Download Asian Total Return Bond Fund

29802_Jun17.pdf
FIDELITY FUNDS
Asian Total Return Bond Fund
Factsheet as of 30 June 2017
Cumulative Performance (rebased to 100)
Investment Objective
The Fund seeks to maximise total return through capital
appreciation and/or income by primarily investing in a broad
range of fixed income instruments of issuers in Asia that have
their head office or exercise a majority of their activity in Asia.
The Fund will adopt an active asset allocation approach, which
may include investments into high yield instruments and
emerging markets. Investments will not be required to meet
minimum rating standards. Not all securities will be rated for
creditworthiness by an internationally recognised agency. The
manager is not restricted in his choice of companies either by
market sector or industry, and will choose investments largely
determined by the availability of attractive investment
opportunities. The Fund may invest its net assets directly in
onshore China fixed income securities listed or traded on any
Eligible Market in China. The Fund may also invest in UCITS
and UCIs.
A-ACC-USD
Performance is shown for the last 5 years (or since launch for funds launched within that period),
rebased to 100.
Fund Information
Portfolio Manager
Fund size
Eric Wong, Bryan Collins
$12m
Performance (%)
Launch date
A-ACC-USD
A-HMDIST(G)-AUD (H)
A-MINCOME (G)-USD
A-MINCOME (G)-SGD
A-MCDIST (G)-USD
30 November 2015
29 January 2016
29 January 2016
29 January 2016
22 November 2016
Subscription Information
Cash
All share classes
Fund Charges
Annual Management Fee
Max. Sales Charge - Cash
1mth
3mth
6mth
YTD
1yr
3yr
(cum)
(cum)
(cum)
(cum)
(ann)
(ann)
Since
5yr Launch
(ann)
(ann)
A-ACC-USD Share Class
0.0
1.2
2.2
2.2
1.4
-
-
2.4
With 3% sales charge
-3.0
-1.9
-0.9
-0.9
-1.7
-
-
0.5
A-HMDIST (G)-AUD (H) Share Class
-0.1
1.3
2.2
2.2
2.2
-
-
4.3
With 3% sales charge
-3.0
-1.7
-0.8
-0.8
-0.8
-
-
2.1
A-MINCOME (G)-USD Share Class
0.0
1.2
2.2
2.2
1.4
-
-
3.9
With 3% sales charge
-3.0
-1.9
-0.9
-0.9
-1.7
-
-
1.6
A-MINCOME (G)-SGD Share Class
-0.5
-0.3
-2.8
-2.8
3.4
-
-
1.4
With 3% sales charge
-3.5
-3.3
-5.7
-5.7
0.3
-
-
-0.8
1.00%
3.50%
Calendar Year Performance (%)
Month End NAV
A-ACC-USD
A-HMDIST(G)-AUD (H)
A-MINCOME (G)-USD
A-MINCOME (G)-SGD
A-MCDIST (G)-USD
USD 10.3893
AUD 10.0408
USD 10.0663
SGD 0.9741
USD 10.05
Bloomberg/ISIN codes
A-ACC-USD
A-HMDIST(G)-AUD (H)
A-MINCOME (G)-USD
A-MINCOME (G)-SGD
A-MCDIST (G)-USD
FFATAAU LX / LU1313547892
FAAHGAH LX / LU1345484106
FAAMIGU LX / LU1345482746
FAAMIGS LX / LU1345483041
FAAMCGU LX / LU1509826852
Class Information
A-ACC: accumulating share class. A-MINC(G): monthly
distributing share class (from gross investment income
and from capital on occasion so as to maintain a
stable payment). A-HMDIST(G): monthly distributing
share class (from gross income and may include
realised and unrealised capital gains as well as from
capital). Distribution amounts not guaranteed. (H):
Share class is hedged to the respective base currency.
A-MCDIST(G): monthly distributing share class (from
gross investment income and will include realised and
unrealised capital gains as well as from capital).
2016
2015
2014
2013
2012
3.0
-
-
-
-
A-HMDIST (G)-AUD (H) Share Class
-
-
-
-
-
A-MINCOME (G)-USD Share Class
-
-
-
-
-
A-MINCOME (G)-SGD Share Class
-
-
-
-
-
A-ACC-USD Share Class
Source: Fidelity, NAV-NAV basis, in the respective currencies, with dividends re-invested. Average
annual compounded return for periods greater than 1 year. Since Launch performance is
calculated from 30 November 2015 for the A-ACC-USD share class and 29 January 2016 for the
A-MINCOME (G)-USD, A-MINCOME (G)-SGD and A-HMDIST (G)-AUD (H) share classes.
29802_Jun17.pdf
FIDELITY FUNDS
Asian Total Return Bond Fund
Factsheet as of 30 June 2017
This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the manager has
positioned the fund to meet its objectives. Each table shows a different breakdown of the fund’s investments. Where data is presented as a percentage of TNA,
this stands for Total Net Assets (the value of all the fund’s assets after the deduction of any liabilities).
Portfolio characteristics
Fund
Asset allocation (% TNA)
Yield to Maturity (%)
3.2
Treasury
Running Yield (%)
4.6
Index Linked
Effective Duration
4.7
Investment Grade - Sovs Supras & Agencies
Fund
0.82
0.00
28.06
Yield to Maturity (%)
The Yield to Maturity (also known as the redemption yield) is the internal rate of return
earned on a bond, assuming that the bond will be held until maturity and all coupon
and principal payments will be made. It is an estimation of future return, as the rate at
which coupon payments can be reinvested when received is unknown. The portfolio’s
redemption yield is the value weighted sum of the redemption yield of each individual
instrument. The redemption yield is gross of the fund’s charges and gross of tax.
Investment Grade - Financials
4.40
Investment Grade - Non-Financials
8.64
Running Yield (%)
Describes the income investors get from their portfolio as a percentage of market
value of the securities. It should not be relied on as a measure of expected fund return
(or distribution). Bonds with high probability of default are excluded from the
calculation. The running yield does not reflect the total return over the life of the bond
and takes no account of reinvestment risk (the uncertainty about the rate at which
future cash flows can be reinvested) or the fact that bonds usually mature at par value,
which can be an important component of a bond’s return. The running yield does not
include the impact of fees.
Effective Duration
Effective Duration is a measure of sensitivity of the fund value to changes in interest
rates. It takes into account all investments in the fund, including derivatives.
Sector allocation (% TNA)
Investment Grade - ABS
Investment Grade - Emerging Markets
High Yield
2.00
Index Credit Default Swaps
0.00
Other
6.51
Interest Rate Derivatives
0.00
FX / Derivative P&L
-0.23
Cash
Rounding adjustment
TOTAL
Quasi / Sov / Supra / Agncy
17.41
0.02
100.00
Security holdings as a percentage of TNA (excluding derivatives).
‘Index Linked’ includes non-government index linked bonds. Sovs Supras & Agencies
are bonds issued by institutions. ABS (Asset-backed Securities) are backed by
specific assets. Index Credit Default swaps can be used to increase or decrease the
credit quality of the fund. Interest Rate Derivatives are used to adjust the fund’s
sensitivity to interest rate changes. FX / Derivatives P&L (Profit & Loss) is the
category that accounts for the collateral required by counterparty companies issuing
derivatives held by the fund.
Credit rating (% TNA)
Fund
Treasury
0.00
32.37
0.82
41.59
Fund
AAA/Aaa
AA/Aa
0.00
6.93
Agency Mortgages
0.00
A
14.22
Banks & Brokers
7.96
BBB/Baa
52.56
Insurance
1.62
BB/Ba
1.78
Property
0.81
B
0.22
Other Financials
1.69
CCC and Below
0.00
Basic Industry
9.54
Not Rated
7.07
Capital goods
1.84
Interest Rate Derivatives
0.00
Consumer Cyclical
2.72
FX / Derivative P&L
-0.23
Consumer Non Cyclical
1.64
Cash
Energy
2.61
Rounding adjustment
Transportation
0.20
TOTAL
Technology
0.81
Communications
0.32
Utility
8.62
Covered
0.00
ABS / MBS
0.00
Unclassified
0.00
Index Credit Default Swaps
0.00
Interest Rate Derivatives
0.00
FX / Derivative P&L
-0.23
Cash
Rounding adjustment
TOTAL
17.41
0.03
100.00
Security holdings as a percentage of TNA (excluding derivatives).
Quasi / Sov / Supra / Agncy are bonds issued by institutions like the European
Investment Bank. Covered bonds are backed by cash flows from mortgages or public
sector loans. ABS (Asset-backed Securities) / MBS (Mortgage-backed Securities) are
backed by specific assets.
17.41
0.04
100.00
Exposure as a percentage of TNA (excluding derivatives).
For each bond in the fund, Fidelity looks at the rating given by three rating agencies
(S&P, Moody’s and Fitch) and applies the worst of the two best ratings (commonly
known as the Basel method). The AAA/Aaa rating is the highest and indicates the
borrower has the lowest probability of defaulting on its debt. The table above is a
categorisation of the fund’s individual bonds into their credit ratings. If any
derivatives are being used to adjust the credit quality of the fund, these are
reflected in the Average Credit Rating below.
Average Credit Rating
Average Credit Rating (Linear) (including derivatives) AThis is the weighted average of all the bond credit ratings in the fund, expressed
using the industry standard letter system. It takes into account all investments in the
fund, including derivatives. This measure gives an idea of how risky the fund’s bonds
are overall: the lower the average credit rating, the riskier the fund.
29802_Jun17.pdf
FIDELITY FUNDS
Asian Total Return Bond Fund
Factsheet as of 30 June 2017
Currency exposure (% TNA)
Regional allocation (% TNA)
Fund
Fund
Multinational
USD
97.85
CNY
2.11
United States (& Other Amer.)
HKD
0.01
Canada
0.00
AUD
0.01
United Kingdom (& Ire.)
0.09
EUR
0.00
France
0.05
Other
0.00
Germany (& Aust.)
0.00
Rounding adjustment
0.02
Benelux
0.00
Scandinavia
0.00
Mediterranean
0.00
Switzerland
0.00
Other Europe
0.00
Japan
0.41
TOTAL
100.00
Exposure as a percentage of TNA (after hedging).
Top 10 holdings (% TNA)
Australia & N.Z.
0.00
17.39
1.12
Fund
Asia ex Japan ex Aus.
81.15
INDONESIA GVT 11.625 3/19 REGS
9.98
C.I.S / Eastern Europe
0.00
PSALM 7.25% 5/27/19 REGS
6.50
Latin America
0.00
PHILIPPINE GOVT 8.375% 6/17/19
5.14
Middle East & N Africa
0.00
PHILIPPINE GLB 9.875% 1/15/19
4.96
Other
0.00
KOREA GOVT 7.125% 4/16/19
4.20
Unclassified
0.00
CITIC LTD 6.875% 1/21/18 RGS
2.42
FX / Derivative P&L
-0.23
HUTCHISON WA 7.625% 4/9/19REGS
1.96
Index Credit Default Swaps
0.00
HUTCHISON WHAMP 7.45 8/17 REGS
1.92
Cash
0.00
SKYLAND MININ 3.25% 7/6/20 RGS
1.54
Rounding adjustment
LI & FUNG LTD 5.25% PERP REGS
1.40
TOTAL
0.02
100.00
Security holdings as a percentage of TNA (excluding derivatives). Basis: domicile of
issuer.
Top exposures by issuer (% TNA)
(INDON) Republic of Indonesia
Fund
7.40
(PSALM) Power Sector Assets & Li
6.50
(KOREA) Republic Of Korea
4.20
(PHILIP) Republic of the Philippines
4.18
(CKHH) Hutchison Whampoa Fin
4.07
(CITLTD) Citic Pacific Limited
2.42
(HRAM) Huarong Finance 2017 Co
2.28
(CNBG) Bluestar Fin Holdings
1.91
(CHALUM) Chinalco Finance
1.90
(CGGCN) Skyland Mining Bvi Ltd
1.54
Long positions are created through purchases of bonds or derivatives. Investors
benefit if these long positions rise in value. Credit derivatives relating to any specific
issuer are included, but derivatives relating to government bonds and to bond
indices are excluded.
FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in
Singapore. Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the
prospectus before investing. All views expressed and references to specific securities are included for illustration only, and
should not be construed as an offer or recommendation. This document is for information only and does not have regard to
the specific investment objectives, financial situation and particular needs of the person who may receive it. Potential investor
should seek advice from a financial adviser before investing. If that potential investor chooses not to seek advice from a
financial adviser, he should consider whether the fund is suitable for him. Past performance of the fund is not indicative of the
future performance. Prices can go up and down. The value of the shares of the fund and the income accruing to them may fall
or rise. Investors investing in a fund denominated in a non-local currency should be aware of exchange rate risk. The fund is
not available to US citizens, residents or greencard holders. Fidelity, Fidelity International, and the Fidelity International logo
and F symbol are trademarks of FIL Limited.
FIL Investment Management (Singapore) Limited
8 Marina View #35-06, Asia Square Tower 1
Singapore 018960