A director at Fidelity Asian Values bought 3,800 shares at 523p and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clear...
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren...
Feature article: Higher interest rates overshadow IIC/REIF prospects We focus on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our ‘Quoted UK Infrastructure and Renewable Energy – Prospects for 2023’ publication, we have addressed the three key issues of recent months – higher inflation, extremely volatile power prices and risin...
India accounts for 23% of FAV’s portfolio and the top two overweight positions, both of which are Financials. In this note, we examine some of the key macro attractions of the that market, which help generate favourable tailwinds for investment. These include economic growth, socio-demographic changes, digitalisation and deregulation. We also use the two overweight, very different Indian case studies, to illustrate FAV’s investment approach and how it adds value in the process. In six months, th...
Feature article: Asset manager valuations Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year?
Feature article: Hardman & Co Healthcare Index - Review of 2022 The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sal...
Feature article: A different kind of beat: Boyzone, 1996 Quoted company engagement with retail investors – a new world This month's feature article has been written in collaboration with The Quoted Companies Alliance. Introduction: Retail investors used to be the second-class citizens of the stock market. The bulk of their money was held in funds or pension schemes where a professional took all the decisions and where they owned only a tiny part of the equity market directly. They also tended ...
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 busin...
Feature article: A glass half-empty view of markets - The 20s harder than the last decade This month’s feature article is written by Steve Clapham, who gives his view on the outlook for markets. He sets out one side of the current debate in markets. Steve is admirably experienced to express an opinion. Steve is the founder of Behind the Balance Sheet, an investor training consultancy. He qualified as a chartered accountant before moving into investment banking as an analyst in the 1980s. In ...
Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect ...
Feature article: Utility regulation – Changes afoot - Patching up a tainted model While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’. Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin...
In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments. In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b...
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%. Re...
An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff...
Feature article: Streamers vs. broadcasters - Broadcasters fight back Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters. Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while UK p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Feature article: Good jobs come to those who IPO - The importance of going public We are entering a new economic era where the whole purpose of capitalism and the raison d’être of business are being debated. A lot of the recent focus has been on ESG and the part companies should play in achieving ESG aims, such as a net-zero-carbon economy. In other words, some “stakeholders” believe businesses should not exist simply to generate profits, but expect them to contribute to broader goals. One soci...
Edison Investment Research is terminating coverage on Codere (CDR), Fidelity Asian Values (FAS), Fidelity China Special Situations (FCSS), Fidelity European Trust (FEV), Fidelity Japan Trust (FJV), Fidelity Special Values (FSV), Orège (OREGE) and Silence Therapeutics (SLN). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Hardman & Co Research Hardman & Co Research: Hardman & Video | Q&A with Mark Thomas on Fidelity Asian Values (FAS) 09-Jun-2021 / 10:35 GMT/BST Hardman & Video | Q&A with Mark Thomas on Fidelity Asian Values (FAS) Adding value through a rigorous, structured investment process Fidelity Asian Values plc (LON:FAS) is the topic of conversation when Mark Thomas joins DirectorsTalk. Mark gives us an overview of his report, and discusses the market opportunity in Asia, the company's position within that market, the risks and the valuation. Listen to the interview here: To read the ...
Hardman & Co Research Hardman & Co Research: Fidelity Asain Values (FAS) - Grabbing hold of the tiger's tail 14-May-2021 / 08:00 GMT/BST Hardman & Co Research: (Initiation of coverage) Grabbing hold of the tiger's tail Fidelity Asian Values (FAV) gives investors liquid access to the attractive small-cap Asian market (ex-Japan). Its long-term returns have beaten UK markets, Asian benchmarks, listed peers and open-ended fund comparators. This performance is driven by i) superior GDP growth, demographics, cherry-picking from 18,000 potential investments and markets with pricing anomal...
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