Morningstar Fund Report | 07/04/2025

Fidelity Funds - Asian Smaller Companies Fund A-Acc-SGD

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	15.4	4.7	6.0	2.4	-2.2
	+/-Cat	1.4	15.3	1.5	-5.1	6.5
	+/-B’mrk	-6.5	15.0	-8.7	-6.2	7.8


Category: Asia ex-Japan Small/Mid-Cap Equity
Category Benchmark: MSCI AC Asia Ex JPN Small C...

Key Stats
NAV 04/04/2025		SGD 1.58
Day Change		-2.22%
Morningstar Category™		Asia ex-Japan Small/Mid-Cap Equity
ISIN		LU1166156734
Fund Size (Mil) 28/02/2025		EUR 1086.68
Share Class Size (Mil) 04/04/2025		SGD 5.19
Max Initial Charge		5.25%
Ongoing Charge 28/03/2025		1.94%

Morningstar Research

Analyst Report	27/03/2024 Claire Liang, Senior Analyst Morningstar, Inc
Fidelity Asian Smaller Companies continues to benefit from an experienced portfolio manager backed by vast analytical resources, as well as a disciplined and time-tested approach. Most share classes of the Luxembourg-domiciled vehicle retain...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	24
Parent	24
Process	24
Performance
Price

Investment Objective: Fidelity Funds - Asian Smaller Companies Fund A-Acc-SGD

The fund aims to achieve capital growth over the long term. The fund invests at least 70% of its assets, in equities of smaller companies that are headquartered, or do most of their business, in Asia Pacific (excluding Japan), including emerging markets. The fund may also invest in money market instruments on an ancillary basis. The fund will invest less than 30% of its assets (directly and/or indirectly) in China A and B Shares (in aggregate). In actively managing the fund, the Investment Manager considers growth and valuation metrics, company financials, return on capital, cash flows and other measures, as well as company management, industry, economic conditions, and other factors. More particularly, the fund is managed with a quality and value bias within the Asian smaller companies’ space.

Returns

Trailing Returns (GBP)	04/04/2025
YTD	-6.55
3 Years Annualised	1.71
5 Years Annualised	12.55
10 Years Annualised	5.93

12 Month Yield

0.00

Management

Manager Name Start Date
Nitin Bajaj 02/09/2013
Ajinkya Dhavale 29/02/2024
Inception Date 26/01/2015

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI AC Asia Pac ex JP SC Aus 10% NR USD	MSCI AC Asia Ex JPN Small Cap NR USD

Portfolio Profile for Fidelity Funds - Asian Smaller Companies Fund A-Acc-SGD	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	100.31	0.00	100.31
Bond	0.01	0.00	0.01
Property	0.00	0.00	0.00
Cash	0.55	1.06	-0.52
Other	0.19	0.00	0.19

Top 5 Regions	%
Asia - Emerging	66.06
Asia - Developed	26.17
Australasia	4.07
United States	1.47
United Kingdom	1.36

Top 5 Sectors		%
	Consumer Cyclical	18.13
	Financial Services	16.09
	Industrials	12.55
	Consumer Defensive	12.28
	Technology	10.35

Top 5 Holdings	Sector	%
Axis Bank Ltd	Financial Services	2.83
PT Bank Negara Indonesia (Perser...	Financial Services	2.78
BOC Aviation Ltd Shs Unitary 144...	Industrials	2.41
PT Indofood CBP Sukses Makmur Tbk	Consumer Defensive	2.36
Genpact Ltd	Technology	2.26

Increase Decrease New since last portfolio
Fidelity Funds - Asian Smaller Companies Fund A-Acc-SGD

Growth Of 1000 (GBP)

31/03/2025

	Fund: Fidelity Funds - Asian Smaller Companies Fund A-Acc-SGD
	Category: Asia ex-Japan Small/Mid-Cap Equity
	Category Index: MSCI AC Asia Ex JPN Small Cap NR USD

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-4.14	0.03	10.35	15.37	4.65	6.01	2.42	-2.17
+/- Category	8.84	-8.23	-10.85	1.42	15.27	1.52	-5.07	6.46
+/- Category Index	9.69	-3.05	-11.95	-6.47	14.97	-8.70	-6.18	7.77
% Rank in Category	2	92	76	32	4	49	67	5

Trailing Returns (GBP)			04/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-2.22	-0.87	-2.93
1 Week	-5.25	-0.06	-3.41
1 Month	-3.03	2.38	-1.04
3 Months	-7.13	4.84	3.60
6 Months	-11.52	1.63	0.34
YTD	-6.55	4.87	3.52
1 Year	-7.43	1.95	-2.29
3 Years Annualised	1.71	2.81	0.64
5 Years Annualised	12.55	2.88	-1.08
10 Years Annualised	5.93	0.98	0.49

Category: Asia ex-Japan Small/Mid-Cap Equity
Category Index: MSCI AC Asia Ex JPN Small Cap NR USD

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	-2.17	-	-	-
2024	1.78	0.24	2.38	-1.94
2023	1.33	-1.52	5.49	0.71
2022	-1.91	0.58	1.39	4.63
2021	8.20	6.59	-0.72	0.76
2020	-23.66	18.89	5.83	14.88

Morningstar Rating™(Relative to Category)

31/03/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Above Average	Below Average
5-Year	Above Average	Low
10-Year	Above Average	Below Average
Overall	Above Average	Below Average

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	11.39 %
3-Yr Mean Return	4.91 %


3-Yr Sharpe Ratio	0.07

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	MSCI AC Asia Ex JPN Small Cap NR USD	Morningstar APAC xJpn TME NR USD
3-Yr Beta	0.85	0.79
3-Yr Alpha	2.04	1.28

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	EUR 2378	-


Market Capitalisation	% of Equity
Giant	8.64
Large	30.19
Medium	35.55
Small	14.30
Micro	11.32

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	8.20	0.70
Price/Book	0.84	0.61
Price/Sales	0.53	0.50
Price/Cash Flow	4.10	0.57
Dividend-Yield Factor	4.43	1.42

Long-Term Projected Earnings Growth	8.28	0.83
Historical Earnings Growth	0.72	0.26
Sales Growth	-1.82	-1.25
Cash-Flow Growth	-8.07	2.16
Book-Value Growth	5.78	0.90

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stock	100.31	0.00	100.31
Bond	0.01	0.00	0.01
Property	0.00	0.00	0.00
Cash	0.55	1.06	-0.52
Other	0.19	0.00	0.19

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	1.47	1.55
Canada	0.00	0.00
Latin America	0.00	0.00
United Kingdom	1.36	1.42
Eurozone	0.87	1.75
Europe - ex Euro	0.00	0.00
Europe - Emerging	0.00	0.00
Africa	0.00	0.00
Middle East	0.00	0.00
Japan	0.00	0.00
Australasia	4.07	1.28
Asia - Developed	26.17	0.85
Asia - Emerging	66.06	1.05

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	10.19	1.92
Consumer Cyclical	18.13	1.07
Financial Services	16.09	1.14
Real Estate	7.57	1.45
Consumer Defensive	12.28	1.25
Healthcare	5.58	0.77
Utilities	2.34	1.81
Communication Services	1.81	0.55
Energy	3.11	1.55
Industrials	12.55	0.85
Technology	10.35	0.52

Top 10 Holdings

28/02/2025

	Portfolio NEW
Total Number of Equity Holdings	143
Total Number of Bond Holdings	2
Assets in Top 10 Holdings	21.80

Name	Sector	Country	% of Assets
Axis Bank Ltd		India	2.83
PT Bank Negara Indonesia (Persero) Tb...		Indonesia	2.78
BOC Aviation Ltd Shs Unitary 144A/Reg S		China	2.41
PT Indofood CBP Sukses Makmur Tbk		Indonesia	2.36
Genpact Ltd		India	2.26
Taiwan Semiconductor Manufacturing Co...		Taiwan	2.16
The Federal Bank Ltd		India	1.89
Crystal International Group Ltd Ordin...		Hong Kong	1.89
Sinotrans Ltd Class H		China	1.63
China Overseas Grand Oceans Group Ltd		China	1.59

Increase Decrease New since last portfolio
Category: Asia ex-Japan Small/Mid-Cap Equity

Management

Name of Company	Fidelity (FIL Inv Mgmt (Lux) S.A.)
Phone	+ 352 250 404 2400
Website	www.fidelity-international.com
Address	2a, rue Albert Borschette
	Luxembourg L-1246
	Luxembourg

Domicile	Luxembourg
Legal Structure	SICAV
UCITS	Yes
Inception Date	26/01/2015

Fund Advisor(s)
FIL Fund Management Limited

Fund Manager	Nitin Bajaj
Manager Start Date	02/09/2013
Career Start Year	2003



Biography
Nitin Bajaj joined Fidelity in 2003 in London, as a Research Analyst covering European food and tobacco and large cap Italian and Spanish banks. In 2007, after a very successful and highly rated period in research, he was appointed as Assistant Portfolio Manager for the Fidelity Global Special Situations Fund (a sub-fund of Fidelity Investment Funds) in the UK. He subsequently moved to our Mumbai office in 2009 to manage our domestic Indian equity funds and later to Singapore in early 2013. He was appointed Portfolio Manager for the FF Asian Smaller Companies Fund on 02 September 2013 and commenced management of Fidelity Asian Values PLC on 01 April 2015. Prior to joining Fidelity, Nitin worked at KPMG as a Business Analyst. He holds a Bachelor of Commerce degree from the University of Delhi, Master of Business Administration from INSEAD, Singapore and is a member of the Institute of Chartered Accountants of India.

Fund Manager	Ajinkya Dhavale
Manager Start Date	29/02/2024

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	5.25%
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	1.50%
Ongoing Charge	1.94%

Purchase Details

Minimum Investments
Initial	-
Additional	-
Savings	-

Tax Free Savings Schemes
ISAs	Yes