We have recently met with Allan Liu and Teera Chanpongsang, managers of the Fidelity South East Asia and Fidelity Funds Emerging Asia funds respectively. Mr Chanpongsang will become manager of the UK-domiciled Fidelity South East Asia fund on 1st of January 2014, taking over from Allan Liu. While we are aware of the slight differences in their portfolio management styles and the impact this is likely to have on the UK-domiciled fund going forward, we have a positive view of Mr Chanpongsang and his investment approach on his Fidelity Funds Emerging Asia fund. We therefore believe a
Morningstar OBSR Analyst Rating™ of Bronze is appropriate for the fund at this time. We expect the Fidelity South East Asia fund to retain its growth equity bias but we anticipate that Mr Chanpongsang will temper exposure to higher-valued growth equities due to his valuation-conscious approach, while also managing a more concentrated portfolio. The Luxembourg-domiciled Fidelity Funds South East Asia will continue to be managed by Allan Liu, whom we hold in high regard for and we are retaining the Morningstar OBSR Analyst Rating of Silver for this fund.
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