Monthly Fund Review Fidelity Funds – ASEAN Fund · Fidelity Funds – ASEAN Fund 05-2015 Monthly...
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Fidelity Funds – ASEAN Fund 05-2015 Monthly Fund Review 1 Index: MSCI All Countries South East Asia (Net) Index FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. Fidelity only gives information about its products and services. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. Reference to specific securities mentioned within this material (if any) is for illustrative purpose only and should not be construed as a recommendation to the investor to buy or sell the same. Investment involves risks. Past performance is not indicative of future performance. Please refer to the relevant offering documents for further information including the risk factors. If Investment returns are not denominated in HKD/ USD, US/HK dollar-based investors are exposed to exchange rate fluctuations. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”). Please Note: This fund invests primarily in equity securities in Singapore, Malaysia, Thailand, Philippines and Indonesia. The fund is subject to investment, equities, emerging markets risk specific to the ASEAN market and foreign currency risk. This fund can invest in derivative instruments which may involve additional risks. (For example, leverage may cause greater volatility.) Investors may suffer substantial loss of their investments in the fund. Investor should not invest in the fund solely based on the information provided in this document and should read the prospectus (including potential risks involved) for details. Fund Manager: Gillian Kwek As of 30 April 2015 Monthly commentary The fund underperformed the index in April, largely due to unrewarding security selection in the energy sector. Indonesia’s Tambang Batubara Bukit Asam weighed on performance as weak selling prices and higher costs hurt the coal miner’s profits. Selected industrials and telecommunications holdings also held back gains. Within industrials, the position in Sarine Technologies declined after the diamond-processing machine manufacturer issued a profit warning. Within telecommunications, the holding in Telekomunikasi Indonesia retreated as its proposed deal to reduce the stake in its telecommunication tower unit was called off. In the banking sector, Indonesia’s Bank Mandiri and Bank Rakyat Indonesia held back gains due to their weak net interest margin (NIM) and loan growth. Conversely, the overweight position in United Overseas Bank supported returns on the back of healthy loan growth and improved NIM. Holdings in the materials sector further added value. The position in petrochemicals producer PTT Global Chemical tracked crude oil and chemical prices higher.
Transcript of Monthly Fund Review Fidelity Funds – ASEAN Fund · Fidelity Funds – ASEAN Fund 05-2015 Monthly...
Fidelity Funds – ASEAN Fund
05-2015
Monthly Fund Review
1
Index: MSCI All Countries South East Asia (Net) Index
FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. Fidelity only gives information about its products and services. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. Reference to specific securities mentioned within this material (if any) is for illustrative purpose only and should not be construed as a recommendation to the investor to buy or sell the same. Investment involves risks. Past performance is not indicative of future performance. Please refer to the relevant offering documents for further information including the risk factors. If Investment returns are not denominated in HKD/ USD, US/HK dollar-based investors are exposed to exchange rate fluctuations. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”).
Please Note: This fund invests primarily in equity securities in Singapore, Malaysia, Thailand, Philippines and Indonesia. The fund is subject to investment, equities, emerging markets risk specific to the ASEAN market and foreign currency risk. This fund can invest in derivative instruments which may involve additional risks. (For example, leverage may cause greater volatility.) Investors may suffer substantial loss of their investments in the fund. Investor should not invest in the fund solely based on the information provided in this document and should read the prospectus (including potential risks involved) for details.
Fund Manager: Gillian Kwek As of 30 April 2015
Monthly commentaryThe fund underperformed the index in April, largely due to unrewarding security selection in the energy sector. Indonesia’s
Tambang Batubara Bukit Asam weighed on performance as weak selling prices and higher costs hurt the coal miner’s profits.
Selected industrials and telecommunications holdings also held back gains. Within industrials, the position in Sarine Technologies
declined after the diamond-processing machine manufacturer issued a profit warning. Within telecommunications, the holding in
Telekomunikasi Indonesia retreated as its proposed deal to reduce the stake in its telecommunication tower unit was called off. In
the banking sector, Indonesia’s Bank Mandiri and Bank Rakyat Indonesia held back gains due to their weak net interest margin
(NIM) and loan growth. Conversely, the overweight position in United Overseas Bank supported returns on the back of healthy
loan growth and improved NIM. Holdings in the materials sector further added value. The position in petrochemicals producer PTT
Global Chemical tracked crude oil and chemical prices higher.
