We are placing the Morningstar Analyst Rating™ for the Fidelity Funds - South East Asia Fund (SICAV) Under Review. The fund was previously rated Silver. On 1 March 2015 portfolio manager Allan Liu will be replaced by Dhananjay Phadnis. On the same date, the fund will assume a new benchmark, the MSCI All Country Asia ex-Japan index, which will include India in the fund’s universe. The transition will begin on 1 February 2015 and Liu will stay in an advisory capacity with Fidelity until he retires at the end of June 2015. Phadnis, who also manages the Silver-rated Fidelity Indonesia fund, has successfully run a regional pilot fund since early 2011. We expect him to make significant changes to Liu’s portfolio, including reducing the number of positions while increasing active share. Given the impending changes we are placing the fund Under Review at this time.
See the latest Morningstar OBSR fund rating news here.
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