Managersichten SJB Surplus: Fidelity Asia Pacific Opportunities Fund (WKN A0NFGE) Dezember 2019

Anthony Srom, FondsManager des Fidelity Asia Pacific Opportunities Fund

Aktien der Asien-Pazifik-Region (ex Japan) konnten ihre Kursgewinne zum Abschluss des vierten Quartals fortsetzen, da es geldpolitische Maßnahmen der Hongkonger Notenbank sowie die Aussicht auf einen baldigen Deal im US-chinesischen Handelsstreit gab. Besonders stark zeigten sich ausgewählte Industriewerte sowie Konsumaktien. FondsManager Anthony Srom hat sich in seinem Fidelity Asia Pacific Opportunities Fund A Acc EUR (WKN A0NFGE, ISIN LU0345361124) auf attraktiv bewertete Unternehmen mit überdurchschnittlichen Wachstumsraten und hoher Ertragskraft spezialisiert, die er unter antizyklischen Gesichtspunkten auswählt. In seinen aktuellen Managersichten für Dezember benennt er die Veränderungen in der Portfoliostruktur und analysiert die Performanceentwicklung des in der FondsStrategie SJB Surplus enthaltenen Fidelity-Fonds. 

Market Environment

Equities in the Asia Pacific ex Japan region advanced over the quarter. Chinese equities rose amid easing trade tensions between the US and China and stimulus measures implemented by the Chinese government. In particular, a partial trade truce was reached between the US and China, with the ‘phase one’ trade deal likely to be signed in January. Policy measures implemented by the Hong Kong Monetary Authority also boosted the Hong Kong market. The Hong Kong Monetary Authority cut its key policy rate in line with the US Federal Reserve (Fed). Taiwanese equities attracted investor interest amid advances in the information technology (IT) sector. The technology rally was fuelled by an incrementally positive outlook for major technology companies that are exposed to fifth generation (5G) applications. Gains in health care stocks buoyed South Korean stocks. Equities in  Singapore and the Philippines also ended higher, mainly led by the industrials and real estate stocks. In Indonesia and Australia, materials stocks advanced in line with higher base metal prices. Gains in consumer and financials stocks supported Malaysian equities. Conversely, Indian equities underperformed the broader market due to concerns over weak macroeconomic data. In addition, global credit rating agency Moody’s downgraded the country’s outlook from stable to negative, which further weighed on the market. Thai stocks fell due to weakness in consumer and communication services companies. All sectors in the region ended in positive territory. Of note, IT and health care sectors were the notable gainers. Robust profitability also lifted consumer discretionary companies.

Fund Performance

The fund underperformed the index over the quarter, as certain financials and energy stocks came under pressure. Conversely, selected industrials and consumer discretionary stocks enhanced gains.

Energy stocks held back gains
South Korean oil refiner SK Innovation retreated amid concerns that its earnings would remain subdued in a weak oil refining and petrochemical environment. However, the stock is held for its undemanding valuations, attractive dividend yields and increasing focus on shareholder returns. China Petroleum and Chemical Corporation also declined as the weak performance of its exploration and production, refining and chemical segments dampened its profitability.

Exposure to certain financials hampered performance
India-based HDFC Bank was caught in profit taking by investors following strong recent gains. However, the company reported healthy earnings and is a well-managed bank with a best-in-class retail deposit franchise, strong balance sheet, outstanding asset quality and adoption of technology for business operations and customer offerings. Healthy earnings growth momentum buoyed some positions Zhejiang Sanhua, a manufacturer of refrigeration and air-conditioning control components, enhanced gains as it reported robust quarterly earnings. Expectations that an increase in orders for new energy vehicles would support its growth prospects also buoyed the stock. Fast food operator Restaurant Brands NZ advanced as an acceleration in same-store sales growth boosted its revenue. Sentiment towards the stock received a further boost after it entered into an agreement with a US KFC franchisee to buy 59 KFC and 11 Taco Bell stores in Southern California.

Fund Positioning

I focus on bottom-up stock selection and favour companies that have an understandable business model, an above-average earnings growth rate relative to market expectations and the ability to allocate capital effectively to increase returns on equity (RoE) over time. I also like companies that trade at attractive valuations. Overweight in insurance service providers and industrials Hong Kong-based insurer AIA Group is retained for its management’s solid track record, differentiated business model, clear strategic priorities and disciplined execution. Its long-term profitability should receive a further boost from prospects of a geographic expansion of its Chinese operations and the removal of foreign ownership restrictions on life insurers.  BOC Aviation is a defensive play given the resilient nature of its business, high quality aircraft assets, diversified global operations and healthy dividend yields.

Favour selected stocks with robust growth prospects
Video surveillance products manufacturer Hangzhou HIKVision Digital Technology enjoys robust long-term growth prospects, supported by rising penetration in lower tier cities and product upgrades in major cities. It also enjoys leadership in video-based Internet of Things (IoT), which has significant growth potential in the longer run. Canadian gold miner  FrancoNevada enjoys a superior business model, strong cash flow generation, solid management team with a disciplined approach to capital allocation and a best-in-class  iversified asset portfolio.

Siehe auch

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