Fidelity Asian Values praises chipmaker TSMC as net asset value grows
Fidelity Asian Values PLC on Monday announced that it outperformed its benchmark during its financial half year, but noted it found fewer opportunities in India due to high valuations.
The investor focused on Asia said net asset value per share was 649.52 pence as at January 31, up 7.4% from 604.69p at July 31.
NAV total return was 10.9% for the six months to January 31, outperforming its benchmark, the MSCI All Country Asia ex Japan Small Cap index, which had a return of 8.9%.
The firm said Taiwan Semiconductor Manufacturing Co Ltd, alias TSMC, was the largest contributor net asset value. The world’s largest semiconductor foundry has long-standing partnership with Apple Inc, Nvidia Corp and Advanced Micro Devices Inc.
Fidelity Asian Values said: ‘We found fewer opportunities in India, due to high valuations. This contributed positively during the period under review. Stock selection in Chinese and Hong Kong equities also added to performance. Our Chinese holdings remain focused on consumer goods, materials, industrials, and real estate. In addition, our holdings in gold and copper miners proved rewarding, as their shares tracked rising commodity prices.
‘Our positioning in Taiwan and Indonesia detracted from performance in this period. In Taiwan, excluding the investment in TSMC, the company maintained limited exposure. AI-driven momentum pushed hardware stocks to peak valuations that offered limited margin of safety. Our Indonesian holdings lagged the broader Indonesian market, which had a strong year, and this weighed on relative performance. We have largely maintained our positions and remain confident in our preferred Indonesian holdings, given their attractive medium- to long-term prospects.’
Fidelity Asian Values shares were down 0.1% at 595.39 pence each on Monday morning in London.
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