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ii Super 60 - Fidelity Asia fund

ii Super 60 investments

ii Super 60 investments:
Fidelity Asia fund

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Asset Group Asset Sub-Group Investment Category
Equities Asian equities Core

Selection rationale:
Teera Chanpongsang, manager of Fidelity Asia, is one of the longest-tenured managers within the Fidelity Asia ex Japan equities investment team, based in Hong Kong. He has been with the firm for almost 25 years, starting as an analyst before taking on a portfolio management role. Chanpongsang took over this fund at the start of 2014 after predecessor Allan Liu retired. He has shown he is comfortably up to the task, performing well relative to peers in both up and down markets.

Chanpongsang seeks companies trading below their intrinsic value that he believes have improving fundamentals which are not yet reflected in the underlying share price. . He has no stated style bias, although typically leans towards ‘growth at a reasonable price’ (GARP). He will also take advantage of value opportunities, particularly restructuring stories, where he has significant conviction. The resulting portfolio has around 90 names.

Though broadly diversified at country and sector level, the manager tends to favour companies operating in emerging Asian economies, such as China and India, at the expense of more mature markets including Taiwan, Hong Kong and Singapore. This could lead to better returns over the longer term, but with potentially higher volatility.

Company management is a primary focus for Chanpongsang, particularly regarding the treatment of minority shareholders. Prior to joining Fidelity, he worked as an accountant in his native Thailand and he is especially wary of companies that display earnings growth without corresponding cashflow growth.

At the end of March 2020, the fund had the greatest sector exposures to information technology and financials.

October 2020

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Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.