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Chanpongsang seeks companies trading below their intrinsic value that he believes have improving fundamentals the market has not yet recognised 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 2019, the fund had the greatest exposures to financials and information technology, which accounted collectively for more than half of its £3 billion assets.
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