Morningstar Fund Report  | 10/04/2025Print

Fidelity Funds - China Focus Fund Y-DIST-SGD

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Fidelity Funds - China Focus Fund Y-DIST-SGD
Fund-2.410.2-10.911.26.9
+/-Cat12.426.09.5-3.1-0.8
+/-B’mrk18.720.64.2-8.6-4.3
 
Category: China Equity
Category Benchmark: Morningstar China TME NR USD
Key Stats
NAV
10/04/2025		 SGD 1.16
Day Change 1.75%
Morningstar Category™ China Equity
ISIN LU1295421793
Fund Size (Mil)
28/02/2025		 USD 2313.63
Share Class Size (Mil)
09/04/2025		 SGD 1.24
Max Initial Charge -
Ongoing Charge
28/03/2025		  1.06%
Morningstar Research
Analyst Report06/05/2024
Claire Liang, Senior Analyst
Morningstar, Inc

We like certain aspects of Fidelity China Focus, but we continue to have some reservations on the new manager’s investment capability in the large-cap China equity space. His investment process’s viability in this single-country strategy also...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People23
Parent24
Process23
Performance
Price
Investment Objective: Fidelity Funds - China Focus Fund Y-DIST-SGD
The fund aims to achieve capital growth over time. The fund invests at least 70% of its assets, in equities of companies listed in China and Hong Kong, as well as in equities of non-Chinese companies which do most of their business in China. China is considered to be an emerging market. The fund may also invest in money market instruments on an ancillary basis. 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.
Returns
Trailing Returns (GBP)10/04/2025
YTD-3.33
3 Years Annualised0.11
5 Years Annualised1.56
10 Years Annualised-
12 Month Yield 2.35
Dividend Paying Frequency Annually
Management
Manager Name
Start Date
Nitin Bajaj
30/09/2022
Alice Li
01/08/2021
Inception Date
05/10/2015

Category Benchmark
Fund BenchmarkMorningstar Benchmark
MSCI China Capped 10% NR USDMorningstar China TME NR USD
Portfolio Profile for  Fidelity Funds - China Focus Fund Y-DIST-SGD28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock97.890.0097.89
Bond0.650.000.65
Property0.000.000.00
Cash0.100.040.06
Other1.400.001.40
Top 5 Regions%
Asia - Emerging83.95
Asia - Developed8.71
Eurozone5.14
United Kingdom1.41
United States0.79
Top 5 Sectors%
Consumer Cyclical27.03
Financial Services15.98
Communication Services15.89
Real Estate7.91
Industrials7.49
Top 5 HoldingsSector%
Alibaba Group Holding Ltd Ordina... Consumer CyclicalConsumer Cyclical8.98
Tencent Holdings LtdCommunication ServicesCommunication Services8.47
China Merchants Bank Co Ltd Class HFinancial ServicesFinancial Services4.63
Prosus NV Ordinary Shares - Class NCommunication ServicesCommunication Services4.13
Industrial And Commercial Bank O... Financial ServicesFinancial Services3.97
Increase Decrease New since last portfolio
Fidelity Funds - China Focus Fund Y-DIST-SGD
Growth Of 1000 (GBP) 31/03/2025
Fund:  Fidelity Funds - China Focus Fund Y-DIST-SGD
Category:  China Equity
Category Index:  Morningstar China TME NR USD
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-6.0111.08-4.07-2.4210.20-10.9011.226.93
+/- Category8.97-8.61-38.0012.3925.989.47-3.08-0.84
+/- Category Index---18.6820.594.17-8.63-4.33
% Rank in Category481978136766
Trailing Returns (GBP)10/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day1.75   0.900.38
1 Week-7.35   3.132.89
1 Month-9.80   3.853.98
3 Months0.89   2.09-2.29
6 Months-6.92   -1.27-5.19
YTD-3.33   0.05-3.46
1 Year3.88   -6.25-16.24
3 Years Annualised0.11   5.26-0.23
5 Years Annualised1.56   4.573.07
10 Years Annualised-   --
 
Category: China Equity
Category Index: Morningstar China TME NR USD
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20256.93---
2024-0.363.169.78-1.43
20236.00-9.250.32-7.67
20222.4712.70-9.275.16
20217.50-2.21-2.69-4.61
2020-10.234.65-0.893.04
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAbove AverageAverage5 star
5-YearHighBelow Average5 star
10-Year--Not Rated
OverallHighBelow Average5 star
 
Category :  China EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev26.27 %
3-Yr Mean Return7.88 %
 
3-Yr Sharpe Ratio0.14
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar China TME NR USD  Morningstar China TME NR USD
3-Yr Beta0.880.88
3-Yr Alpha-0.18-0.18
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 26307-
Market Capitalisation% of Equity
Giant50.73
Large25.68
Medium17.73
Small4.23
Micro1.64
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings10.170.84
Price/Book1.100.67
Price/Sales0.840.56
Price/Cash Flow5.940.60
Dividend-Yield Factor3.681.36
 
Long-Term Projected Earnings Growth6.330.95
Historical Earnings Growth-3.48-9.27
Sales Growth0.020.01
Cash-Flow Growth-0.09-0.02
Book-Value Growth4.741.00
 
Category: China Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock97.890.0097.89
Bond0.650.000.65
Property0.000.000.00
Cash0.100.040.06
Other1.400.001.40
World Regions28/02/2025
 % of EquityRelative to Category
United States0.791.44
Canada0.000.00
Latin America0.000.00
United Kingdom1.4115.80
Eurozone5.1411.95
Europe - ex Euro0.000.00
Europe - Emerging0.00-
Africa0.000.00
Middle East0.00-
Japan0.000.00
Australasia0.00-
Asia - Developed8.711.31
Asia - Emerging83.950.91
 
Category: China Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials3.601.40
Consumer CyclicalConsumer Cyclical27.030.92
Financial ServicesFinancial Services15.980.94
Real EstateReal Estate7.912.65
Consumer DefensiveConsumer Defensive6.301.11
HealthcareHealthcare6.041.29
UtilitiesUtilities2.451.51
Communication ServicesCommunication Services15.890.95
EnergyEnergy4.582.34
IndustrialsIndustrials7.490.97
TechnologyTechnology2.730.29
 
Category: China Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings73
Total Number of Bond Holdings3
Assets in Top 10 Holdings44.38
NameSectorCountry% of Assets
Alibaba Group Holding Ltd Ordinary Sh... 102China8.98
Tencent Holdings Ltd308China8.47
China Merchants Bank Co Ltd Class H103China4.63
Prosus NV Ordinary Shares - Class N308Netherlands4.13
Industrial And Commercial Bank Of Chi... 103China3.97
China Construction Bank Corp Class H103China3.59
BOC Aviation Ltd Shs Unitary 144A/Reg S310China3.19
China Mengniu Dairy Co Ltd205Hong Kong2.58
China Oilfield Services Ltd Class H309China2.51
ENN Energy Holdings Ltd207China2.34
 
Increase Decrease New since last portfolio
Category: China Equity
 
Management
Name of CompanyFidelity (FIL Inv Mgmt (Lux) S.A.)
Phone+ 352 250 404 2400
Websitewww.fidelity-international.com
Address2a, rue Albert Borschette
 Luxembourg   L-1246
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date05/10/2015
Fund Advisor(s)
FIL Fund Management Limited
Fund ManagerNitin Bajaj
Manager Start Date30/09/2022
Career Start Year2003
 
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 ManagerAlice Li
Manager Start Date01/08/2021
Career Start Year2013
Education
University of Hong Kong, B.A.
University of Hong Kong, M.A.
 
Biography
Alice Li joined as Co-Portfolio Manager in the FF China Focus Fund on 01 August 2021 and assists in selecting the stocks for the portfolio and constructs a fund from those stocks that satisfy her investment philosophy and the specific requirements of the fund. Prior to joining Fidelity in 2019 as an experienced analyst, Alice worked as Equity Research Analyst in Credit Susse and HSBC Global Research respectively from 2013 to 2019. She has covered a broad range of sectors including Hong Kong/China financials, China utilities and renewables over her 8-year analyst career.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.80%
Ongoing Charge1.06%
Purchase Details
Minimum Investments
Initial2500  SGD
Additional1000  SGD
Savings-
Tax Free Savings Schemes
ISAsYes