Fidelity Asian Values - FAV: questions for the 2022 AGM on 23 November
In this note, we ask the questions we would ask the FAV board at the forthcoming AGM, on 23 November 2022. To offer a perspective, we also give the answers that we would give, if we were asked the same questions. We believe they fall into three key areas, and we ask i) why has the trust outperformed over the long term, ii) what are the short-term prospects, especially bearing in mind the market’s appetite for small-cap, value companies in Asia, the trust’s exposure to Chinese and financial businesses, and sentiment risks, and iii) how the trust is managed in terms of its discount/buyback, the large dividend increase, and its conservative approach to gearing.Fidelity Asian Values is an investment company. Co. invests in a diversified portfolio of securities and instruments issued by or related to companies listed on the stock markets in the Asian Region excluding Japan. Co. may invest directly in the shares of companies or indirectly through equity related instruments and in debt instruments. Co. may also invest in quoted securities and in other investment funds. Co. invests across a range of sectors, including consumer discretionary, financials, information technology, consumer staples, industrials, health care, utilities, energy, materials, and telecommunication services. Co.'s investment is managed by FIL Investments International.
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