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    FAS   GB0003322319

FIDELITY ASIAN VALUES PLC

(FAS)
  Report
Delayed Quote. Delayed London Stock Exchange - 08/03 11:35:11 am
494 GBX   +0.82%
07/19FIDELITY ASIAN VALUES : Monthly Summary
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Fidelity Asian Values : Half-year Report

04/27/2021 | 02:02am EDT

Fidelity Asian Values PLC

Half-Yearly Results for the six months ended 31 January 2021

Financial Highlights:                                

  • The Company’s NAV rose by +22.5% over the six-month period.
  • The Company’s share price increased by +27.7% compared with a +20.0% return of the Comparative Index.

Contacts

For further information please contact:

Anna-Marie Davis

Company Secretary

01737 834798

FIL Investments International

PORTFOLIO MANAGER’S HALF-YEARLY REVIEW

PERFORMANCE REVIEW
Over the six month period ended 31 January 2021, the net asset value (“NAV”) of Fidelity Asian Values PLC rose by 22.5% and the share price by 27.7%, compared with a 20.0% return of the Comparative Index. While these numbers are encouraging, longer-term performance is not as strong as I would have hoped for.

In Asia, there was an expectation that investors would rotate out of growth stocks and into value names in the last quarter of 2020 in the hope that value would benefit from an economic recovery. However, this trend has not played out to the extent we expected and stock selection was the key driver of the Company’s relative performance.

I continue to believe that fundamental analysis and owning good businesses which are run by competent management teams at attractive prices leaving sufficient margin of safety is the most time-tested way to make money in the stock market. I remain committed to my investment process.

In the last six months, the holdings in BFI Finance Indonesia, Shriram Transport Finance, Axis Bank, Redington India and Nickel Mines performed well and helped the Company’s performance relative to the Comparative Index. I continue to own these stocks for their longer-term growth prospects and attractive valuations.

Meanwhile, the main losses we suffered were from Chaowei Power, Sinopec Kantons, China Overseas Land & Investment and Gold Road Resources, which lagged the broader market. GCL Poly Energy, which was not held in the Company’s portfolio, performed extremely well and its absence detracted somewhat from performance relative to the Comparative Index.

COVID-19
The COVID-19 pandemic has caused considerable suffering across the world.

To date, the economic impact has been cushioned somewhat by large scale government interventions in the Western world, which has led to robust demand for goods being exported from Asia. So far, Asian countries have weathered the pandemic better than the West, likely the result of their demographic profile, high compliance with government restrictions and the early use of technology in the detection of cases.

Consequently, in my opinion, Asian countries will exit the pandemic in much better economic health than the USA or Europe given that governments in Asia have generally refrained from large scale fiscal stimulus.

As vaccines are rolled out, we are probably 9 to 12 months away from returning to normal unless we see something dramatically change with the virus.

INVESTMENT STRATEGY
The last few months in the markets have been unprecedented, pivoting from crisis to euphoria as the world started to anticipate normalisation following the pandemic. This, in addition to record levels of margin lending participation and speculative activity, has resulted in a two-speed market where stocks can be found at both valuation extremes.

Despite a brief recovery, smaller value companies are now trading at a 61% discount to large cap growth companies. This compares to a 65% discount seen during the peak of the tech bubble in 1999-2000, which was the height of the previous growth cycle.  Similarly, smaller value companies are trading at a 48% discount to small cap growth companies.

As a fundamental investor, my primary anchor for valuing any business is earnings and cash flows. I feel the current trend of using revenues or non-GAAP measures to value companies will be a passing trend - this has happened in the past and I do not believe this time will be any different.

Despite the outsized performance of growth stocks, the most interesting fact for me is that over time, value companies, especially in Asia, grow earnings faster than growth companies. I believe value stocks not only offer a higher margin of safety, but they are also able to grow earnings faster. As a result, it has paid off to be invested in small-cap value stocks in the longer-term. They have outperformed growth companies by a significant margin over the last 20 years.

I am excited by our holdings today. We own a portfolio of businesses which are dominant in their industries, earn good returns on capital and are available at attractive valuations.

·      Price to Earnings: 10.7x versus 15.5x for the Comparative Index.

·      Return on Equity at 15.5% versus 11.3% for the Comparative Index.

·      Dividend yield at 2.9% versus 2.2% for the Comparative Index.

·      Balance Sheets better than the Comparative Index.

My team and I are working harder than ever to find quality businesses and then test every assumption we are making about the company fundamentals going forward. A sound investment process, diligence, discipline and patience have always been – and will always be – important for success in investing.

NITIN BAJAJ
Portfolio Manager
26 April 2021

TWENTY LARGEST HOLDINGS AS AT 31 JANUARY 2021

The Gross Asset Exposures shown below measure exposure to market price movements as a result of owning shares and derivative instruments. The Balance Sheet Value is the actual value of the portfolio. Where a contract for difference (“CFD”) is held, the Balance Sheet Value reflects the profit or loss on the contract since it was opened and is based on how much the share price of the underlying share has moved.




 


Gross Asset 
£’000 


Exposure 
%1 
Balance 
Sheet 
Value 
£’000 
Long Exposures – shares unless otherwise stated
Axis Bank
Private sector bank 10,092  3.2  10,092 
HDFC Bank
Private sector bank 7,992  2.5  7,992 
Granules India
Pharmaceutical manufacturing company 7,445  2.3  7,445 
China Yongda Automobiles Services Holdings (shares and long CFD)
Investment holding company engaged in the sale of passenger vehicles and provision of related services 6,942  2.2  4,767 
Power Grid Corporation of India
Operator of the Indian national electricity grid 6,038  1.9  6,038 
Arwana Citramulia
Ceramics manufacturer 5,963  1.9  5,963 
Taiwan Semiconductor Manufacturing Company
Developer, manufacturer and distributor of semiconductor related products 5,752  1.8  5,752 
Shriram Transport Finance
Provider of hire purchase and lease finance for medium and heavy commercial vehicles 5,305  1.7  5,305 
Fufeng Group (shares and long CFD)
Bio-fermentation products manufacturer 5,284  1.6  5,131 
Redington India
Distributor of information technology products, mobile handsets and accessories 4,680  1.5  4,680 
SK Hynix
Memory semiconductor supplier of dynamic random-access memory chips and flash memory chips 4,580  1.4  4,580 
Chaowei Power
Manufacturer and seller of lead-acid motive batteries 4,247  1.3  4,247 
Hinduja Global Solutions
Provider of business process management services 4,243  1.3  4,243 
China Foods
Processor and distributor of food and beverages 4,205  1.3  4,205 
Xingda International Holdings
Manufacturer and producer of radical tire cords, bead wires and other wires 4,178  1.3  4,178 
Powertech Technology
Provider of turnkey services for chip probing, packaging and testing 4,074  1.3  4,074 
Taiwan Union Technology
Provider of professional support, value-added materials and advanced mass lamination service to the global electronics industry 3,943  1.2  3,943 
Texwinca Holdings
Production and sales of dyed yarns and knitted fabrics 3,763  1.2  3,763 
Japfa
Industrial agri-food company 3,667  1.1  3,667 
Chow Sang Holdings International (shares and long CFD)
Jewellery retailer 3,662  1.1  3,394 
--------------  --------------  -------------- 
Twenty largest long exposures 106,055  33.1  103,459 
========  ========  ======== 
Other long exposures 203,375  63.6  183,331 
--------------  --------------  -------------- 
Other long exposures before futures and hedges (157 holdings) 309,430  96.7  286,790 
Add: long futures ========  ========  ======== 
MSCI All Countries Asia ex Japan Index Future March 2021 4,701  1.5  340 
Add: hedging exposures
Forward Currency Contracts – 
--------------  --------------  -------------- 
Total long exposures after the netting of hedges 314,134  98.2  287,133 
========  ========  ======== 
Add: short exposures
Short CFDs (7 holdings) 5,679  1.8  (218)
Short Futures (1 holding) 1,213  0.4  66 
--------------  --------------  -------------- 
Gross Asset Exposure2 321,026  100.4 
========  ========  ======== 
Portfolio Fair Value3 286,981 
======== 
Net current assets (excluding derivative assets and liabilities) 32,915 
-------------- 
Total Shareholders’ Funds/Net Assets 319,896 
======== 

1   Gross Asset Exposure is expressed as a percentage of Total Shareholders’ Funds.

2   Gross Asset Exposure comprises market exposure to investments of £287,675,000 plus market exposure to derivative instruments of £33,351,000.

3   Portfolio Fair Value comprises investments of £287,675,000 plus derivative assets of £633,000 less derivative liabilities of £1,327,000 (per the Balance Sheet below).

INTERIM MANAGEMENT REPORT

BOARD CHANGES
Following the announcement of the proposed merger on 1 March 2021 between Invesco Enhanced Income Limited (Chaired by Kate Bolsover) and City Merchants High Yield Trust Limited (Chaired by Timothy Scholefield), Timothy Scholefield stood down as the Senior Independent Director of Fidelity Asian Values PLC on 22 April 2021.  He will not be standing for re-election at the Annual General Meeting later this year. 

Clare Brady took over as Senior Independent Director from 22 April and Michael Warren succeeded Timothy Scholefield as Chairman of the Management Engagement Committee.

DISCOUNT MANAGEMENT AND SHARE REPURCHASES
The Board operates an active discount management policy, the primary purpose of which is to reduce discount volatility. Repurchases of ordinary shares are made at the discretion of the Board and within guidelines set by it and in light of prevailing market conditions. Shares will only be repurchased when it results in an enhancement to the NAV of the ordinary shares. In order to assist in managing the discount, the Board has shareholder approval to hold in Treasury any ordinary shares repurchased by the Company, rather than cancelling them. Any shares held in Treasury would only be re-issued at NAV per share or at a premium to NAV per share.

There continues to be turmoil in the world’s financial markets and at times the Company’s discount has been volatile in reaction to such market conditions. The Board has therefore approved the repurchase of 742,273 ordinary shares for holding in Treasury in the six months to 31 January 2021. Since then and as at the date of this report, 10,955 further shares have been repurchased into Treasury.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board, with the assistance of the Alternative Investment Fund Manager (FIL Investment Services (UK) Limited/the “Manager”), has developed a risk matrix which, as part of the risk management and internal controls process, has identified the key risks and uncertainties faced by the Company. These principal risks and uncertainties fall to the following categories: market, economic and political risk; investment performance risk; key person risk; discount control risk; gearing risk; derivatives risk; currency risk; cybercrime risk and pandemic risk. Other risks facing the Company include tax and regulatory risks and operational (service providers) risks. Information on each of these risks can be found in the Strategic Report section of the Annual Report for the year ended 31 July 2020 which is published on the Company’s pages of the Manager’s website at www.fidelity.co.uk/asianvalues.

These principal risks and uncertainties have not materially changed during the six months to 31 January 2021, and are equally applicable to the remaining six months of the Company’s financial year.

CORONAVIRUS (COVID-19)
With the pandemic continuing to evolve and variants of COVID-19 appearing, it is evident that although COVID-19 is being tackled by the arrival of vaccines, risks remain. The risks are being kept under constant review by the Board and the Manager. Investors should be prepared for market fluctuations and remember that holding shares in the Company should be considered a long-term investment. These risks are somewhat mitigated by the investment trust structure of the Company which means that no forced sales will need to take place to deal with any redemptions. Therefore, investments in the Company’s portfolio can be held over a longer time horizon.

The Manager carries on reviewing its business continuity plans and operational resilience strategies on an ongoing basis and continues to take all reasonable steps in meeting its regulatory obligations and to assess operational risks, the ability to continue operating and the steps it needs to take to serve and support its clients, including the Board. For example, to enhance its resilience and to look after the safety of employees, the Manager has mandated that all staff work from home and has implemented split team working for those whose work is deemed necessary to be carried out in an office. The Manager follows the self-isolation and lock-down arrangements on staff in line with Government recommendations and guidance.

Investment team key activities are performing well despite the operational challenges posed by portfolio managers, analysts and trading/support functions working from home or in split team arrangements.

The Company’s other third party service providers have also implemented similar measures to ensure business disruption can be kept to a minimum.

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
The Manager has delegated the Company’s portfolio management and company secretariat services to FIL Investments International. Transactions with the Manager and related party transactions with the Directors are disclosed in Note 12 to the Financial Statements below.

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 (being mainly securities which are readily realisable) and its expenditure and cash flow projections and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these Financial Statements.

This conclusion also takes into account the Board’s assessment of the continuing risks arising from COVID-19 as set out above.

Continuation votes are held every five years and the next continuation vote will be put to shareholders at the Annual General Meeting later this year.

BY ORDER OF THE BOARD.
FIL INVESTMENTS INTERNATIONAL
26 April 2021

DIRECTORS’ RESPONSIBILITY STATEMENT

The Disclosure and Transparency Rules (“DTR”) of the UK Listing 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 Manager’s Half-Yearly Review and Interim Management Report above, includes 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 26 April 2021 and the above responsibility statement was signed on its behalf by Kate Bolsover, Chairman.

FINANCIAL STATEMENTS

INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 JANUARY 2021


 

 
six months ended 31 January 2021
unaudited
six months ended 31 January 2020
unaudited
year ended 31 July 2020
audited

 

Notes 
revenue 
£’000 
capital 
£’000 
total 
£’000 
revenue 
£’000 
capital 
£’000 
total 
£’000 
revenue 
£’000 
capital 
£’000 
total 
£’000 
Gains/(losses) on investments –  54,689  54,689  –  (46,281) (46,281) –  (66,743) (66,743)
Gains on derivative instruments –  3,675  3,675  –  1,786  1,786  –  6,285  6,285 
Income 4,017  –  4,017  4,206  –  4,206  10,602  –  10,602 
Investment management fees (1,052) 292  (760) (1,063) 55  (1,008) (1,967) 312  (1,655)
Other expenses (389) –  (389) (440) –  (440) (797) –  (797)
Foreign exchange losses –  (1,095) (1,095) –  (528) (528) –  (1,532) (1,532)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Net return/(loss) on ordinary activities before finance costs and taxation 2,576  57,561  60,137  2,703  (44,968) (42,265) 7,838  (61,678) (53,840)
========  ========  ========  ========  ========  ========  ========  ========  ======== 
Finance costs (143) –  (143) (358) –  (358) (686) –  (686)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Net return/(loss) on ordinary activities before taxation 2,433  57,561  59,994  2,345  (44,968) (42,623) 7,152  (61,678) (54,526)
========  ========  ========  ========  ========  ========  ========  ========  ======== 
Taxation on return/(loss) on ordinary activities (548) (134) (682) (324) (316) (731) (724)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Net return/(loss) on ordinary activities after taxation for the period 1,885  57,427  59,312  2,021  (44,960) (42,939) 6,421  (61,671) (55,250)
========  ========  ========  ========  ========  ========  ========  ========  ======== 
Return/(loss) per ordinary share 2.57p  78.21p  80.78p  2.75p  (61.15p) (58.40p) 8.64p  (82.95p) (74.31p)
========  ========  ========  ========  ========  ========  ========  ========  ======== 

The Company does not have any other comprehensive income. Accordingly the net return/(loss) 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 2021




Notes 

share 
capital 
£’000 
share 
premium 
account 
£’000 
capital 
redemption 
reserve 
£’000 
other non- 
distributable 
reserve 
£’000 

other 
reserve 
£’000 

capital 
reserve 
£’000 

revenue 
reserve 
£’000 
total 
shareholders’ 
funds 
£’000 
Six months ended 31 January 2021 (unaudited)
Total shareholders’ funds at 31 July 2020 18,895  50,501  3,197  7,367  3,379  176,283  9,778  269,400 
Net return on ordinary activities after taxation for the period –  –  –  –  –  57,427  1,885  59,312 
Repurchase of ordinary shares 10  –  –  –  –  (2,575) –  –  (2,575)
Dividend paid to shareholders –  –  –  –  –  –  (6,241) (6,241)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Total shareholders’ funds at 31 January 2021 18,895  50,501  3,197  7,367  804  233,710  5,422  319,896 
========  ========  ========  ========  ========  ========  ========  ======== 
Six months ended 31 January 2020 (unaudited)
Total shareholders’ funds at 31 July 2019 18,058  38,073  3,197  7,367  8,613  237,954  9,737  322,999 
Net (loss)/return on ordinary activities after taxation for the period –  –  –  –  –  (44,960) 2,021  (42,939)
Issue of ordinary shares on the exercise of rights attached to subscription shares 10  770  11,332  –  –  –  –  –  12,102 
Issue of new ordinary shares 10  67  1,096  –  –  –  –  –  1,163 
Dividend paid to shareholders –  –  –  –  –  –  (6,380) (6,380)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Total shareholders’ funds at 31 January 2020 18,895  50,501  3,197  7,367  8,613  192,994  5,378  286,945 
========  ========  ========  ========  ========  ========  ========  ======== 
Year ended 31 July 2020 (audited)
Total shareholders’ funds at 31 July 2019 18,058  38,073  3,197  7,367  8,613  237,954  9,737  322,999 
Net (loss)/return on ordinary activities after taxation for the year –  –  –  –  –  (61,671) 6,421  (55,250)
Repurchase of ordinary shares 10  –  –  –  –  (5,234) –  –  (5,234)
Issue of ordinary shares on the exercise of rights attached to subscription shares 10  770  11,332  –  –  –  –  –  12,102 
Issue of new ordinary shares 10  67  1,096  –  –  –  –  –  1,163 
Dividend paid to shareholders –  –  –  –  –  –  (6,380) (6,380)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Total shareholders’ funds at 31 July 2020 18,895  50,501  3,197  7,367  3,379  176,283  9,778  269,400 
========  ========  ========  ========  ========  ========  ========  ======== 

BALANCE SHEET AS AT 31 JANUARY 2021
Company Number 3183919



Notes 
31.01.21 
unaudited 
£’000 
31.07.20 
audited 
£’000 
31.01.20 
unaudited 
£’000 
Fixed assets
Investments 287,675  241,271  272,307 
Current assets
Derivative instruments 633  7,299  2,230 
Debtors 3,446  1,886  718 
Amounts held at futures clearing houses and brokers 1,113  1,115  1,670 
Cash at bank 30,161  21,262  13,286 
--------------  --------------  -------------- 
35,353  31,562  17,904 
========  ========  ======== 
Current liabilities
Derivative instruments (1,327) (1,149) (1,763)
Other creditors (1,805) (2,284) (1,503)
--------------  --------------  -------------- 
(3,132) (3,433) (3,266)
========  ========  ======== 
Net current assets 32,221  28,129  14,638 
========  ========  ======== 
Net assets 319,896  269,400  286,945 
========  ========  ======== 
Capital and reserves
Share capital 10  18,895  18,895  18,895 
Share premium account 50,501  50,501  50,501 
Capital redemption reserve 3,197  3,197  3,197 
Other non-distributable reserve 7,367  7,367  7,367 
Other reserve 804  3,379  8,613 
Capital reserve 233,710  176,283  192,994 
Revenue reserve 5,422  9,778  5,378 
--------------  --------------  -------------- 
Total shareholders’ funds 319,896  269,400  286,945 
========  ========  ======== 
Net asset value per ordinary share 11  437.08p  364.39p  379.65p 
========  ========  ======== 

NOTES TO THE FINANCIAL STATEMENTS

1 PRINCIPAL ACTIVITY
Fidelity Asian Values PLC is an Investment Company incorporated in England and Wales with a premium listing 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 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 2020 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 October 2019. 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 2020.

(ii) Going Concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 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 Board’s assessment of the continuing risks arising from COVID-19.

4 INCOME





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Investment income
Overseas dividends 3,382  3,889  9,817 
Overseas scrip dividends 310  45  45 
--------------  --------------  -------------- 
3,692  3,934  9,862 
========  ========  ======== 
Derivative income
Dividends received on long CFDs 320  143  536 
Interest received on CFDs 97  154 
--------------  --------------  -------------- 
325  240  690 
========  ========  ======== 
Other interest
Interest received on collateral and deposits –  32  50 
--------------  --------------  -------------- 
Total income 4,017  4,206  10,602 
========  ========  ======== 

Special dividends of £3,676,000 have been recognised in capital (six months ended 31 January 2020 and year ended 31 July 2020: £nil).

5 INVESTMENT MANAGEMENT FEES





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Investment management fees - base (charged to revenue) 1,052  1,063  1,967 
Investment management fees - variable (credited to capital) (292) (55) (312)
--------------  --------------  -------------- 
760  1,008  1,655 
========  ========  ======== 

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.

The Company 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 Comparative Index. Fees are payable monthly in arrears and are calculated on a daily basis.

6 TAXATION ON RETURN/(LOSS) ON ORDINARY ACTIVITIES





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Revenue - taxation on overseas dividends 548  324  731 
Capital - Indian capital gains tax charged/(credited) in the period 134  (8) (7)
--------------  --------------  -------------- 
Total taxation charge for the period 682  316  724 
========  ========  ======== 

7 RETURN/(LOSS) PER ORDINARY SHARE




 
six months 
ended 
31.01.21 
unaudited 
six months 
ended 
31.01.20 
unaudited 
year 
ended 
31.07.20 
audited 
Revenue return per ordinary share 2.57p  2.75p  8.64p 
Capital return/(loss) per ordinary share 78.21p  (61.15p) (82.95p)
--------------  --------------  -------------- 
Total return/(loss) per ordinary share 80.78p  (58.40p) (74.31p)
========  ========  ======== 

The return/(loss) per ordinary share is based on the net return/(loss) on ordinary activities after taxation for the period divided by the weighted average number of ordinary shares in issue during the period, as shown below:

£’000  £’000  £’000 
Net revenue return on ordinary activities after taxation 1,885  2,021  6,421 
Net capital return/(loss) on ordinary activities after taxation 57,427  (44,960) (61,671)
--------------  --------------  -------------- 
Net total return/(loss) on ordinary activities after taxation 59,312  (42,939) (55,250)
========  ========  ======== 

   

number  number  number 
Weighted average number of ordinary shares held outside of Treasury during the period 73,428,741  73,529,470  74,348,836 
========  ========  ======== 

8 DIVIDENDS PAID TO SHAREHOLDERS





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Dividend of 8.50 pence per ordinary share paid for the year ended 31 July 2020 6,241  –  – 
Dividend of 8.80 pence per ordinary share paid for the year ended 31 July 2019 –  6,380  6,380 
--------------  --------------  -------------- 
6,241  6,380  6,380 
========  ========  ======== 

No dividend has been declared in respect of the six months ended 31 January 2021.

9 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 table below sets out the Company’s fair value hierarchy:


31 January 2021 (unaudited)
level 1 
£’000 
level 2 
£’000 
level 3 
£’000 
total 
£’000 
Financial assets at fair value through profit or loss
Investments 284,357  2,157  1,161  287,675 
Derivative instrument assets 406  227  –  633 
--------------  --------------  --------------  -------------- 
284,763  2,384  1,161  288,308 
========  ========  ========  ======== 
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities –  (1,327) –  (1,327)
========  ========  ========  ======== 

   


31 July 2020 (audited)
level 1 
£’000 
level 2 
£’000 
level 3 
£’000 
total 
£’000 
Financial assets at fair value through profit or loss
Investments 238,836  2,096  339  241,271 
Derivative instrument assets 487  6,812  –  7,299 
--------------  --------------  --------------  -------------- 
239,323  8,908  339  248,570 
========  ========  ========  ======== 
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities –  (1,149) –  (1,149)
========  ========  ========  ======== 

   


31 January 2020 (unaudited)
level 1 
£’000 
level 2 
£’000 
level 3 
£’000 
total 
£’000 
Financial assets at fair value through profit or loss
Investments 270,739  1,052  516  272,307 
Derivative instrument assets –  2,230  –  2,230 
--------------  --------------  --------------  -------------- 
270,739  3,282  516  274,537 
========  ========  ========  ======== 
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities (511) (1,252) –  (1,763)
========  ========  ========  ======== 

10 SHARE CAPITAL


 
31 January 2021
unaudited
31 July 2020
audited
31 January 2020
unaudited

 
number of 
shares 

£’000 
number of 
shares 

£’000 
number of 
shares 

£’000 
Issued, allotted and fully paid
Ordinary shares of 25 pence each held outside of Treasury
Beginning of the period 73,932,107  18,483  72,233,453  18,058  72,233,453  18,058 
Ordinary shares issued on the exercise of rights –  –  3,081,455  770  3,081,455  770 
New ordinary shares issued –  –  265,981  67  265,981  67 
Ordinary shares repurchased into Treasury (742,273) (186) (1,648,782) (412) –  – 
--------------  --------------  --------------  --------------  --------------  -------------- 
End of the period 73,189,834  18,297  73,932,107  18,483  75,580,889  18,895 
========  ========  ========  ========  ========  ======== 
Ordinary shares of 25 pence each held in Treasury1
Beginning of the period 1,648,782  412  –  –  –  – 
Ordinary shares repurchased into Treasury 742,273  186  1,648,782  412  –  – 
--------------  --------------  --------------  --------------  --------------  -------------- 
End of the period 2,391,055  598  1,648,782  412  –  – 
========  ========  ========  ========  ========  ======== 

1   Ordinary shares held in Treasury carry no rights to vote, to receive a dividend or to participate in a winding up of the Company.


 
31 January 2021
unaudited
31 July 2020
audited
31 January 2020
unaudited

 
number of 
shares 

£’000 
number of 
shares 

£’000 
number of 
shares 

£’000 
Issued, allotted and fully paid
Subscription shares of 0.001 pence
Beginning of the period –  –  11,103,030  –  11,103,030  – 
Cancellation of subscription shares on the exercise of rights –  –  (3,081,455) –  (3,081,455) – 
Cancellation of subscription shares –  –  (8,021,575) –  (8,021,575) – 
End of the period –  –  –  –  –  – 
--------------  --------------  -------------- 
Total share capital 18,895  18,895  18,895 
========  ========  ======== 

The cost of ordinary shares repurchased into Treasury during the year was £2,575,000 (year ended 31 July 2020: £5,234,000 and six months ended 31 January 2020: £nil).

A bonus issue of subscription shares to ordinary shareholders on the basis of one subscription share for every five ordinary shares held took place on 5 December 2016. Each subscription share gives the holder the right, but not the obligation, to subscribe for one ordinary share upon payment of the subscription price. The subscription price is based on the published unaudited NAV per ordinary share at 2 December 2016, plus a premium depending upon the year in which the right is exercised. The subscription share rights can be exercised annually in the 25 business days prior to the relevant subscription date (on which the exercise would take effect). The subscription dates, subscription prices and premia are as follows:

Subscription date Subscription price Premium
First subscription date 30 November 2017 370.75p 1%
Second subscription date 30 November 2018 381.75p 4%
Final subscription date 29 November 2019 392.75p 7%

After the final subscription date of 29 November 2019, the Company appointed a trustee to exercise any rights remaining that were not exercised by shareholders, providing that by doing so a profit could be realised. To realise a profit the sale proceeds from selling the resulting ordinary shares in the market would need to be in excess of the 392.75 pence per share price of exercising the rights, plus any related expenses and fees. On 13 December 2019, the Board of the Company announced the Trustee did not exercise any of the unexercised subscription rights of the 8,021,575 outstanding subscription shares. The Trustee determined the net proceeds of sale after deduction of all costs and expenses, would not have exceeded the costs of exercising the subscription share rights. Therefore, all subscription share rights for the outstanding subscription shares lapsed with nil value.

In the prior period, the Company issued 3,081,455 ordinary shares on the exercise of rights attached to subscription shares. The subscription share price of 392.75 pence per ordinary share issued represented a premium of 367.75 pence per share over the 25 pence nominal value of each share. The total premium received on the issue of ordinary shares of £11,332,000 was credited to the share premium account.

The Company issued no new ordinary shares during the period (year ended 31 July 2020 and six months ended 31 January 2020: 265,981 shares). In the prior period, the total premium received on the issue of new ordinary shares of £1,096,000 was credited to the share premium account.

11 NET ASSET VALUE PER ORDINARY SHARE


 
31.01.21 
unaudited 
31.07.20 
audited 
31.01.20 
unaudited 
Total shareholders’ funds £319,896,000  £269,400,000  £286,945,000 
Ordinary shares held outside of Treasury at period end 73,189,834  73,932,107  75,580,889 
Net asset value per ordinary share 437.08p  364.39p  379.65p 
==========  ==========  ========== 

It is the Company’s policy that shares held in Treasury will only be reissued at net asset value per ordinary share or at a premium to net asset value per ordinary share and, therefore, shares held in Treasury have no dilutive effect.

12 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 and the role of Company Secretary to FIL Investments International (“FII”). Both companies are Fidelity group companies.

Details of the fee arrangements are given in Note 5 above. During the period, management fees of £760,000 (six months ended 31 January 2020: £1,008,000 and year ended 31 July 2020: £1,655,000) and secretarial and administration fees of £38,000 (six months ended 31 January 2020: £38,000 and year ended 31 July 2020: £75,000) were payable to FII. At the Balance Sheet date, management fees of £143,000 (31 January 2020: £130,000 and 31 July 2020: £117,000) and secretarial and administration fees of £6,000 (31 January 2020: £6,000 and 31 July 2020: £6,000) were accrued and included in other creditors. FII also provides the Company with marketing services. The total amount payable for these services during the period was £66,000 (six months ended 31 January 2020: £64,000 and year ended 31 July 2020: £118,000). At the Balance Sheet date, marketing services of £13,000 (31 January 2020: £24,000 and 31 July 2020: £25,000) were accrued and included in other creditors.

As at 31 January 2021, the Board consisted of five non-executive Directors (as shown in the Half-Yearly Report), all of whom are considered to be independent by the Board. None of the Directors have a service contract with the Company. The Chairman receives an annual fee of £36,000, the Audit Committee Chairman an annual fee of £30,000 and each other Director an annual fee of £26,000. The following members of the Board held shares in the Company: Kate Bolsover 15,452 ordinary shares, Clare Brady 2,500 ordinary shares, Timothy Scholefield 12,000 ordinary shares, Grahame Stott 25,000 ordinary shares and Michael Warren 10,000 ordinary shares.

The financial information contained in this Half-Yearly Results Announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The financial information for the six months ended 31 January 2021 and 31 January 2020 has not been audited or reviewed by the Company’s Independent Auditor.

The information for the year ended 31 July 2020 has been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies, unless otherwise stated. The report of the Auditor on those financial statements contained no qualification or statement under sections 498(2) or (3) of the Companies Act 2006.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

A copy of the Half-Yearly Report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The Half-Yearly Report will also be available on the Company's website at www.fidelity.co.uk/asianvalues where up to date information on the Company, including daily NAV and share prices, factsheets and other information can also be found.

Fidelity Asian Values PLC

Half-Yearly Results for the six months ended 31 January 2021

Financial Highlights:                                

  • The Company’s NAV rose by +22.5% over the six-month period.
  • The Company’s share price increased by +27.7% compared with a +20.0% return of the Comparative Index.

Contacts

For further information please contact:

Anna-Marie Davis

Company Secretary

01737 834798

FIL Investments International

PORTFOLIO MANAGER’S HALF-YEARLY REVIEW

PERFORMANCE REVIEW
Over the six month period ended 31 January 2021, the net asset value (“NAV”) of Fidelity Asian Values PLC rose by 22.5% and the share price by 27.7%, compared with a 20.0% return of the Comparative Index. While these numbers are encouraging, longer-term performance is not as strong as I would have hoped for.

In Asia, there was an expectation that investors would rotate out of growth stocks and into value names in the last quarter of 2020 in the hope that value would benefit from an economic recovery. However, this trend has not played out to the extent we expected and stock selection was the key driver of the Company’s relative performance.

I continue to believe that fundamental analysis and owning good businesses which are run by competent management teams at attractive prices leaving sufficient margin of safety is the most time-tested way to make money in the stock market. I remain committed to my investment process.

In the last six months, the holdings in BFI Finance Indonesia, Shriram Transport Finance, Axis Bank, Redington India and Nickel Mines performed well and helped the Company’s performance relative to the Comparative Index. I continue to own these stocks for their longer-term growth prospects and attractive valuations.

Meanwhile, the main losses we suffered were from Chaowei Power, Sinopec Kantons, China Overseas Land & Investment and Gold Road Resources, which lagged the broader market. GCL Poly Energy, which was not held in the Company’s portfolio, performed extremely well and its absence detracted somewhat from performance relative to the Comparative Index.

COVID-19
The COVID-19 pandemic has caused considerable suffering across the world.

To date, the economic impact has been cushioned somewhat by large scale government interventions in the Western world, which has led to robust demand for goods being exported from Asia. So far, Asian countries have weathered the pandemic better than the West, likely the result of their demographic profile, high compliance with government restrictions and the early use of technology in the detection of cases.

Consequently, in my opinion, Asian countries will exit the pandemic in much better economic health than the USA or Europe given that governments in Asia have generally refrained from large scale fiscal stimulus.

As vaccines are rolled out, we are probably 9 to 12 months away from returning to normal unless we see something dramatically change with the virus.

INVESTMENT STRATEGY
The last few months in the markets have been unprecedented, pivoting from crisis to euphoria as the world started to anticipate normalisation following the pandemic. This, in addition to record levels of margin lending participation and speculative activity, has resulted in a two-speed market where stocks can be found at both valuation extremes.

Despite a brief recovery, smaller value companies are now trading at a 61% discount to large cap growth companies. This compares to a 65% discount seen during the peak of the tech bubble in 1999-2000, which was the height of the previous growth cycle.  Similarly, smaller value companies are trading at a 48% discount to small cap growth companies.

As a fundamental investor, my primary anchor for valuing any business is earnings and cash flows. I feel the current trend of using revenues or non-GAAP measures to value companies will be a passing trend - this has happened in the past and I do not believe this time will be any different.

Despite the outsized performance of growth stocks, the most interesting fact for me is that over time, value companies, especially in Asia, grow earnings faster than growth companies. I believe value stocks not only offer a higher margin of safety, but they are also able to grow earnings faster. As a result, it has paid off to be invested in small-cap value stocks in the longer-term. They have outperformed growth companies by a significant margin over the last 20 years.

I am excited by our holdings today. We own a portfolio of businesses which are dominant in their industries, earn good returns on capital and are available at attractive valuations.

·      Price to Earnings: 10.7x versus 15.5x for the Comparative Index.

·      Return on Equity at 15.5% versus 11.3% for the Comparative Index.

·      Dividend yield at 2.9% versus 2.2% for the Comparative Index.

·      Balance Sheets better than the Comparative Index.

My team and I are working harder than ever to find quality businesses and then test every assumption we are making about the company fundamentals going forward. A sound investment process, diligence, discipline and patience have always been – and will always be – important for success in investing.

NITIN BAJAJ
Portfolio Manager
26 April 2021

TWENTY LARGEST HOLDINGS AS AT 31 JANUARY 2021

The Gross Asset Exposures shown below measure exposure to market price movements as a result of owning shares and derivative instruments. The Balance Sheet Value is the actual value of the portfolio. Where a contract for difference (“CFD”) is held, the Balance Sheet Value reflects the profit or loss on the contract since it was opened and is based on how much the share price of the underlying share has moved.




 


Gross Asset 
£’000 


Exposure 
%1 
Balance 
Sheet 
Value 
£’000 
Long Exposures – shares unless otherwise stated
Axis Bank
Private sector bank 10,092  3.2  10,092 
HDFC Bank
Private sector bank 7,992  2.5  7,992 
Granules India
Pharmaceutical manufacturing company 7,445  2.3  7,445 
China Yongda Automobiles Services Holdings (shares and long CFD)
Investment holding company engaged in the sale of passenger vehicles and provision of related services 6,942  2.2  4,767 
Power Grid Corporation of India
Operator of the Indian national electricity grid 6,038  1.9  6,038 
Arwana Citramulia
Ceramics manufacturer 5,963  1.9  5,963 
Taiwan Semiconductor Manufacturing Company
Developer, manufacturer and distributor of semiconductor related products 5,752  1.8  5,752 
Shriram Transport Finance
Provider of hire purchase and lease finance for medium and heavy commercial vehicles 5,305  1.7  5,305 
Fufeng Group (shares and long CFD)
Bio-fermentation products manufacturer 5,284  1.6  5,131 
Redington India
Distributor of information technology products, mobile handsets and accessories 4,680  1.5  4,680 
SK Hynix
Memory semiconductor supplier of dynamic random-access memory chips and flash memory chips 4,580  1.4  4,580 
Chaowei Power
Manufacturer and seller of lead-acid motive batteries 4,247  1.3  4,247 
Hinduja Global Solutions
Provider of business process management services 4,243  1.3  4,243 
China Foods
Processor and distributor of food and beverages 4,205  1.3  4,205 
Xingda International Holdings
Manufacturer and producer of radical tire cords, bead wires and other wires 4,178  1.3  4,178 
Powertech Technology
Provider of turnkey services for chip probing, packaging and testing 4,074  1.3  4,074 
Taiwan Union Technology
Provider of professional support, value-added materials and advanced mass lamination service to the global electronics industry 3,943  1.2  3,943 
Texwinca Holdings
Production and sales of dyed yarns and knitted fabrics 3,763  1.2  3,763 
Japfa
Industrial agri-food company 3,667  1.1  3,667 
Chow Sang Holdings International (shares and long CFD)
Jewellery retailer 3,662  1.1  3,394 
--------------  --------------  -------------- 
Twenty largest long exposures 106,055  33.1  103,459 
========  ========  ======== 
Other long exposures 203,375  63.6  183,331 
--------------  --------------  -------------- 
Other long exposures before futures and hedges (157 holdings) 309,430  96.7  286,790 
Add: long futures ========  ========  ======== 
MSCI All Countries Asia ex Japan Index Future March 2021 4,701  1.5  340 
Add: hedging exposures
Forward Currency Contracts – 
--------------  --------------  -------------- 
Total long exposures after the netting of hedges 314,134  98.2  287,133 
========  ========  ======== 
Add: short exposures
Short CFDs (7 holdings) 5,679  1.8  (218)
Short Futures (1 holding) 1,213  0.4  66 
--------------  --------------  -------------- 
Gross Asset Exposure2 321,026  100.4 
========  ========  ======== 
Portfolio Fair Value3 286,981 
======== 
Net current assets (excluding derivative assets and liabilities) 32,915 
-------------- 
Total Shareholders’ Funds/Net Assets 319,896 
======== 

1   Gross Asset Exposure is expressed as a percentage of Total Shareholders’ Funds.

2   Gross Asset Exposure comprises market exposure to investments of £287,675,000 plus market exposure to derivative instruments of £33,351,000.

3   Portfolio Fair Value comprises investments of £287,675,000 plus derivative assets of £633,000 less derivative liabilities of £1,327,000 (per the Balance Sheet below).

INTERIM MANAGEMENT REPORT

BOARD CHANGES
Following the announcement of the proposed merger on 1 March 2021 between Invesco Enhanced Income Limited (Chaired by Kate Bolsover) and City Merchants High Yield Trust Limited (Chaired by Timothy Scholefield), Timothy Scholefield stood down as the Senior Independent Director of Fidelity Asian Values PLC on 22 April 2021.  He will not be standing for re-election at the Annual General Meeting later this year. 

Clare Brady took over as Senior Independent Director from 22 April and Michael Warren succeeded Timothy Scholefield as Chairman of the Management Engagement Committee.

DISCOUNT MANAGEMENT AND SHARE REPURCHASES
The Board operates an active discount management policy, the primary purpose of which is to reduce discount volatility. Repurchases of ordinary shares are made at the discretion of the Board and within guidelines set by it and in light of prevailing market conditions. Shares will only be repurchased when it results in an enhancement to the NAV of the ordinary shares. In order to assist in managing the discount, the Board has shareholder approval to hold in Treasury any ordinary shares repurchased by the Company, rather than cancelling them. Any shares held in Treasury would only be re-issued at NAV per share or at a premium to NAV per share.

There continues to be turmoil in the world’s financial markets and at times the Company’s discount has been volatile in reaction to such market conditions. The Board has therefore approved the repurchase of 742,273 ordinary shares for holding in Treasury in the six months to 31 January 2021. Since then and as at the date of this report, 10,955 further shares have been repurchased into Treasury.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board, with the assistance of the Alternative Investment Fund Manager (FIL Investment Services (UK) Limited/the “Manager”), has developed a risk matrix which, as part of the risk management and internal controls process, has identified the key risks and uncertainties faced by the Company. These principal risks and uncertainties fall to the following categories: market, economic and political risk; investment performance risk; key person risk; discount control risk; gearing risk; derivatives risk; currency risk; cybercrime risk and pandemic risk. Other risks facing the Company include tax and regulatory risks and operational (service providers) risks. Information on each of these risks can be found in the Strategic Report section of the Annual Report for the year ended 31 July 2020 which is published on the Company’s pages of the Manager’s website at www.fidelity.co.uk/asianvalues.

These principal risks and uncertainties have not materially changed during the six months to 31 January 2021, and are equally applicable to the remaining six months of the Company’s financial year.

CORONAVIRUS (COVID-19)
With the pandemic continuing to evolve and variants of COVID-19 appearing, it is evident that although COVID-19 is being tackled by the arrival of vaccines, risks remain. The risks are being kept under constant review by the Board and the Manager. Investors should be prepared for market fluctuations and remember that holding shares in the Company should be considered a long-term investment. These risks are somewhat mitigated by the investment trust structure of the Company which means that no forced sales will need to take place to deal with any redemptions. Therefore, investments in the Company’s portfolio can be held over a longer time horizon.

The Manager carries on reviewing its business continuity plans and operational resilience strategies on an ongoing basis and continues to take all reasonable steps in meeting its regulatory obligations and to assess operational risks, the ability to continue operating and the steps it needs to take to serve and support its clients, including the Board. For example, to enhance its resilience and to look after the safety of employees, the Manager has mandated that all staff work from home and has implemented split team working for those whose work is deemed necessary to be carried out in an office. The Manager follows the self-isolation and lock-down arrangements on staff in line with Government recommendations and guidance.

Investment team key activities are performing well despite the operational challenges posed by portfolio managers, analysts and trading/support functions working from home or in split team arrangements.

The Company’s other third party service providers have also implemented similar measures to ensure business disruption can be kept to a minimum.

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES
The Manager has delegated the Company’s portfolio management and company secretariat services to FIL Investments International. Transactions with the Manager and related party transactions with the Directors are disclosed in Note 12 to the Financial Statements below.

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 (being mainly securities which are readily realisable) and its expenditure and cash flow projections and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these Financial Statements.

This conclusion also takes into account the Board’s assessment of the continuing risks arising from COVID-19 as set out above.

Continuation votes are held every five years and the next continuation vote will be put to shareholders at the Annual General Meeting later this year.

BY ORDER OF THE BOARD.
FIL INVESTMENTS INTERNATIONAL
26 April 2021

DIRECTORS’ RESPONSIBILITY STATEMENT

The Disclosure and Transparency Rules (“DTR”) of the UK Listing 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 Manager’s Half-Yearly Review and Interim Management Report above, includes 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 26 April 2021 and the above responsibility statement was signed on its behalf by Kate Bolsover, Chairman.

FINANCIAL STATEMENTS

INCOME STATEMENT FOR THE SIX MONTHS ENDED 31 JANUARY 2021


 

 
six months ended 31 January 2021
unaudited
six months ended 31 January 2020
unaudited
year ended 31 July 2020
audited

 

Notes 
revenue 
£’000 
capital 
£’000 
total 
£’000 
revenue 
£’000 
capital 
£’000 
total 
£’000 
revenue 
£’000 
capital 
£’000 
total 
£’000 
Gains/(losses) on investments –  54,689  54,689  –  (46,281) (46,281) –  (66,743) (66,743)
Gains on derivative instruments –  3,675  3,675  –  1,786  1,786  –  6,285  6,285 
Income 4,017  –  4,017  4,206  –  4,206  10,602  –  10,602 
Investment management fees (1,052) 292  (760) (1,063) 55  (1,008) (1,967) 312  (1,655)
Other expenses (389) –  (389) (440) –  (440) (797) –  (797)
Foreign exchange losses –  (1,095) (1,095) –  (528) (528) –  (1,532) (1,532)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Net return/(loss) on ordinary activities before finance costs and taxation 2,576  57,561  60,137  2,703  (44,968) (42,265) 7,838  (61,678) (53,840)
========  ========  ========  ========  ========  ========  ========  ========  ======== 
Finance costs (143) –  (143) (358) –  (358) (686) –  (686)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Net return/(loss) on ordinary activities before taxation 2,433  57,561  59,994  2,345  (44,968) (42,623) 7,152  (61,678) (54,526)
========  ========  ========  ========  ========  ========  ========  ========  ======== 
Taxation on return/(loss) on ordinary activities (548) (134) (682) (324) (316) (731) (724)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Net return/(loss) on ordinary activities after taxation for the period 1,885  57,427  59,312  2,021  (44,960) (42,939) 6,421  (61,671) (55,250)
========  ========  ========  ========  ========  ========  ========  ========  ======== 
Return/(loss) per ordinary share 2.57p  78.21p  80.78p  2.75p  (61.15p) (58.40p) 8.64p  (82.95p) (74.31p)
========  ========  ========  ========  ========  ========  ========  ========  ======== 

The Company does not have any other comprehensive income. Accordingly the net return/(loss) 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 2021




Notes 

share 
capital 
£’000 
share 
premium 
account 
£’000 
capital 
redemption 
reserve 
£’000 
other non- 
distributable 
reserve 
£’000 

other 
reserve 
£’000 

capital 
reserve 
£’000 

revenue 
reserve 
£’000 
total 
shareholders’ 
funds 
£’000 
Six months ended 31 January 2021 (unaudited)
Total shareholders’ funds at 31 July 2020 18,895  50,501  3,197  7,367  3,379  176,283  9,778  269,400 
Net return on ordinary activities after taxation for the period –  –  –  –  –  57,427  1,885  59,312 
Repurchase of ordinary shares 10  –  –  –  –  (2,575) –  –  (2,575)
Dividend paid to shareholders –  –  –  –  –  –  (6,241) (6,241)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Total shareholders’ funds at 31 January 2021 18,895  50,501  3,197  7,367  804  233,710  5,422  319,896 
========  ========  ========  ========  ========  ========  ========  ======== 
Six months ended 31 January 2020 (unaudited)
Total shareholders’ funds at 31 July 2019 18,058  38,073  3,197  7,367  8,613  237,954  9,737  322,999 
Net (loss)/return on ordinary activities after taxation for the period –  –  –  –  –  (44,960) 2,021  (42,939)
Issue of ordinary shares on the exercise of rights attached to subscription shares 10  770  11,332  –  –  –  –  –  12,102 
Issue of new ordinary shares 10  67  1,096  –  –  –  –  –  1,163 
Dividend paid to shareholders –  –  –  –  –  –  (6,380) (6,380)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Total shareholders’ funds at 31 January 2020 18,895  50,501  3,197  7,367  8,613  192,994  5,378  286,945 
========  ========  ========  ========  ========  ========  ========  ======== 
Year ended 31 July 2020 (audited)
Total shareholders’ funds at 31 July 2019 18,058  38,073  3,197  7,367  8,613  237,954  9,737  322,999 
Net (loss)/return on ordinary activities after taxation for the year –  –  –  –  –  (61,671) 6,421  (55,250)
Repurchase of ordinary shares 10  –  –  –  –  (5,234) –  –  (5,234)
Issue of ordinary shares on the exercise of rights attached to subscription shares 10  770  11,332  –  –  –  –  –  12,102 
Issue of new ordinary shares 10  67  1,096  –  –  –  –  –  1,163 
Dividend paid to shareholders –  –  –  –  –  –  (6,380) (6,380)
--------------  --------------  --------------  --------------  --------------  --------------  --------------  -------------- 
Total shareholders’ funds at 31 July 2020 18,895  50,501  3,197  7,367  3,379  176,283  9,778  269,400 
========  ========  ========  ========  ========  ========  ========  ======== 

BALANCE SHEET AS AT 31 JANUARY 2021
Company Number 3183919



Notes 
31.01.21 
unaudited 
£’000 
31.07.20 
audited 
£’000 
31.01.20 
unaudited 
£’000 
Fixed assets
Investments 287,675  241,271  272,307 
Current assets
Derivative instruments 633  7,299  2,230 
Debtors 3,446  1,886  718 
Amounts held at futures clearing houses and brokers 1,113  1,115  1,670 
Cash at bank 30,161  21,262  13,286 
--------------  --------------  -------------- 
35,353  31,562  17,904 
========  ========  ======== 
Current liabilities
Derivative instruments (1,327) (1,149) (1,763)
Other creditors (1,805) (2,284) (1,503)
--------------  --------------  -------------- 
(3,132) (3,433) (3,266)
========  ========  ======== 
Net current assets 32,221  28,129  14,638 
========  ========  ======== 
Net assets 319,896  269,400  286,945 
========  ========  ======== 
Capital and reserves
Share capital 10  18,895  18,895  18,895 
Share premium account 50,501  50,501  50,501 
Capital redemption reserve 3,197  3,197  3,197 
Other non-distributable reserve 7,367  7,367  7,367 
Other reserve 804  3,379  8,613 
Capital reserve 233,710  176,283  192,994 
Revenue reserve 5,422  9,778  5,378 
--------------  --------------  -------------- 
Total shareholders’ funds 319,896  269,400  286,945 
========  ========  ======== 
Net asset value per ordinary share 11  437.08p  364.39p  379.65p 
========  ========  ======== 

NOTES TO THE FINANCIAL STATEMENTS

1 PRINCIPAL ACTIVITY
Fidelity Asian Values PLC is an Investment Company incorporated in England and Wales with a premium listing 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 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 2020 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 October 2019. 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 2020.

(ii) Going Concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 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 Board’s assessment of the continuing risks arising from COVID-19.

4 INCOME





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Investment income
Overseas dividends 3,382  3,889  9,817 
Overseas scrip dividends 310  45  45 
--------------  --------------  -------------- 
3,692  3,934  9,862 
========  ========  ======== 
Derivative income
Dividends received on long CFDs 320  143  536 
Interest received on CFDs 97  154 
--------------  --------------  -------------- 
325  240  690 
========  ========  ======== 
Other interest
Interest received on collateral and deposits –  32  50 
--------------  --------------  -------------- 
Total income 4,017  4,206  10,602 
========  ========  ======== 

Special dividends of £3,676,000 have been recognised in capital (six months ended 31 January 2020 and year ended 31 July 2020: £nil).

5 INVESTMENT MANAGEMENT FEES





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Investment management fees - base (charged to revenue) 1,052  1,063  1,967 
Investment management fees - variable (credited to capital) (292) (55) (312)
--------------  --------------  -------------- 
760  1,008  1,655 
========  ========  ======== 

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.

The Company 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 Comparative Index. Fees are payable monthly in arrears and are calculated on a daily basis.

6 TAXATION ON RETURN/(LOSS) ON ORDINARY ACTIVITIES





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Revenue - taxation on overseas dividends 548  324  731 
Capital - Indian capital gains tax charged/(credited) in the period 134  (8) (7)
--------------  --------------  -------------- 
Total taxation charge for the period 682  316  724 
========  ========  ======== 

7 RETURN/(LOSS) PER ORDINARY SHARE




 
six months 
ended 
31.01.21 
unaudited 
six months 
ended 
31.01.20 
unaudited 
year 
ended 
31.07.20 
audited 
Revenue return per ordinary share 2.57p  2.75p  8.64p 
Capital return/(loss) per ordinary share 78.21p  (61.15p) (82.95p)
--------------  --------------  -------------- 
Total return/(loss) per ordinary share 80.78p  (58.40p) (74.31p)
========  ========  ======== 

The return/(loss) per ordinary share is based on the net return/(loss) on ordinary activities after taxation for the period divided by the weighted average number of ordinary shares in issue during the period, as shown below:

£’000  £’000  £’000 
Net revenue return on ordinary activities after taxation 1,885  2,021  6,421 
Net capital return/(loss) on ordinary activities after taxation 57,427  (44,960) (61,671)
--------------  --------------  -------------- 
Net total return/(loss) on ordinary activities after taxation 59,312  (42,939) (55,250)
========  ========  ======== 

   

number  number  number 
Weighted average number of ordinary shares held outside of Treasury during the period 73,428,741  73,529,470  74,348,836 
========  ========  ======== 

8 DIVIDENDS PAID TO SHAREHOLDERS





 
six months 
ended 
31.01.21 
unaudited 
£’000 
six months 
ended 
31.01.20 
unaudited 
£’000 
year 
ended 
31.07.20 
audited 
£’000 
Dividend of 8.50 pence per ordinary share paid for the year ended 31 July 2020 6,241  –  – 
Dividend of 8.80 pence per ordinary share paid for the year ended 31 July 2019 –  6,380  6,380 
--------------  --------------  -------------- 
6,241  6,380  6,380 
========  ========  ======== 

No dividend has been declared in respect of the six months ended 31 January 2021.

9 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 table below sets out the Company’s fair value hierarchy:


31 January 2021 (unaudited)
level 1 
£’000 
level 2 
£’000 
level 3 
£’000 
total 
£’000 
Financial assets at fair value through profit or loss
Investments 284,357  2,157  1,161  287,675 
Derivative instrument assets 406  227  –  633 
--------------  --------------  --------------  -------------- 
284,763  2,384  1,161  288,308 
========  ========  ========  ======== 
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities –  (1,327) –  (1,327)
========  ========  ========  ======== 

   


31 July 2020 (audited)
level 1 
£’000 
level 2 
£’000 
level 3 
£’000 
total 
£’000 
Financial assets at fair value through profit or loss
Investments 238,836  2,096  339  241,271 
Derivative instrument assets 487  6,812  –  7,299 
--------------  --------------  --------------  -------------- 
239,323  8,908  339  248,570 
========  ========  ========  ======== 
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities –  (1,149) –  (1,149)
========  ========  ========  ======== 

   


31 January 2020 (unaudited)
level 1 
£’000 
level 2 
£’000 
level 3 
£’000 
total 
£’000 
Financial assets at fair value through profit or loss
Investments 270,739  1,052  516  272,307 
Derivative instrument assets –  2,230  –  2,230 
--------------  --------------  --------------  -------------- 
270,739  3,282  516  274,537 
========  ========  ========  ======== 
Financial liabilities at fair value through profit or loss
Derivative instrument liabilities (511) (1,252) –  (1,763)
========  ========  ========  ======== 

10 SHARE CAPITAL


 
31 January 2021
unaudited
31 July 2020
audited
31 January 2020
unaudited

 
number of 
shares 

£’000 
number of 
shares 

£’000 
number of 
shares 

£’000 
Issued, allotted and fully paid
Ordinary shares of 25 pence each held outside of Treasury
Beginning of the period 73,932,107  18,483  72,233,453  18,058  72,233,453  18,058 
Ordinary shares issued on the exercise of rights –  –  3,081,455  770  3,081,455  770 
New ordinary shares issued –  –  265,981  67  265,981  67 
Ordinary shares repurchased into Treasury (742,273) (186) (1,648,782) (412) –  – 
--------------  --------------  --------------  --------------  --------------  -------------- 
End of the period 73,189,834  18,297  73,932,107  18,483  75,580,889  18,895 
========  ========  ========  ========  ========  ======== 
Ordinary shares of 25 pence each held in Treasury1
Beginning of the period 1,648,782  412  –  –  –  – 
Ordinary shares repurchased into Treasury 742,273  186  1,648,782  412  –  – 
--------------  --------------  --------------  --------------  --------------  -------------- 
End of the period 2,391,055  598  1,648,782  412  –  – 
========  ========  ========  ========  ========  ======== 

1   Ordinary shares held in Treasury carry no rights to vote, to receive a dividend or to participate in a winding up of the Company.


 
31 January 2021
unaudited
31 July 2020
audited
31 January 2020
unaudited

 
number of 
shares 

£’000 
number of 
shares 

£’000 
number of 
shares 

£’000 
Issued, allotted and fully paid
Subscription shares of 0.001 pence
Beginning of the period –  –  11,103,030  –  11,103,030  – 
Cancellation of subscription shares on the exercise of rights –  –  (3,081,455) –  (3,081,455) – 
Cancellation of subscription shares –  –  (8,021,575) –  (8,021,575) – 
End of the period –  –  –  –  –  – 
--------------  --------------  -------------- 
Total share capital 18,895  18,895  18,895 
========  ========  ======== 

The cost of ordinary shares repurchased into Treasury during the year was £2,575,000 (year ended 31 July 2020: £5,234,000 and six months ended 31 January 2020: £nil).

A bonus issue of subscription shares to ordinary shareholders on the basis of one subscription share for every five ordinary shares held took place on 5 December 2016. Each subscription share gives the holder the right, but not the obligation, to subscribe for one ordinary share upon payment of the subscription price. The subscription price is based on the published unaudited NAV per ordinary share at 2 December 2016, plus a premium depending upon the year in which the right is exercised. The subscription share rights can be exercised annually in the 25 business days prior to the relevant subscription date (on which the exercise would take effect). The subscription dates, subscription prices and premia are as follows:

Subscription date Subscription price Premium
First subscription date 30 November 2017 370.75p 1%
Second subscription date 30 November 2018 381.75p 4%
Final subscription date 29 November 2019 392.75p 7%

After the final subscription date of 29 November 2019, the Company appointed a trustee to exercise any rights remaining that were not exercised by shareholders, providing that by doing so a profit could be realised. To realise a profit the sale proceeds from selling the resulting ordinary shares in the market would need to be in excess of the 392.75 pence per share price of exercising the rights, plus any related expenses and fees. On 13 December 2019, the Board of the Company announced the Trustee did not exercise any of the unexercised subscription rights of the 8,021,575 outstanding subscription shares. The Trustee determined the net proceeds of sale after deduction of all costs and expenses, would not have exceeded the costs of exercising the subscription share rights. Therefore, all subscription share rights for the outstanding subscription shares lapsed with nil value.

In the prior period, the Company issued 3,081,455 ordinary shares on the exercise of rights attached to subscription shares. The subscription share price of 392.75 pence per ordinary share issued represented a premium of 367.75 pence per share over the 25 pence nominal value of each share. The total premium received on the issue of ordinary shares of £11,332,000 was credited to the share premium account.

The Company issued no new ordinary shares during the period (year ended 31 July 2020 and six months ended 31 January 2020: 265,981 shares). In the prior period, the total premium received on the issue of new ordinary shares of £1,096,000 was credited to the share premium account.

11 NET ASSET VALUE PER ORDINARY SHARE


 
31.01.21 
unaudited 
31.07.20 
audited 
31.01.20 
unaudited 
Total shareholders’ funds £319,896,000  £269,400,000  £286,945,000 
Ordinary shares held outside of Treasury at period end 73,189,834  73,932,107  75,580,889 
Net asset value per ordinary share 437.08p  364.39p  379.65p 
==========  ==========  ========== 

It is the Company’s policy that shares held in Treasury will only be reissued at net asset value per ordinary share or at a premium to net asset value per ordinary share and, therefore, shares held in Treasury have no dilutive effect.

12 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 and the role of Company Secretary to FIL Investments International (“FII”). Both companies are Fidelity group companies.

Details of the fee arrangements are given in Note 5 above. During the period, management fees of £760,000 (six months ended 31 January 2020: £1,008,000 and year ended 31 July 2020: £1,655,000) and secretarial and administration fees of £38,000 (six months ended 31 January 2020: £38,000 and year ended 31 July 2020: £75,000) were payable to FII. At the Balance Sheet date, management fees of £143,000 (31 January 2020: £130,000 and 31 July 2020: £117,000) and secretarial and administration fees of £6,000 (31 January 2020: £6,000 and 31 July 2020: £6,000) were accrued and included in other creditors. FII also provides the Company with marketing services. The total amount payable for these services during the period was £66,000 (six months ended 31 January 2020: £64,000 and year ended 31 July 2020: £118,000). At the Balance Sheet date, marketing services of £13,000 (31 January 2020: £24,000 and 31 July 2020: £25,000) were accrued and included in other creditors.

As at 31 January 2021, the Board consisted of five non-executive Directors (as shown in the Half-Yearly Report), all of whom are considered to be independent by the Board. None of the Directors have a service contract with the Company. The Chairman receives an annual fee of £36,000, the Audit Committee Chairman an annual fee of £30,000 and each other Director an annual fee of £26,000. The following members of the Board held shares in the Company: Kate Bolsover 15,452 ordinary shares, Clare Brady 2,500 ordinary shares, Timothy Scholefield 12,000 ordinary shares, Grahame Stott 25,000 ordinary shares and Michael Warren 10,000 ordinary shares.

The financial information contained in this Half-Yearly Results Announcement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The financial information for the six months ended 31 January 2021 and 31 January 2020 has not been audited or reviewed by the Company’s Independent Auditor.

The information for the year ended 31 July 2020 has been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies, unless otherwise stated. The report of the Auditor on those financial statements contained no qualification or statement under sections 498(2) or (3) of the Companies Act 2006.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

A copy of the Half-Yearly Report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The Half-Yearly Report will also be available on the Company's website at www.fidelity.co.uk/asianvalues where up to date information on the Company, including daily NAV and share prices, factsheets and other information can also be found.


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