Fidelity Funds – Asian High Yield Fund fD r:Î V E ;ÿ
42286_Sep19.pdf
Bond
Fidelity Funds ? Asian High Yield Fund
30 September 2019 930
This fund invests primarily in Asian high yield bonds. The fund is subject to investment, emerging markets, foreign currency, credit rating and RMB currency risk, the risks of investing in securitised or structured debt instruments and mortgages-related securities. This fund may invest in bonds or debt securities which may be subject to credit, liquidity, counterparty and market risks. The fund will invest in non-investment grade bonds and unrated securities which may be subject to greater credit and liquidity risks, and may be more volatile than higher rated securities. The fund may invest in onshore China fixed income securities directly through the Qualified Foreign Institutional Investor ("QFII") scheme and may incur losses due to limited investment opportunities, illiquidity of the onshore China fixed income securities, and/or delay or disruption in execution of trades or in settlement of trades. The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note. The fund may invest in credit linked notes which may subject to the default risk of the structurer of the note. This fund can invest in derivative instruments which may involve additional risks (For example, leverage may cause greater volatility). Dividend of certain share classes, at the Board's discretion, may be 1) paid out of gross income, i.e. the fund may pay dividend effectively out of capital; or 2) paid directly out of capital where the net income generated by the fund is insufficient to pay a distribution as declared. This will represent a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. This may result in an immediate decrease in the fund's NAV per share. 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.
Morningstar RatingTM
"QFII" ( ) 1) 2) ()
Fund Details
Fund Manager
Reference Currency Fund Size Max. Sales Charge Annual Management Fee Min. Subscription
Fidelity Fund Code
Bryan Collins Peter Khan USD US$4,955m () 3.5% 1.00% USD2,500 or HKD eqv 2,500 1150
Fund Performance (rebased to 100) (100)
Fund A-ACC-USD A--
ICE BofAML Blended Index: ACCY, 20% Lvl4 Cap 3% Constrained Index ICE : ACCY, 20% Lvl4 Cap 3%
Top 10 Holdings 10 (%)
Fund
ABJA INVEST 5.45% 01/24/28 RGS
2.08
BANK OF EAST 5.875/VAR PRP RGS
1.41
NANYANG COM BK 5%/VR PERP RGS
1.17
FORTUNE STAR 5.25% 3/23/22 RGS
1.13
GREENKO DUT 5.25% 7/24/24 RGS
1.08
GLOBAL A&T 8.5% 01/12/23
1.06
PUMA INTL FIN 5% 01/24/26 RGS
1.04
TIMES CHIN 7.625% 2/21/22 RGS
1.03
VEDANTA RES 6.125% 8/9/24 RGS
1.02
MELCO RESOR 5.625% 7/17/27 RGS
0.98
Top 5 Issuers (%)
(GRNKEN) Greenko Investment Co
3.00
(FOSUNI) Fortune Star Bvi Ltd
2.91
(BNKEA) Bank Of East Asia Ltd
2.83
(VEDLN) Vedanta Resources Plc
2.77
(KAISAG) Kaisa Group Holdings Ltd
2.57
Index 1.26 0.87 1.58 1.05 0.00 0.84 0.00 0.13 0.00 0.00
3.00 3.01 1.75 3.00 1.11
Investment Objective
This fund seeks a high level of current income and capital appreciation by investing primarily in high-yielding sub investment grade securities of issuers, or in high-yielding securities of sub investment grade issuers, all having their principal business activities in the Asian region. This fund will suit those investors seeking high income and capital appreciation and who are prepared to accept the risks associated with this type of investment. The type of debt securities in which the fund will primarily invest will be subject to high risk and will not be required to meet a minimum rating standard. Not all securities will be rated for creditworthiness by an internationally recognized rating agency. The fund may invest its net assets directly in onshore China fixed income securities listed or traded on any Eligible Market in China. (Please refer to the offering document for the details of Portfolio Information) ()
Cumulative Performance (%)
Since
YTD
3 mth 6 mth
1 yr
3 yr
5 yr
Launch
3 6 1
3
5
A-ACC-USD A-- A-MDIST-USD A-- A-MDIST-HKD A-- A-MINCOME(G)-USD A-(G)- A-HMDIST(G)-AUD (H) A-H(G)-() Index
9.6
-0.5
0.9
6.6
12.2 27.6
83.4
9.6
-0.6
0.8
6.5
12.2 27.6
83.3
9.7
-0.2
0.7
6.7
13.4 28.8
62.7
9.6
-0.6
0.8
6.5
12.1 27.6
36.8
8.9
-0.9
0.3
5.8
11.7 32.1
37.5
10.6
0.2
2.5
8.9
14.3 29.8
140.1
Source: Fidelity, NAV-NAV basis, in respective currencies with dividends re-invested. Index performance (if any) is calculated in the currency of the first share class listed in the table.
Geographical Exposure (%) Sector Exposure (%)
China India Hong Kong Indonesia Singapore Macao Sri Lanka Mongolia Australia Korea (Republic of) Others Cash
Fund Index 48.12 40.50 14.28 20.39 8.91 13.04 7.44 9.22 3.67 4.68 1.66 5.89 1.51 0.00 1.34 0.97 1.20 0.00 0.74 1.35 4.34 3.96 6.79 0.00
Property
Basic Industry
Banks & Brokers
Consumer Cyclical
Utility
Energy
Capital Goods
Quasi / Sov / Supra / Agncy ///
Industrial Other
Transportation
Others
Cash
Fund Index 34.86 19.39 9.38 15.07 9.32 13.50 6.70 11.84 6.22 9.48 5.22 6.62 3.93 4.01
3.87 4.34
3.44 2.53 2.94 2.99 7.33 10.23 6.79 0.00
42286_Sep19.pdf
Fidelity Funds ? Asian High Yield Fund
30 September 2019 930
Measures
Annualised Volatility (3 years) (3)% Beta (3 years) (3) Sharpe Ratio (3 years) (3) Yield to Maturity % Running Yield % Effective Duration Average Credit Rating (Linear) Asset Type ? Investment grade credit (extreasury) - () % Asset Type ? High yield bond (%) -- (%)
Fund 4.51 1.02 0.53 11.16 8.38
3.3 BB-
2.39
83.08
Index 4.09
0.74 7.32 6.47
2.6 BB-
0.00
99.94
Share Class Details & Codes
Share Class
Launch Date
NAV
Bloomberg Ticker ISIN
A-ACC-USD A-- A-MDIST-USD A-- A-MDIST-HKD A--
02.04.07 02.04.07 18.08.10
18.34 7.96 9.16
FFASIAU LX FFASIAM LX FAHYAMH LX
LU0286668453 LU0286669428 LU0532244745
A-MINCOME(G)-USD A-(G)-
18.06.13
8.67 FFAHAMI LX
LU0937949237
A-HMDIST(G)-AUD (H) A-H(G)-()
09.04.14
9.02 FAHMAUD LX LU1046420631
A-ACC-EUR A--
02.04.07
21.79 FFASIAH LX
LU0286668966
A-MINCOME-USD A-- 13.04.11
8.85 FFAHYAM LX
LU0605512788
A-ACC: accumulating share class. A-MINCOME(G): monthly gross income share class. A-HMDIST(G)(H): monthly distributing gross income hedged share class. A-MDIST: monthly distributing share class, available to selected intermediaries only. A-MINCOME: monthly income share class. Distribution amount not guaranteed. A-A-(G): A-H(G)() ( )A-A-:
Index
Market Index: ICE BofAML Blended Index: ACCY, 20% Lvl4 Cap 3% Constrained Index ICE : ACCY, 20% Lvl4 Cap 3% Prior to 30 Apr 11, the index was BofA Merrill Lynch Asian Dollar High Yield Corporate Constrained Index. Prior to 30 Sep 09 was Merrill Lynch Asian Dollar Corporate High Yield Total Return Index. 2011430 2009930
Index is for comparative purpose only.
Calendar Year Performance (%)
2014
2015
2016
2017
2018
A-ACC-USD A--
3.5
1.5
13.6
6.9
-4.7
A-MDIST-USD A-- A-MDIST-HKD A--
3.5
1.5
13.5
7.0
-4.7
3.5
1.5
13.5
7.8
-4.5
A-MINCOME(G)-USD A-(G)-
3.5
1.5
13.5
6.9
-4.7
A-HMDIST(G)-AUD (H) A-H(G)-()
-
3.9
14.6
7.5
-5.0
Index
3.9
1.4
15.2
6.1
-3.3
Source: Fidelity, NAV-NAV basis, in respective currencies with dividends re-invested. Index performance (if any) is calculated in the currency of the first share class listed in the table.
Dividend
Share Class
Dividend Annualised
per Unit distributions#
(%)
Ex-Dividend Date
A-ACC-USD A--
-
-
-
A-MDIST-USD A--
0.0391
6.11 02.09.19
A-MDIST-HKD A--
0.0450
6.12 02.09.19
A-MINCOME(G)-USD A-(G)-
0.0564
8.17 02.09.19
A-HMDIST(G)-AUD (H) A-H(G)-()
0.0499
6.91 02.09.19
(#) Annualised distributions = [(1+dividend per share/ex-dividend NAV)^distribution frequency]-1. Annualised distributions are for indicative purpose only, which may be higher or lower than the actual annual dividend distributions. Dividend rate of the fund does not represent the return of the fund, and past dividend rate does not represent future dividend rate. Distribution amount is not guaranteed. Please see .hk for full details of dividend information of all applicable share classes. = [1+ / ^ ]-1 .hk
Credit Rating Exposure (%)
Fund
Index
AAA/Aaa AA/Aa A BBB/Baa BB/Ba B CCC and Below Other Cash Total
0.00 0.00 0.30 3.25 37.11 42.57 3.44 6.54 6.79 100.00
0.00 0.00 0.00 0.00 65.36 33.22 1.43 -0.01 0.00 100.00
Currency Exposure (%)
Fund
Index
USD IDR CNY LKR GBP Other Rounding Adjustment Total
100.14 0.02 -0.79 0.22 0.00 0.42 -0.01
100.00
100.00 0.00 0.00 0.00 0.00 0.00 0.00
100.00
NON
Annual report
Semi-annual report
Prospectus
Product Key Facts
For A-HMDIST(G)(hedged) share class, dividend distributions may include a premium when the interest rate of the hedged currency is higher than the fund's reference currency interest rate and may be discounted when the interest rate of the hedged currency is lower than the fund's reference currency interest rate. The Board expects to recommend distribution of substantially the whole gross Investment income, and may determine the extent dividends may be paid out of realised and unrealised capital gains as well as capital. A-H(G)() Top issuers table: credit derivatives relating to any specific issuer are included, but derivatives relating to government bonds and to bond indices are excluded. Geographic exposure basis is domicile of issuer. Running Yield describes the income investors get from their portfolio as a percentage of market value of the securities and does not include the impact of fees. Effective Duration takes into account all investments in the fund, including derivatives. Average Credit Rating takes into account all investments in the fund, including derivatives. The weight assigned to each issue is equal to its market value weight. The credit rating table excludes derivatives. Currency exposure is after hedging. : () ()() () Morningstar, Inc. All Rights Reserved. Morningstar RatingTM as of 30/09/2019 (if applicable). Morningstar 30/09/2019 ()() Volatility measures are not calculated for funds which are less than 3 years old. This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission ("SFC"). Investors are reminded of concentration risks and volatility associated with sector funds. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors). If investment returns are not denominated in HKD or USD, US/HK dollar-based investors will be exposed to exchange rate fluctuations. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. () ()/FidelityFidelity InternationalFidelity International FFIL Limited
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