Title: 242650124.pdf URL Source: https://documentscdn.financialexpress.net/Literature/3CF3AE1D7D4A21411CE759554B24B17F/242650124.pdf Number of Pages: 5 Markdown Content: > ret.en.gb.20260430.GB0003322319.pdf/1068612 ## FIDELITY INVESTMENT COMPANIES # Fidelity Asian Values PLC ## 30.04.2026 Monthly Factsheet ## Investment Objective To achieve long-term capital growth principally from the stock markets of the Asian region excluding Japan. ## Investment Company Facts Launch date: 13.06.96 Portfolio manager: Nitin Bajaj, Ajinkya Dhavale Appointed to trust: 01.04.15, 29.02.24 Years at Fidelity: 23, 15 Total Net Assets (TNA): £ 408m Ordinary shares in Issue: 63,475,871 Share price: 620.00p NAV: 643.13p Discount: 3.60% Gross Market Gearing: 25.3% Net Market Gearing: 6.7% ## Performance comparator Market Index: MSCI All Country Asia ex Japan Small Cap (N) Index The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested. ## Portfolio Manager Commentary The Trust’s NAV rose 23.9% during the 12-month period ended 30 April 2026, underperforming its reference index, which rose by 38.4%. The Trust’s share price increased by 31.7% over the same period. Our process focuses on investing in high-quality businesses led by management we trust, and only where a sufficient margin of safety exists. This approach often leads to contrarian positioning, as undervalued opportunities are found in such areas of the market. In line with this philosophy, exposure to select Indonesian holdings detracted from performance, while an underweight position in Taiwan also weighed on relative returns. From a sector perspective, stock selection within financials and industrials detracted, while energy and consumer discretionary added value. Overall, stock selection was the primary driver of the company’s relative performance. Of late, investors appear to be rotating from growth into value within the Asian small-cap universe. This trend may persist, given that small-cap value stocks continue to trade at a significant discount to growth counterparts. The Trust maintained overweight positions in consumer discretionary, financials, consumer staples and energy, and at a country level was overweight China, Indonesia and Australia. ## Cumulative performance in GBP (%) > 04-21 > 12-21 > 08-22 > 04-23 > 12-23 > 08-24 > 04-25 > 12-25 > 80 > 100 > 120 > 140 > 160 ## ■ Share Price ■ NAV ■ Market Index Performance is shown for the last five years (or since launch for funds launched within that period). ## Performance for 12 month periods in GBP (%) ## ■ Share Price ■ NAV ■ Market Index Performance is shown against a hybrid benchmark as calculated by Fidelity. MSCI Asia Ex Japan Small Cap Index replaced MSCI Asia Ex Japan as official benchmark from 1 February 2020. ## Performance to 30.04.26 in GBP (%) 1m 3m YTD 1yr 3yr 5yr Since 13.06.96* Share Price Cumulative Growth 4.0 -1.3 4.0 31.7 35.9 48.4 781.4 NAV Cumulative Growth 2.3 -1.0 3.0 23.9 32.4 51.2 772.4 Index Cumulative Growth 11.5 6.9 11.9 38.4 52.9 46.4 528.5 Share Price Annualised Growth - - - - 10.8 8.2 7.6 NAV Annualised Growth - - - - 9.8 8.6 7.5 Index Annualised Growth - - - - 15.2 7.9 6.3 Basis: bid-bid with income reinvested, in GBP, net of fees. Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar. *Performance commencement date. ## Key Risks The value of investments and the income from them can go down as well as up, so you may get back less than you invest. Overseas investments are subject to currency fluctuations. This investment trust invests in emerging markets which can be more volatile than other more developed markets. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. 2 > ret.en.gb.20260430.GB0003322319.pdf/1068612 ## FIDELITY INVESTMENT COMPANIES # Fidelity Asian Values PLC ## 30.04.2026 Monthly Factsheet ## Equity Exposure % Total Net Assets (% TNA) Exposure (% TNA) Gross Market Exposure 125.3 Net Equity 106.6 Other 0.1 Uninvested Cash 0.0 Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary. ## Market Capitalisation Exposure (% TNA) GBP Fund Index Relative >10bn 18.5 2.8 15.7 5-10bn 7.5 9.6 -2.2 1-5bn 33.5 66.0 -32.5 0-1bn 41.7 20.2 21.5 Total Market Cap Exposure 101.2 98.7 Index / Unclassified 5.3 1.3 Total Equity Exposure 106.6 100.0 ## Sector/Industry Exposure (% TNA) GICS Sector Fund Index Relative Financials 18.0 8.8 9.2 Consumer Discretionary 14.4 9.1 5.3 Consumer Staples 13.4 4.9 8.5 Industrials 12.5 18.1 -5.7 Information Technology 9.3 27.0 -17.7 Energy 9.1 1.8 7.3 Communication Services 8.3 2.8 5.4 Real Estate 7.9 7.1 0.7 Materials 7.8 8.8 -0.9 Health Care 3.9 9.8 -5.9 Utilities 2.1 1.7 0.4 Total Sector Exposure 106.6 100.0 Other Index / Unclassified 0.0 0.0 Total Equity Exposure 106.6 100.0 ## Country Exposure (% TNA) Fund Index Relative China 30.5 11.9 18.6 Indonesia 18.2 2.3 15.9 India 12.7 23.0 -10.3 Taiwan 8.3 27.3 -19.0 Korea (South) 8.2 19.0 -10.8 Hong Kong 5.2 4.2 1.0 Australia 4.8 0.0 4.8 Thailand 3.3 2.6 0.7 United States of America 2.2 0.2 2.0 Kazakhstan 2.0 0.0 2.0 Others 11.3 9.4 1.9 Total Geographic Exposure 106.6 100.0 Other Index / Unclassified 0.0 0.0 Total Equity Exposure 106.6 100.0 ## Top Positions (% TNA) GICS Sector Geographic Location Fund Index Relative TAIWAN SEMICONDUCTOR MFG CO LTD Information Technology Taiwan 5.6 0.0 5.6 HDFC BANK LTD Financials India 3.9 0.0 3.9 AXIS BANK LTD Financials India 3.2 0.0 3.2 BANK CENTRAL ASIA TBK PT Financials Indonesia 3.1 0.0 3.1 ADARO ANDALAN INDONESIA PT Energy Indonesia 2.9 0.1 2.9 INDOSAT TBK PT Communication Services Indonesia 2.2 0.0 2.2 NATIONAL ATOMIC CO KAZATOMPROM Energy Kazakhstan 2.0 0.0 2.0 BOC AVIATION LTD Industrials China 1.9 0.0 1.9 CHINA OVERSEAS GR OCNS GRP LTD Real Estate China 1.7 0.0 1.7 TOPCO SCIENTIFIC CO LTD Information Technology Taiwan 1.7 0.1 1.6 ## Top Overweight Positions (% TNA) Fund Index Relative TAIWAN SEMICONDUCTOR MFG CO LTD 5.6 0.0 5.6 HDFC BANK LTD 3.9 0.0 3.9 AXIS BANK LTD 3.2 0.0 3.2 BANK CENTRAL ASIA TBK PT 3.1 0.0 3.1 ADARO ANDALAN INDONESIA PT 2.9 0.1 2.9 INDOSAT TBK PT 2.2 0.0 2.2 NATIONAL ATOMIC CO KAZATOMPROM 2.0 0.0 2.0 BOC AVIATION LTD 1.9 0.0 1.9 CHINA OVERSEAS GR OCNS GRP LTD 1.7 0.0 1.7 SIS LTD 1.6 0.0 1.6 ## Top Underweight Positions (% TNA) Fund Index Relative Short Position - name withheld -1.0 0.5 -1.5 Short Position - name withheld -0.8 0.2 -1.0 Short Position - name withheld -0.6 0.3 -0.9 MPI CORP 0.0 0.9 -0.9 Short Position - name withheld -0.5 0.2 -0.7 PHISON ELECTRONICS CORP 0.0 0.7 -0.7 Short Position - name withheld -0.6 0.0 -0.6 Short Position - name withheld -0.6 0.0 -0.6 WINBOND ELECTRONICS CORP 0.0 0.6 -0.6 Short Position - name withheld -0.5 0.1 -0.6 ## Positions Concentration (% TNA) Fund Index Top 10 28.4 5.7 Top 20 42.6 9.5 Top 50 70.2 17.6 Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts. Figures may not always sum to totals due to rounding 3 > ret.en.gb.20260430.GB0003322319.pdf/1068612 ## FIDELITY INVESTMENT COMPANIES # Fidelity Asian Values PLC ## 30.04.2026 Monthly Factsheet ## Approach and Style The portfolio manager has a value contrarian investment style that aims to generate outperformance through fundamentals-driven bottom-up security selection approach within the investment universe. The portfolio manager's focus is on identifying fundamentally good business es run by good management teams in segments of the market that are currently out of favour, which leads to greater valuation anomalies that offer a margin of safety. ## Administrative & Dealing Information Financial Year End: 31st July Reference currency: UK Sterling (GBP) Company domicile: United Kingdom Company legal structure: Investment Trust Capital guarantee: No ISIN: GB0003322319 SEDOL: 0332231 Bloomberg: FAS LN Distribution frequency: Annual Charges made to income or capital: 25/75 Ongoing Charges: 0.95% Annual Management Charge: 0.70% (net assets) +/- 0.20% (based on performance relative to the Market Index) Last VMF adjustment (+/- 0.2%) applied at month end: -0.20% ## Independent Assessment Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results. Morningstar rating™ : *** ## Portfolio Construction – Explained This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund’s objectives. The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared. The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund’s investments. ## How data is calculated and presented Portfolio composition data has been calculated and presented according to several general principles, which are listed below. - Aggregation : all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated. - Categorisation : for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area. - Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return. - “Basket” securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the “Other Index / Unclassified” category. 4 > ret.en.gb.20260430.GB0003322319.pdf/1068612 ## FIDELITY INVESTMENT COMPANIES # Fidelity Asian Values PLC ## 30.04.2026 Monthly Factsheet ## Glossary / Additional Notes Equity Exposure notes GROSS MARKET EXPOSURE Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets). NET EQUITY The net positive exposure to the market with short and hedge positions subtracted from long positions. OTHER The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA. UNINVESTED CASH This is 100% minus the fund’s Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives. Investment Company Facts NAV The total value of a company’s assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market. PREMIUM If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV. DISCOUNT If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV. GEARING Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds. FAIR VALUE The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors’ best estimate of fair value and take account of the cost of the investment, recent arm’s length transactions in the same or similar investments and financial performance of the investment since purchase. General notes TOTAL NET ASSETS (TNA) The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares. INDEX The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1. TOP NET LONG POSITIONS Those companies in which the largest percentages of the investment company's total net assets are effectively invested (equity positions). Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. TOP OVERWEIGHT & UNDERWEIGHT POSITIONS Those equity positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity’s disclosure policy. NET LONG POSITIONS CONCENTRATION Illustrates the weight of the top 10, 20 and 50 equity positions in the Company and the weight of the top 10, 20 and 50 equity positions in the index. It does not attempt to show the coincidence of security ownership between Company and Index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below. 5 > ret.en.gb.20260430.GB0003322319.pdf/1068612 ## FIDELITY INVESTMENT COMPANIES # Fidelity Asian Values PLC ## 30.04.2026 Monthly Factsheet ## Glossary / Additional Notes ONGOING CHARGES Ongoing Charges are taken from the Company's most recent Annual Report and represents the total of investment management fees and other expenses of the Company (excluding transaction costs, interest payments, tax and non-recurring expenses) expressed as a percentage of the average net asset value throughout the financial year. SECTOR INDUSTRY CLASSIFICATION GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 sub-industries. More information is available at http://www.standardandpoors.com/indices/gics/en/us ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/ ## Legal Information Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Unless otherwise stated, all views are those of Fidelity. Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. This fund is managed by FIL Investments International. Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its. Issued by FIL Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom.