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LONDON - Fidelity Asian Values PLC (LON:FAS) reported a net asset value (NAV) total return of 12.4% for the year ending July 31, 2025, outpacing its benchmark return of 7.1% and the peer group average of 7.8%, according to the trust’s annual results released Tuesday.
The outperformance came from diverse sources, with top contributors including a semiconductor company benefiting from artificial intelligence growth, an Australian gold mining firm, and a Vietnamese apparel manufacturer.
Gearing contributed an additional 250 basis points to relative performance, though managers reduced leverage levels as market recovery led to higher valuations. The trust also generated additional alpha through derivative positions used to short stocks.
The trust’s share price performance led to its discount narrowing to the lowest level in its peer group. Share buybacks, which added approximately 70 basis points to NAV, have continued after the reporting period.
FAS announced a 41.4% increase in its dividend, driven by higher underlying revenue and changes to the charging structure that now splits costs between capital and revenue accounts.
Chair Clare Brady noted that the trust performed well "against a backdrop of turmoil and extreme volatility," highlighting its risk diversification qualities. She expressed optimism about the outlook for the portfolio of "undervalued, quality businesses."
The trust maintains differentiated positioning with allocations to China’s "old economy" stocks and Indonesian equities, according to the press release statement.
Fidelity Asian Values is managed by Nitin Bajaj and Ajinkya Dhavale, who employ a bottom-up, stock selection approach focused on identifying undervalued companies across Asian markets.
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