share price rose in the
environment discussed earlier. Our short position in a semiconductor packaging
company also proved detrimental.
Indofood CBP Sukses Makmur , the leading
instant noodles producer, was another detractor and contributed to the
underperformance of the portfolio’s Indonesian holdings relative to the
broader Indonesian market. The company holds leading positions across
Indonesia, the Middle East, Africa and South-eastern Europe through its
flagship Indomie brand. The brand enjoys strong consumer recognition and
provides important differentiation in what is otherwise a
highly competitive category. This brand strength allows the company to
deliver solid results and defend its market position. We continue to hold the
position.
Investment strategy and outlook
We prepared this commentary before recent geopolitical developments in the
Middle East, which have contributed to a sharp increase in market volatility
and materially changed the macroeconomic and geopolitical backdrop. As a
result, the near-term outlook is now more uncertain. However, periods of
disruption can also create opportunities to invest in high quality businesses
at attractive valuations.
We continue to look for stock selection opportunities across the region. In
China, the market has re-rated, driven by a narrow group of high-dividend and
thematic stocks. Headline valuations look stretched. However, our holdings
still offer healthy returns and adequate margin of safety. In Korea, earnings
growth has been largely AI-driven. However, weak governance and poor capital
allocation continue to weigh on return on equity. Policy efforts to improve
governance are encouraging, but valuations have already re-rated, and we have
started to take some money off the table. In India, valuations remain high,
although we are beginning to see selective pockets of opportunity. Indonesia
continues to offer established companies with durable franchises and solid
balance sheets at attractive margins of safety. We do not believe the MSCI’s
recent move to demand improved ownership transparency signals economic
weakness. Instead, this may present an opportunity for regulators to improve
transparency and market structure, which we view as positive over the
long-term.
Overall, the average valuation of our reference index, the MSCI AC Asia ex
Japan Small Cap Index, is now above its long-term average. Relative to its own
history, the Index no longer looks ‘cheap’. However, this headline number
masks a wide gap between value and growth stocks.
The chart in the Half-yearly Report illustrates the elevated gap in price to
earnings multiples between Asian ex Japan small cap growth and value stocks
over the past decade. Small cap value stocks continue to trade at a meaningful
discount.
A similar valuation gap can be seen between our portfolio and the broader
market. The Company’s price-to-earnings (P/E) ratio is 10.4x, compared with
17.8x for the MSCI All Country Asia ex Japan Small Cap Index. Our focus on
high-quality businesses is reflected in the portfolio’s higher return on
equity (ROE) of 17.8%, compared with the index ROE of 10.2%. We believe this
difference reflects the strength of Fidelity’s research platform. It allows
us to identify good businesses that are still overlooked and attractively
valued.
We remain confident in our positioning. We own strong companies at a
meaningful discount to market valuations. This disciplined approach has
delivered results over the past decade, and we believe it is well placed to
continue doing so over the next three to five years.
Nitin Bajaj Ajinkya Dhavale
Portfolio Manager Co-Portfolio Manager
27 March 2026
Twenty Largest Holdings
as at 31 January 2026
The Asset Exposures shown below measure exposure to market price movements as
a result of owning shares, corporate bonds and derivative instruments. The
Fair Value is the realisable value of the portfolio as reported in the Balance
Sheet. Where the Company holds shares and corporate bonds, the Asset Exposure
and Fair Value will be the same. For derivative instruments, Asset Exposure is
the market value of the underlying asset to which the Company is exposed,
while the Fair Value reflects the mark-to-market on the contract since it was
opened, and is based on how much the share price of the underlying asset has
moved.
Asset Exposure Fair Value
£’000 % 1 £’000
Exposures – shares unless otherwise stated
Taiwan Semiconductor Manufacturing Company 20,058 4.8 20,058
Semiconductors & Semiconductor Equipment
Axis Bank 14,221 3.4 14,221
Banks
Bank Negara Indonesia (Persero) 11,070 2.7 11,070
Banks
NAC Kazatomprom 10,731 2.6 10,731
Oil, Gas & Consumable Fuels
BOC Aviation (long CFDs) 9,284 2.2 (149)
Trading Companies & Distributors
Cognizant Technology Solutions 8,425 2.0 8,425
IT Services
Adaro Andalan Indonesia 8,134 2.0 8,134
Oil, Gas & Consumable Fuels
Bank Central Asia 8,087 2.0 8,087
Banks
Indofood CBP Sukses Makmur 7,736 1.9 7,736
Food Products
Ciputra Development 7,434 1.8 7,434
Real Estate Management & Development
Pumtech Korea 6,685 1.6 6,685
Containers & Packaging
China Overseas Grand Oceans Group (long CFDs) 6,564 1.6 1,597
Real Estate Management & Development
KT 6,437 1.6 6,437
Diversified Telecommunication Services
Samsonite Group (long CFDs) 6,422 1.6 (149)
Textiles, Apparel & Luxury Goods
Bank Mandiri (Persero) 6,025 1.5 6,025
Banks
Xtep International Holdings (long CFDs) 5,827 1.4 (125)
Textiles, Apparel & Luxury Goods
Valaris (shares and corporate bonds) 5,732 1.4 5,732
Energy Equipment & Services
Qingdao Port International (long CFDs) 5,696 1.3 175
Transportation Infrastructure
ByteDance (unlisted) 5,633 1.3 5,633
Interactive Media & Services
Topco Scientific 5,608 1.3 5,608
Semiconductors & Semiconductor Equipment
Twenty largest exposures 165,809 40.0 133,365
Other exposures 359,088 86.7 267,805
--------------- --------------- ---------------
Total exposures before index hedging 524,897 126.7 401,170
--------------- --------------- ---------------
Less: index hedging
KOSPI 200 Index (option) (1) – 44
--------------- --------------- ---------------
Total exposures after the netting of index hedging 524,896 126.7 401,214
--------------- --------------- ---------------
Gross Asset Exposure 2 524,896 126.7
Portfolio Fair Value 3 ========= ========= 401,214
Net current assets (excluding derivative assets and liabilities) 13,052
---------------
Total Shareholders’ Funds/Net Assets 414,266
=========
1 Asset Exposure is expressed as a percentage of Total
Shareholders’ Funds.
2 Gross Asset Exposure comprises market exposure to
investments of £405,444,000 plus market exposure to derivative instruments of
£119,452,000.
3 Portfolio Fair Value comprises investments of
£405,444,000 plus derivative assets of £5,161,000 less derivative
liabilities of £9,391,000.
Interim Management Report and Directors’ Responsibility Statement
Board Composition
The Board comprises five non-executive Directors and there have been no
changes to the Board in the period under review. The current group of
Directors’ tenures range from two to six years and the Directors have a good
mix of skills and a diverse set of relevant backgrounds.
Discount Management and Share Repurchases
The discount to NAV ranged during the period between 2.5% at its narrowest and
8.1% at its widest, finishing the end of the reporting period at 3.3%. In the
six-month reporting period, the Company repurchased 2,816,450 shares (3.9% of
the issued share capital) for cancellation, at a cost of £16,501,000. The
Company also cancelled 822,911 shares from treasury on 2 October 2025. Since
the end of the six month reporting period to the latest practicable date of
this report, 126,965 shares have been repurchased for cancellation as part of
the Company’s active and ongoing discount management strategy. The primary
purpose of share buybacks is to limit discount volatility, and at the AGM on
26 November 2025 the Board received shareholder approval to renew the annual
authority to repurchase up to 14.99% or to allot up to 10% of the shares in
issue.
The timing of repurchases of shares are made at the discretion of the Broker,
within guidelines set by the Board and considering market conditions at the
time. Shares will only be repurchased in the market at prices below the
prevailing NAV per share, thereby resulting in an accretive enhancement to the
NAV per share. Shares previously repurchased into Treasury will only be
reissued at NAV per share or at a premium to NAV per share.
Principal Risks and Uncertainties
The Board, with the assistance of the Manager (FIL Investment Services (UK)
Limited), has developed a risk matrix which, as part of the risk management
and internal controls process, identifies the key existing and emerging risks
and uncertainties faced by the Company.
The Board considers that the principal risks and uncertainties faced by the
Company fall into the following risk categories: economic, political and
market; competition and marketplace threats impacting business growth; changes
in legislation, taxation or regulation; level of discount to net asset value;
investment performance (including the use of derivatives and gearing);
cybercrime and information security; business continuity and crisis
management; operational; and key person. Information on each of these risks is
given in the Strategic Report section of the Annual Report on pages 23 to 27
for the year ended 31 July 2025 which can be found on the Company’s pages on
the Manager’s website at www.fidelity.co.uk/asianvalues
.
There continue to be increased geopolitical risks facing the Company,
including political and trade tensions globally, trade sanctions and a
challenging regulatory environment hindering foreign investment. Global
economic uncertainty is raised by the recent Middle East conflict injecting
fresh volatility into global markets and oil prices, the ongoing war in
Ukraine, tensions between South Korea and North Korea, South China Sea dispute
and implications of China-Taiwan relations. The Board and the Manager remain
vigilant in monitoring such risks.
In recent months, there have been developments around the proposed Consumer
Composite Investments (CCI) investment cost disclosure. The developments have
been encouraging and should help investors. On the other hand, the Pension
Schemes Bill, as currently proposed, excludes investment trusts and there is a
risk that if adopted this could divert demand away from investment trusts.
The investment company sector has suffered from significant discounts for an
extended period and this has allowed for some activist managers to take a more
aggressive approach. The Board is aware of these risks and continues to
actively monitor and take action to manage the Company's discount, as
discussed earlier in this report.
Climate change continues to be a key emerging risk confronting asset managers
and their investors. Globally, climate change effects are already being
experienced in the form of a changing pattern of weather events. Climate
change can potentially impact the operations of investee companies, their
supply chains and their customers. Additional risks may also arise from
increased regulations, costs and net-zero programmes which can all impact
investment returns. The Board notes that the Manager has integrated ESG
considerations into the Company’s investment process. The Board will
continue to monitor how this may impact the Company as a risk on investment
valuations and potentially affect shareholder returns.
The Board and the Manager are also monitoring the emerging risks and rewards
posed by the rapid advancement of artificial intelligence (AI) and technology
and how this may threaten the Company’s activities and its potential impact
on the portfolio and investee companies. AI can provide asset managers
powerful tools, such as enhancing data analysis risk management, trading
strategies, operational efficiency and client servicing, all of which can lead
to better investment outcomes and more efficient operations. However, with
these advances in computer power that will impact society, there are risks
from its increasing use and manipulation with the potential to harm, including
a heightened threat to cybersecurity.
Other emerging risks may continue to evolve from unforeseen geopolitical and
economic events.
Investors should be prepared for market fluctuations and remember that holding
shares in the Company should be considered to be a long-term investment. Risks
are mitigated by the investment trust structure of the Company which means
that the Portfolio Managers are not required to trade to meet investor
redemptions. Therefore, investments in the Company’s portfolio can be held
over a longer-time horizon.
The Manager has appropriate business continuity and operational resilience
plans in place to ensure the continued provision of services. This includes
investment team key activities, including those of portfolio managers,
analysts and trading/support functions. The Manager reviews its operational
resilience strategies on an ongoing basis and continues to take all reasonable
steps in meeting its regulatory obligations, assess its ability to continue
operating and the steps it needs to take to serve and support its clients,
including the Board.
The Company’s other third-party service providers also have similar measures
in place to ensure that business disruption is kept to a minimum.
Transactions with the Manager and Related Parties
The Manager has delegated the Company’s portfolio management of assets and
company secretariat services to FIL Investments International. Transactions
with the Manager and related party transactions with the Directors are
disclosed in Note 13 to the Financial Statements.
Going Concern Statement
The Directors have considered the Company’s investment objective, risk
management policies, liquidity risk, credit risk, capital management policies
and procedures, the nature of its portfolio and its expenditure and cash flow
projections. The Directors, having considered the liquidity of the Company’s
portfolio of investments (being mainly securities which are readily
realisable) and the projected income and expenditure, are satisfied that the
Company is financially sound and has adequate resources to meet all of its
liabilities and ongoing expenses and can continue in operational existence for
a period of at least twelve months from the date of this Half-Yearly Report.
This conclusion also takes into account the Board’s assessment of the
ongoing risks as outlined on the previous pages.
The Company’s Articles of Association require that a continuation resolution
be proposed at the forthcoming Annual General Meeting to be held in November.
In the event that such resolution is not passed, the Directors would be
required to formulate proposals to be put to shareholders for the
reconstruction, reorganisation or winding up of the Company.
The Directors have assessed the likelihood of the continuation resolution
being passed, taking account of shareholder engagement to date, the
Company’s long-term performance and the views of major shareholders. While
there can be no certainty as to the outcome of the vote, the Directors have no
reason to believe that the resolution will not be passed.
Accordingly, the Directors consider it appropriate to adopt the going concern
basis of accounting in preparing the Company’s Financial Statements.
Directors’ Responsibility Statement
The Disclosure Guidance and Transparency Rules (“DTR”) of the Financial
Conduct Authority require the Directors to confirm their responsibilities in
relation to the preparation and publication of the Interim Management Report
and Financial Statements.
The Directors confirm to the best of their knowledge that:
a) the condensed set of Financial Statements contained
within the Half-Yearly Report has been prepared in accordance with the
Financial Reporting Council’s Standard FRS 104: Interim Financial Reporting;
and
b) the Portfolio Managers’ Half-Yearly Review and the
Interim Management Report include a fair review of the information required by
DTR 4.2.7R and 4.2.8R.
The Half-Yearly Report has not been audited or reviewed by the Company’s
Independent Auditor.
The Half-Yearly Report was approved by the Board on 27 March 2026 and the
above responsibility statement was signed on its behalf by Clare Brady,
Chairman.
Income Statement
for the six months ended 31 January 2026
Six months ended 31 January 2026 unaudited Six months ended 31 January 2025 unaudited Year ended 31 July 2025 audited
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Gains on investments – 44,445 44,445 – 4,641 4,641 – 21,141 21,141
(Losses)/gains on derivative instruments – (6,411) (6,411) – 2,952 2,952 – 12,024 12,024
Income 4 7,592 – 7,592 7,237 – 7,237 19,419 – 19,419
Investment management fees 5 (356) (665) (1,021) (345) (1,360) (1,705) (673) (2,577) (3,250)
Other expenses (466) (16) (482) (487) (6) (493) (963) (6) (969)
Foreign exchange (losses)/gains – (1,012) (1,012) – 308 308 – (761) (761)
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Net return on ordinary activities before finance costs and taxation 6,770 36,341 43,111 6,405 6,535 12,940 17,783 29,821 47,604
Finance costs 6 (282) (845) (1,127) (280) (838) (1,118) (688) (2,065) (2,753)
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Net return on ordinary activities before taxation 6,488 35,496 41,984 6,125 5,697 11,822 17,095 27,756 44,851
Taxation on return on ordinary activities 7 (429) (357) (786) (591) 415 (176) (1,563) 85 (1,478)
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Net return on ordinary activities after taxation for the period 6,059 35,139 41,198 5,534 6,112 11,646 15,532 27,841 43,373
------------- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
Return per share 8 9.37p 54.37p 63.74p 7.88p 8.71p 16.59p 22.51p 40.34p 62.85p
======== ======== ======== ======== ======== ======== ======== ======== ========
The Company does not have any other comprehensive income. Accordingly, the net
return on ordinary activities after taxation for the period is also the total
comprehensive income for the period and no separate Statement of Comprehensive
Income has been presented.
The total column of this statement represents the Income Statement of the
Company. The revenue and capital columns are supplementary and presented for
information purposes as recommended by the Statement of Recommended Practice
issued by the AIC.
No operations were acquired or discontinued in the period and all items in the
above statement derive from continuing operations.
Statement of Changes in Equity
for the six months ended 31 January 2026
Notes Share capital £’000 Share premium account £’000 Capital redemption reserve £’000 Other non-distributable reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total shareholders’ funds £’000
Six months ended 31 January 2026 (unaudited)
Total shareholders’ funds at 31 July 2025 18,895 50,501 3,197 7,367 302,519 20,229 402,708
Net return on ordinary activities after taxation for the period – – – – 35,139 6,059 41,198
Repurchase of shares for cancellation 11 (704) – 704 – (16,501) – (16,501)
Cancellation of shares from Treasury 11 (206) – 206 – – – –
Dividend paid to shareholders 9 – – – – – (13,139) (13,139)
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 31 January 2026 17,985 50,501 4,107 7,367 321,157 13,149 414,266
========= ========= ========= ========= ========= ========= =========
Six months ended 31 January 2025 (unaudited)
Total shareholders’ funds at 31 July 2024 18,895 50,501 3,197 7,367 297,210 14,844 392,014
Net return on ordinary activities after taxation for the period – – – – 6,112 5,534 11,646
Repurchase of shares 11 – – – – (7,550) – (7,550)
Dividend paid to shareholders 9 – – – – – (10,147) (10,147)
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 31 January 2025 18,895 50,501 3,197 7,367 295,772 10,231 385,963
========= ========= ========= ========= ========= ========= =========
Year ended 31 July 2025 (audited)
Total shareholders’ funds at 31 July 2024 18,895 50,501 3,197 7,367 297,210 14,844 392,014
Net return on ordinary activities after taxation for the year – – – – 27,841 15,532 43,373
Repurchase of shares 11 – – – – (22,532) – (22,532)
Dividend paid to shareholders 9 – – – – – (10,147) (10,147)
--------------- --------------- --------------- --------------- --------------- --------------- ---------------
Total shareholders’ funds at 31 July 2025 18,895 50,501 3,197 7,367 302,519 20,229 402,708
========= ========= ========= ========= ========= ========= =========
Balance Sheet
as at 31 January 2026
Company number 3183919
Notes 31 January 2026 unaudited £’000 31 July 2025 audited £’000 31 January 2025 unaudited £’000
Fixed assets
Investments 10 405,444 377,051 371,447
--------------- --------------- ---------------
Current assets
Derivative instruments 10 5,161 2,278 1,473
Debtors 1,086 1,839 1,394
Amounts held at futures clearing houses and brokers 9,943 2,674 3,419
Cash and cash equivalents 5,142 25,407 10,546
--------------- --------------- ---------------
21,332 32,198 16,832
Current liabilities
Derivative instruments 10 (9,391) (2,045) (717)
Other creditors (3,119) (4,494) (1,599)
Bank overdraft – (2) –
(12,510) (6,541) (2,316)
--------------- --------------- ---------------
Net current assets 8,822 25,657 14,516
--------------- --------------- ---------------
Net assets 414,266 402,708 385,963
--------------- --------------- ---------------
Capital and reserves
Share capital 11 17,985 18,895 18,895
Share premium account 50,501 50,501 50,501
Capital redemption reserve 4,107 3,197 3,197
Other non-distributable reserve 7,367 7,367 7,367
Capital reserve 321,157 302,519 295,772
Revenue reserve 13,149 20,229 10,231
Total shareholders’ funds 414,266 402,708 385,963
--------------- --------------- ---------------
Net asset value per share 12 649.52p 604.69p 554.89p
========= ========= =========
Notes to the Financial Statements
1 Principal Activity
Fidelity Asian Values PLC is an Investment Company incorporated in England and
Wales that is listed on the London Stock Exchange. The Company’s
registration number is 3183919, and its registered office is Beech Gate,
Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP. The Company has
been approved by HM Revenue & Customs as an Investment Trust under Section
1158 of the Corporation Tax Act 2010 and intends to conduct its affairs so as
to continue to be approved.
2 Publication of Non-statutory Accounts
The Financial Statements in this Half-Yearly Report have not been audited or
reviewed by the Company’s Independent Auditor and do not constitute
statutory accounts as defined in section 434 of the Companies Act 2006 (the
“Act”). The financial information for the year ended 31 July 2025 is
extracted from the latest published Financial Statements of the Company. Those
Financial Statements were delivered to the Registrar of Companies and included
the Independent Auditor’s Report which was unqualified and did not contain a
statement under either section 498(2) or 498(3) of the Act.
3 Accounting Policies
(i) Basis of Preparation
The Company prepares its Financial Statements on a going concern basis and in
accordance with UK Generally Accepted Accounting Practice (“UK GAAP”) and
FRS 102: The Financial Reporting Standard applicable in the UK and Republic of
Ireland, issued by the Financial Reporting Council. The Financial Statements
are also prepared in accordance with the Statement of Recommended Practice:
Financial Statements of Investment Trust Companies and Venture Capital Trusts
(“SORP”) issued by the Association of Investment Companies (“AIC”) in
July 2022. FRS 104: Interim Financial Reporting has also been applied in
preparing this condensed set of Financial Statements. The accounting policies
followed are consistent with those disclosed in the Company’s Annual Report
and Financial Statements for the year ended 31 July 2025.
(ii) Going Concern
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for a period of at least twelve
months from the date of approval of these Financial Statements. Accordingly,
the Directors consider it appropriate to adopt the going concern basis of
accounting in preparing these Financial Statements. This conclusion also takes
into account the Directors’ assessment of the risks faced by the Company as
detailed in the Interim Management Report.
4 Income
Six months ended 31 January 2026 unaudited £’000 Six months ended 31 January 2025 unaudited £’000 Year
ended
31 July 2025 audited £’000
Investment income
Overseas dividends 5,903 5,531 15,258
Overseas scrip dividends 45 40 40
Interest on securities 130 302 625
--------------- --------------- ---------------
6,078 5,873 15,923
Derivative income
Dividends received on long CFDs 1,108 889 2,529
Interest received on CFDs 218 216 360
--------------- --------------- ---------------
1,326 1,105 2,889
Other interest
Interest received on bank deposits, collateral 188 259 607
and money market funds
--------------- --------------- ---------------
Total income 7,592 7,237 19,419
========= ========= =========
No special dividends have been recognised in capital during the period (six
months ended 31 January 2025: £nil and year ended 31 July 2025: £nil).
5 Investment Management Fees
Revenue £’000 Capital £’000 Total £’000
Six months ended 31 January 2026 (unaudited)
Investment management fees – base 356 1,069 1,425
Investment management fees – variable 1 – (404) (404)
--------------- --------------- ---------------
356 665 1,021
Six months ended 31 January 2025 (unaudited)
Investment management fees – base 345 1,036 1,381
Investment management fees – variable 1 – 324 324
--------------- --------------- ---------------
345 1,360 1,705
Year ended 31 July 2025 (audited)
Investment management fees – base 673 2,020 2,693
Investment management fees – variable 1 – 557 557
--------------- --------------- ---------------
673 2,577 3,250
========= ========= =========
1 For the calculation of the variable management fee, the
Company’s NAV return was compared to the Benchmark Index return on a rolling
three year basis.
FIL Investment Services (UK) Limited is the Company’s Alternative Investment
Fund Manager and has delegated portfolio management to FIL Investments
International (“FII”). Both companies are Fidelity group companies.
FII charges base investment management fees at an annual rate of 0.70% of net
assets. In addition, there is +/- 0.20% variation fee based on the Company’s
NAV per share performance relative to the Company’s Benchmark Index which is
charged/credited to capital. Fees are payable monthly in arrears and are
calculated on a daily basis.
The base management fees have been allocated 75% to capital reserve in
accordance with the Company’s accounting policies.
6 Finance Costs
Revenue £’000 Capital £’000 Total £’000
Six months ended 31 January 2026 (unaudited)
Interest paid on bank deposits 5 15 20
Interest paid on CFDs 273 818 1,091
Dividends paid on short CFDs 4 12 16
--------------- --------------- ---------------
282 845 1,127
========= ========= =========
Six months ended 31 January 2025 (unaudited)
Interest paid on bank deposits – 1 1
Interest paid on CFDs 261 782 1,043
Dividends paid on short CFDs 19 55 74
--------------- --------------- ---------------
280 838 1,118
========= ========= =========
Year ended 31 July 2025 (audited)
Interest paid on bank deposits 7 22 29
Interest paid on CFDs 447 1,340 1,787
Dividends paid on short CFDs 234 703 937
--------------- --------------- ---------------
688 2,065 2,753
========= ========= =========
Finance costs have been allocated 75% to capital in accordance with the
Company’s accounting policies.
7 Taxation on Return on Ordinary Activities
Six months ended 31 January 2026 unaudited £’000 Six months ended 31 January 2025 unaudited £’000 Year
ended
31 July 2025 audited £’000
Revenue – taxation on overseas dividends 429 591 1,563
Capital – Indian capital gains tax 357 (415) (85)
--------------- --------------- ---------------
Total taxation charge for the period 786 176 1,478
========= ========= =========
8 Return per Share
Six months ended 31 January 2026 unaudited Six months ended 31 January 2025 unaudited Year
ended
31 July 2025 audited
Revenue return per share 9.37p 7.88p 22.51p
Capital return per share 54.37p 8.71p 40.34p
--------------- --------------- ---------------
Total return per share 63.74p 16.59p 62.85p
========= ========= =========
The return per share is based on the net return on ordinary activities after
taxation for the period divided by the weighted average number of shares held
outside of Treasury during the period, as shown below:
£’000 £’000 £’000
Net revenue return on ordinary activities after taxation 6,059 5,534 15,532
Net capital return on ordinary activities after taxation 35,139 6,112 27,841
--------------- --------------- ---------------
Net total return on ordinary activities after taxation 41,198 11,646 43,373
========= ========= =========
Number Number Number
Weighted average number of shares held outside of Treasury 64,631,243 70,197,994 69,010,726
========= ========= =========
9 Dividends Paid to Shareholders
Six months ended 31 January 2026 unaudited £’000 Six months ended 31 January 2025 unaudited £’000 Year
ended
31 July 2025 audited £’000
Dividend paid
Dividend of 20.5 pence per share paid for the year ended 31 July 2025 13,139 – –
Dividend of 14.5 pence per share paid for the year ended 31 July 2024 – 10,147 10,147
--------------- --------------- ---------------
13,139 10,147 10,147
========= ========= =========
No dividend has been declared in respect of the six months ended 31 January
2026 (six months ended 31 January 2025: £nil).
10 Fair Value Hierarchy
The Company is required to disclose the fair value hierarchy that classifies
its financial instruments measured at fair value at one of three levels,
according to the relative reliability of the inputs used to estimate the fair
values.
Classification Input
Level 1 Valued using quoted prices in active markets for identical assets
Level 2 Valued by reference to inputs other than quoted prices included in level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly
Level 3 Valued by reference to valuation techniques using inputs that are not based on observable market data
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset. The valuation techniques used by the Company are as disclosed
in the Company’s Annual Report for the year ended 31 July 2025 (Accounting
Policies Notes 2 (k) and 2 (l) on pages 58 and 59). The table below sets out
the Company’s fair value hierarchy:
31 January 2026 (unaudited) Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000
Financial assets at fair value through profit or loss
Investments 397,556 1,940 5,948 405,444
Derivative instrument assets 91 5,070 – 5,161
--------------- --------------- --------------- ---------------
397,647 7,010 5,948 410,605
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities (931) (8,460) – (9,391)
--------------- --------------- --------------- ---------------
31 July 2025 (audited) Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000
Financial assets at fair value through profit or loss
Investments 366,943 4,774 5,334 377,051
Derivative instrument assets 124 2,154 – 2,278
--------------- --------------- --------------- ---------------
367,067 6,928 5,334 379,329
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities (157) (1,888) – (2,045)
--------------- --------------- --------------- ---------------
31 January 2025 (unaudited) Level 1 £’000 Level 2 £’000 Level 3 £’000 Total £’000
Financial assets at fair value through profit or loss
Investments 355,263 11,581 4,603 371,447
Derivative instrument assets 12 1,461 – 1,473
--------------- --------------- --------------- ---------------
355,275 13,042 4,603 372,920
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities (118) (599) – (717)
--------------- --------------- --------------- ---------------
The increase in level 3 investments relates to revaluing ByteDance and shares
purchased in Fireside Ventures Investment Fund IV, an unlisted security,
during the six months ended 31 January 2026. As part of the transaction the
Company has committed a capital investment of $5,000,000.
11 Share Capital
31 January 2026 unaudited 31 July 2025 audited 31 January 2025 unaudited
Number of shares Nominal value £’000 Number of shares Nominal value £’000 Number of shares Nominal value £’000
Issued, allotted and fully paid Ordinary shares of 25 pence (the “shares”) each held outside of Treasury
Beginning of the period 66,597,059 16,650 71,060,556 17,766 71,060,556 17,766
Shares repurchased for cancellation (2,816,450) (704) – – – –
Shares repurchased into Treasury – – (4,463,497) (1,116) (1,503,615) (376)
--------------- --------------- --------------- --------------- --------------- ---------------
End of the period 63,780,609 15,946 66,597,059 16,650 69,556,941 17,390
========= ========= ========= ========= ========= =========
Shares held in Treasury 1
Beginning of the period 8,983,830 2,245 4,520,333 1,129 4,520,333 1,129
Shares repurchased into Treasury – – 4,463,497 1,116 1,503,615 376
Shares cancelled from Treasury (822,911) (206) – – – –
End of the period 8,160,919 2,039 8,983,830 2,245 6,023,948 1,505
--------------- --------------- --------------- --------------- --------------- ---------------
Total share capital 17,985 18,895 18,895
========= ========= ========= ========= ========= =========
1 Shares held in Treasury carry no rights to vote, to
receive a dividend or to participate in a winding up of the Company.
As part of its active discount management strategy, the Company repurchases
its shares in the market as explained in the Interim Management Report. Up to
31 July 2025, shares repurchased were held in Treasury allowing them to be
reissued in the future at a discount to NAV. From 1 August 2025, to ensure
that the number of shares held in Treasury did not become excessive, some
shares held in Treasury at the start of the period were cancelled, and any
shares repurchased from that date were also cancelled rather than held in
Treasury.
During the six months ended 31 January 2026, 2,816,450 shares were repurchased
for cancellation at a cost of £16,501,000 and additionally 822,911 shares
held in Treasury at the start of the were cancelled.
During the six months ended 31 January 2025, 1,503,615 shares were repurchased
into Treasury at a cost of £7,550,000 and during the full year ended 31 July
2025, 4,463,497 shares were repurchased into Treasury at a cost of
£22,532,000.
12 Net Asset Value per Share
The calculation of the net asset value per share is based on the total
shareholders’ funds divided by the number of shares held outside of
Treasury.
31 January 2026 unaudited 31 July 2025 audited 31 January 2025 unaudited
Total shareholders’ funds £414,266,000 £402,708,000 £385,963,000
Shares held outside of Treasury at the period end 63,780,609 66,597,059 69,556,941
--------------- --------------- ---------------
Net asset value per share 649.52p 604.69p 554.89p
========= ========= =========
It is the Company’s policy that shares held in Treasury will only be
reissued at net asset value per share or at a premium to net asset value per
share and, therefore, shares held in Treasury have no dilutive effect.
13 Transactions with the Manager and Related Parties
FIL Investment Services (UK) Limited is the Company’s Alternative Investment
Fund Manager and has delegated portfolio management to FIL Investments
International (“FII”). Both companies are Fidelity group companies.
Details of the current fee arrangements are given in Note 5.
During the period, the following expenses were payable to FII:
Six months ended 31 January 2026 unaudited £’000 Six months ended 31 January 2025 unaudited £’000 Year
ended
31 July 2025 audited £’000
Investment management fees 1,021 1,705 3,250
Secretarial and administration fees 38 38 75
Marketing services 1 93 93 181
========= ========= =========
1 Marketing services includes costs paid to FII to
reimburse it for third party costs it has incurred on behalf of the Company in
providing marketing services.
At the Balance sheet date, the following balances payable to Fidelity were
accrued and included in other creditors:
Six months ended 31 January 2026 unaudited £’000 Year Six months ended 31 January 2025 unaudited £’000
ended
31 July 2025 audited £’000
Investment management fees 168 217 289
Secretarial and administration fees 13 44 6
Marketing services – – 106
========= ========= =========
At the date of this report, the Board consisted of five non-executive
Directors (as shown below) all of whom are considered to be independent by the
Board. None of the Directors has a service contract with the Company.
The annual fee structure from 1 August 2025 is as follows:
1 August 2025 £
Chairman 47,500
Chairman of the Audit Committee 39,500
Senior Independent Director 34,500
Director 32,500
=========
Directors’ Shareholdings:
31 January 2026 unaudited
Clare Brady 13,073
Hussein Barma 2,500
Lucy Costa Duarte 3,800
Sally Macdonald 2,734
Matthew Sutherland 27,859
=========
Shareholder Information
Investing in Fidelity Asian Values PLC
Fidelity Asian Values PLC is a company listed on the London Stock Exchange and
you can buy its shares through a platform, stockbroker, share shop or bank.
Fidelity also offers a range of options, so that you may invest in a way that
is best for you. Details of how to invest and the latest Key Information
Document can be found on the Company’s pages of the Manager’s website at
www.fidelity.co.uk/asianvalues
CONTACT INFORMATION
Shareholders and Fidelity Platform Investors should contact the appropriate
administrator using the contact details given below and in the next column.
Links to the websites of major platforms can be found online at
www.fidelity.co.uk/its
Shareholders on the main share register
Contact MUFG Corporate Markets, Registrar to Fidelity Asian Values PLC,
Central Square, 29 Wellington Street, Leeds LS1 4DL.
Email: shareholderenquiries@cm.mpms.mufg.com
Telephone: +44 (0) 371 664 0300
(calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable
international rate. Lines are open 9:00 – 17:30, Monday to Friday, excluding
public holidays in England and Wales).
Details of individual shareholdings and other information can also be obtained
online from the Registrar’s Investor Centre at
https://uk.investorcentre.mpms.mufg.com/ . Shareholders are
able to manage their shareholding online by registering for the Investor
Centre, a free and secure online access service. Facilities include:
Account Enquiry – Shareholders can access their personal
shareholding, including share transaction history, dividend payment history
and obtain an up-to-date shareholding valuation.
Amendment of Standing Data – Shareholders can change
their registered postal address and add, change or delete dividend mandate
instructions. Shareholders can also download forms such as change of address,
stock transfer and dividend mandate forms as well as buy and sell shares in
the Company.
Should you have any queries in respect of the Shareholder Portal, contact the
helpline on +44 (0) 371 664 0300
(calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom will be charged at the applicable
international rate. Lines are open 9:00 – 17:30, Monday to Friday, excluding
public holidays in England and Wales).
Fidelity Platform Investors
Contact Fidelity, using the freephone numbers given below, or in writing to:
UK Customer Service, Fidelity, PO Box 391, Tadworth KT20 9FU.
Website: www.fidelity.co.uk
Private investors: call free on 0800
41 41 10 , 9:00 – 18:00 Monday to Saturday.
Financial advisers: call free on 0800
41 41 81 , 8:00 – 18:00, Monday to Friday.
General Enquiries
General enquiries should be made to the Secretary, at the Company’s
registered office: FIL Investments International, Investment Trusts, Beech
Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
Telephone: 0207 961 4240
Email: investmenttrusts@fil.com
Website: www.fidelity.co.uk/its
If you hold Fidelity Asian Values PLC shares in an account provided by
Fidelity International, you will receive a report every six months detailing
all of your transactions and the value of your shares.
ShareGift
You may donate your shares to charity free of charge through ShareGift.
Further details are available at www.sharegift.org.uk
.
FINANCIAL CALENDAR 2026
31 January 2026 Half-Year Period End
March 2026 Announcement of the Half-Yearly Results
April 2026 Publication of the Half-Yearly Report
31 July 2026 Financial Year End
October 2026 Publication of the Annual Report
November 2026 Annual General Meeting
December 2026 Payment of the Annual Dividend
Directory
Board of Directors
Clare Brady (Chairman)
Hussein Barma (Chairman of the Audit Committee)
Lucy Costa Duarte
Sally Macdonald (Chairman of the Management Engagement Committee)
Matthew Sutherland (Senior Independent Director)
Alternative Investment Fund Manager (AIFM/the Manager)
FIL Investment Services (UK) Limited
Beech Gate
Millfield Lane
Lower Kingswood
Tadworth
Surrey
KT20 6RP
Investment Manager, Secretary and Registered Office
FIL Investments International
Beech Gate
Millfield Lane
Lower Kingswood
Tadworth
Surrey
KT20 6RP
Email: investmenttrusts@fil.com
Banker and Custodian
JPMorgan Chase Bank (London Branch)
125 London Wall
London
EC2Y 5AJ
Depositary
J.P. Morgan Europe Limited
25 Bank Street
London
E14 5JP
Financial Adviser and Stockbroker
Jefferies International Limited
100 Bishopsgate
London
EC2N 4JL
Independent Auditor
PricewaterhouseCoopers LLP
7 More London Riverside
London
SE1 2RT
Lawyer
Simmons & Simmons LLP
1 Ropemaker Street
London
EC2Y 9SS
Registrar
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Data Protection
General Data Protection Regulation (“GDPR”)
What personal data is collected and how is it used
The Company is an investment trust which is a public limited company and has
certain regulatory obligations such as the requirement to send documents to
its shareholders, for example, the Annual Report and other documents that
relate to meetings of the Company. The Company will, therefore, collect
shareholders’ personal data such as names, addresses and identification
numbers or investor codes and will use this personal data to fulfil its
statutory obligations.
Any personal data collected will be kept securely on computer systems and in
some circumstances on paper. Personal information is kept secure in line with
Fidelity’s Information Security policies and standards. If you are unhappy
with how we have used your personal data, you can complain by contacting the
UK Data Protection Officer at Fidelity International, Beech Gate, Millfield
Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
Sharing personal data
In order to assist the Company in meeting its statutory requirements, the
Company delegates certain duties around the processing of this data to its
third party service providers, such as the Company’s Registrar and Printers.
The Company has appointed Fidelity to undertake marketing activities for the
Company and their privacy statement can be found on the Company website at
https://investment-trusts.fidelity.co.uk/security-privacy/
The Company’s agreements with the third party service providers have been
updated to be compliant with GDPR requirements. The Company confirms to its
shareholders that their data will not be shared with any third party for any
other purpose, such as for marketing purposes. In some circumstances, it may
be necessary to transfer shareholders’ personal data across national borders
to Fidelity Group entities operating in the European Economic Area
(“EEA”). Where this does occur, the European standard of protections will
be applied to the personal data that is processed. Where personal data is
transferred within the Fidelity group but outside of the EEA, that data will
subsequently receive the same degree of protection as it would in the EEA.
Retention period
Personal data will be kept for as long as is necessary for these purposes and
no longer than legally permitted to do so.
Requesting access, making changes to personal data and other important
information
Shareholders can access the information that the Company holds about them or
ask for it to be corrected or deleted by contacting Fidelity’s UK Data
Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Lower
Kingswood, Tadworth, Surrey KT20 6RP.
Fair treatment of investors
The legal and regulatory regime to which the Company and the Directors are
subject ensures the fair treatment of investors. The UK Listing Rules require
that the Company treats all shareholders of the same class of shares equally.
In particular, the Directors have certain statutory duties under the Companies
Act 2006 with which they must comply. These include a duty upon each Director
to act in the way she or he considers, in good faith, would be most likely to
promote the success of the Company for the benefit of its members as a whole.
Glossary of Terms
AAF Report
A report prepared in accordance with the Audit and Assurance Faculty guidance
issued by the Institute of Chartered Accountants in England and Wales.
ADR (American Depositary Receipt)
A negotiable certificate issued by a US bank representing a specified number
of shares in a foreign stock that is traded on a US Exchange.
AIC
The Association of Investment Companies (“ AIC
”). The Company is a member of the AIC
.
AIF
Alternative Investment Fund (“ AIF
”). The Company is an AIF .
AIFM
Alternative Investment Fund Manager (“ AIFM
”). The Board has appointed FIL Investment Services (UK) Limited to
act as the Company’s AIFM (the
Manager ).
AIFMD
The Alternative Investment Fund Managers Directive (“
AIFMD ”) is a European Union Directive implemented on 22
July 2014.
Alternative Performance Measures
The Company uses the following Alternative Performance
Measures which are all defined in this Glossary:
• Discount/Premium;
• Gearing;
• Net Asset Value (NAV) per Ordinary Share;
• Ongoing Charges Ratio;
• Revenue, Capital and Total Returns; and
• Total Return Performance (Net Asset Value Total
Return and Ordinary Share Price Total Return).
Asset Exposure
The value of an underlying security or instrument to which the Company is
exposed, whether through direct or indirect investment (including the economic
value of the exposure in the underlying asset of
derivatives ).
Benchmark Index
The MSCI All Country Asia ex Japan Small Cap Index (net) total return (in
sterling terms). This is used to calculate the Company’s Variable Management
Fee, in accordance with the European Benchmark Directive.
Capital Gains Tax (CGT)
The tax that may be payable if shares are sold at a profit.
Collateral
Asset provided as security for the unrealised gain or loss under a
contract for difference .
Comparative Index
The MSCI All Country Asia ex Japan Small Cap Index (net) total return (in
sterling terms) against which the performance of the Company is measured.
Contract For Difference (CFD)
A contract for difference is a
derivative . It is a contract between the
Company and an investment house at the end of which the parties exchange the
difference between the opening price and the closing price of an underlying
asset of the specified financial instrument. It does not involve the Company
buying or selling the underlying asset, only agreeing to receive or pay the
movement in its share price. A contract for difference
allows the Company to gain access to the movement in the
share price by depositing a small amount of cash known as
collateral . The Company may reason that the asset price
will rise, by buying (“long” position) or fall, by selling (“short”
position). If the Company holds long positions, dividends are received and
interest is paid. If the Company holds short positions, dividends are paid and
interest is received.
Corporation Tax
The tax the Company may have to pay on its profits for a year. As an
investment trust, the Company is exempt from corporation
tax on its capital gains and does not pay tax on any UK
dividends. It can also offset expenses against any taxable income and
consequently it is tax efficient for the Company.
Custodian
An entity that holds (as intermediary) the Company’s assets, arranges the
settlement of transactions and administers income, proxy voting and corporate
actions. The Company’s Custodian is
JPMorgan Chase Bank.
Depositary
An entity that oversees the custody, cash arrangements and other AIFM
responsibilities of the Company. J.P.Morgan Europe Limited act as the
Company’s Depositary .
Derivatives
Financial instruments (such as futures
, options and
contracts for difference ) whose value is derived from the
value of an underlying asset.
Diluted Net Asset Value per Share
The diluted net asset value per share
reflects what the net asset value per share
would have been if all the rights attached to any outstanding
subscription shares had been exercised at a particular date. A dilution occurs
when the exercise price of the subscription share rights is less than the
net asset value per share .
Discount
If the share price of the Company is lower than the net
asset value per share , the Company is said to be trading
at a discount . The
discount is shown as a percentage of the
net asset value per share .
Equity Linked Notes (ELNS)
Debt instruments whose return on investment is linked to specific equities or
equity markets. The return on equity linked notes
may be determined by an equity index, a basket of equities, or a
single equity.
Fair Value
The fair value is the best estimate
of the value of the investments, including derivatives, at a point in time and
this is measured as:
• Listed investments –
valued at bid prices or last market prices, where available, otherwise at
published price quotations;
• Unlisted investments
– valued using an appropriate valuation technique in the absence of an
active market;
• Contracts for difference
– valued as the difference between the settlement price of the contract
and the value of the underlying shares in the contract (unrealised gains or
losses);
• Futures and options
– valued at the quoted trade price for the contract; and
• Forward currency contracts
– valued at the appropriate quoted forward foreign exchange rate ruling
at the Balance Sheet date.
Fidelity International (Fidelity)
FIL Limited and its subsidiary group companies including FIL Investment
Services (UK) Limited and FIL Investments International which act as
AIFM , Secretary and
Investment Manager .
Forward Currency Contract
An agreement to buy or sell a currency at a specified future date and at a
pre-agreed price.
Future
An agreement to buy or sell a fixed amount of an asset at a fixed future date
and at a fixed price.
Gearing
The economic exposure of the portfolio to its underlying assets in excess of
total net assets. It represents the additional exposure to the market above
Shareholders’ Funds . The Company uses
two measures of gearing (
Gross Gearing and Net Gearing
).
Gross Assets
Net Assets plus borrowings. The Company does not have any
borrowings.
Gross Asset Exposure
The value of the portfolio to which the Company is exposed, whether through
direct or indirect investment (including the economic value of the exposure in
the underlying asset of the derivatives
but excluding forward currency
contracts ). It is the sum total of all
Asset Exposures .
Gross Gearing
The amount by which Gross Asset Exposure
exceeds of Shareholders’ Funds
expressed as a percentage of Shareholders’ Funds
.
Growth Stocks
Companies which are considered to have the potential to outperform the overall
market over time because of their future potential.
Hedging
A strategy aimed at minimising or eliminating the risk or loss through adverse
movements normally involving taking a position in a
derivative such as a future
or an option .
Independent Valuer
Kroll who provide an objective and independent assessment on the value of
unlisted and hard to price assets using sophisticated valuation methodologies.
Initial Public Offering (IPO)
An initial public offering
(“IPO”) is the first sale of stock by a private company to the public.
IPOs are often issued by smaller, younger
companies seeking the capital to expand, but can also be done by large
privately owned companies looking to become publicly traded.
Investment Manager
FIL Investments International.
Manager
FIL Investment Services (UK) Limited is the appointed
Manager under the AIFMD
. It has delegated the investment management of the Company to the
Investment Manager .
Net Assets or Net Asset Value (NAV)
Sometimes also described as “ Shareholders’ Funds
”, net assets
represent the total value of the Company’s assets less the total value of
its liabilities. For valuation purposes it is common to express the
net asset value on a per share basis.
Net Asset Value per Share
The net asset value divided by the
number of shares in issue.
Net Gearing
The amount by which Net Market Exposure
in excess of Shareholders’ Funds
expresses as a percentage of Shareholders’ Funds
.
Net Market Exposure
Net Market Exposure is the total of all long exposures,
less short exposures and less exposures hedging the portfolio.
Ongoing Charges Ratio (excluding variable management fee)
Total operational expense (excluding finance costs and taxation) incurred by
the Company as a percentage of average net asset values
for the reporting year.
Option
An option is a contract which gives
the right but not the obligation to buy or sell an underlying asset at an
agreed price on or before an agreed date. Options
may be calls (buy) or puts (sell) and are used to gain or reduce
exposure to the underlying asset on a conditional basis.
Portfolio Managers
Nitin Bajaj, Portfolio Manager, and Ajinkya Dhavale, Co-Portfolio Manager, are
responsible for managing the Company’s assets.
Pre-Emption Rights
Section 561 of the Companies Act 2006 provides that a company offering a new
issue of shares must first make an offer of these shares, on the same or more
favourable terms, in proportion to the nominal value held to existing
shareholders. At each Annual General Meeting, the Board seeks shareholder
approval to disapply pre-emption rights
provision, up to 10% of the Company’s issued share capital.
Premium
If the share price of the Company is higher than the net
asset value per share , the Company’s shares are said to
be trading at a premium . The
premium is shown as a percentage of the
net asset value per share .
Price to Book Ratio
The Price to Book Ratio (also known
as P/B ratio) is a measure of valuing a company’s share price versus its
book value.
Price to Earnings Ratio
The Price to Earnings Ratio (also
known as P/E ratio) is a measure of valuing a company’s share price versus
its earnings.
Registrar
An entity that manages the Company’s shareholder register. The Company’s
Registrar is MUFG Corporate Markets.
Reserves
• Share premium account
represents the amount by which the proceeds from the issue of shares or the
issue of shares on the exercise of rights attached to subscription shares,
exceeded the nominal value of those shares. It is not distributable by way of
dividends and cannot be used to fund share repurchases.
• Capital redemption reserve
maintains the equity share capital of the Company and represents the
nominal value of shares repurchased and cancelled. It is not distributable by
way of dividends and it cannot be used to fund share repurchases.
• Other non-distributable reserve
represents amounts transferred from the warrant reserve in prior
years with High Court approval. It is not distributable by way of dividends
and it cannot be used to fund share repurchases.
• Capital reserve
represents realised gains or losses on investments and derivatives sold,
unrealised increases and decreases in the fair value of investments and
derivatives held and other income and costs recognised in the capital column
of the Income Statement. It is distributable by way of dividends. It can be
used to fund share repurchases.
• Revenue reserve
represents retained revenue surpluses recognised through the revenue column of
the Income Statement. It is distributable by way of dividends.
Return
The return generated in a given period from investments:
• Revenue Return –
reflects the dividends and interest from investments and other income net of
expenses, finance costs and taxation;
• Capital Return –
reflects the return on capital, excluding any revenue return; and
• Total Return –
reflects the aggregate of revenue and capital returns.
Return on Equity
Return on Equity (ROE) is a measure of the return on a
company’s stock. The higher the percentage, the more income the company is
generating and adding to shareholder value.
Share or shares
The ordinary shares of 25p each in the capital of the Company.
Shareholders’ Funds
Shareholders’ funds are also described as “
net asset value ” and represent the total value
of the Company’s assets less the total value of its liabilities as shown in
the balance sheet.
Total Return Performance
The return on the share price or
net asset value per share taking into
account the rise and fall of share prices and the dividends paid to
shareholders. Any dividends received by the shareholder are assumed to have
been reinvested in additional shares (for share price total return) or the
Company’s assets (for net asset value
total return).
Treasury Shares
Shares of the Company that have been repurchased by the Company and not
cancelled but held in Treasury. These shares do not pay dividends, have no
voting rights and are excluded from the net asset value
per share calculation.
Value Stocks
Usually companies that are currently trading below what they are really worth
and will thus theoretically provide a superior future return.
END
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