| Asset Group | Asset Sub-Group | Investment Category |
| Equities | Asian equities | Adventurous |
How the Fund Invests The trust has been managed by Dale Nicholls since April 2014, when he took over from veteran investor Anthony Bolton. He has been part of the Asian equities team at Fidelity since 1996. The analyst team researching Asian equities is over 50 strong with a significant presence in China. For the core of the portfolio the manager seeks undervalued companies that have the potential to deliver over the longer-term through good industry dynamics, competitive advantages and good incremental returns on capital. Strong management teams are essential, and Nicholls conducts a large number of meetings with company management every year to make his assessments. Significant input is taken from the analyst team in terms of earnings models and the monitoring of news flow. A variety of valuation metrics are employed and attractiveness measured against growth prospects and cyclicality. Versus the MSCI China benchmark, there is a clear bias to mid- and small-cap companies where the manager believes opportunities exist due to lack of coverage. At the sector level there is often an overweight to industrials and IT. Unlisted companies are permitted up to 15%, and this is generally used, while the board believes gearing should be deployed as a structural component and this is typically around 20%. Opinion March 2024 | ||
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