Aktien der Asien-Pazifik-Region (ex Japan) konnten im zweiten Quartal 2021 weiter zulegen. Für gute Stimmung sorgten die fortgesetzten Liquiditätsspritzen der Notenbanken sowie die Fortschritte bei den Impfungen gegen Covid-19. In diesem unterstützenden Marktumfeld verbesserte sich der Fidelity Asia Pacific Opportunities Fund A Acc EUR (WKN A0NFGE, ISIN LU0345361124) um +3,63 Prozent, während die Benchmark nur um +3,10 Prozent kletterte. FondsManager Anthony Srom hat sich in seinem Fonds auf attraktiv bewertete Unternehmen mit überdurchschnittlichen Wachstumsraten und hoher Ertragskraft spezialisiert, die er unter antizyklischen Gesichtspunkten auswählt. In seinen aktuellen Managersichten für Juni analysiert er die Veränderungen in der Portfoliostruktur und untersucht die Positionierung des in der FondsStrategie SJB Surplus enthaltenen Fidelity-Fonds.
Market Environment
Asia ex Japan equities advanced over the quarter. Positive developments on the global front, including assurances from global central banks on liquidity and firmer global equity markets, supported broader investor sentiment. Optimism around a rapid vaccination rollout also boosted sentiment. US Federal Reserve (Fed) Chair Jerome Powell’s comments that the Fed remains in no rush to remove its policy accommodation as he downplayed inflation concerns also provided a breather. However, concerns over a resurgence in COVID-19 cases in some countries capped gains. Chinese equities advanced on receding concerns over monetary tightening following weaker-than-expected economic data from China.
Chinese industrial production, retail sales and fixed asset investments rose below consensus forecast in May. Hong Kong equities tracked mainland China markets higher. Exportoriented Korean stocks rose amid hopes for a faster economic rebound from the pandemic. Moreover, an uplift in technology stocks led Korea and Taiwan higher. Sentiment towards Indian equities improved amid a steady decline in COVID-19 cases in the country in the latter part of the quarter. The majority of sectors in the region ended the quarter in positive territory, with health care, industrials, materials and energy among the best performers.
Fund Performance
The fund delivered a return of 3.6%, while the index returned 3.1% over the quarter. Selected communication services, information technology (IT) and materials stocks contributed to
performance.
Communication services boosted performance
South Korean internet company Kakao was the largest contributor to returns. Its shares continued to rise on the back of its strong business performance. Value unlocking by its affiliates, including online payment service provider Kakao Pay and internet-only lender Kakao Bank, further supported its shares.
Materials added notable value
Gold royalty company Franco Nevada added value in an inflationary backdrop. However, it lost some gains in June as the US Fed’s talks of tapering its monetary policy tempered the rally in metal prices. The company also reported better than expected first quarter results.
Selected IT stocks added value
Vision equipment manufacturer Hangzhou Hikvision Digital Technology was a key contributor to performance, driven by its strong first quarter results. Elsewhere, the position in semiconductor company ASML was supported by the strong performance in the first quarter on the back of demand for software upgrades.
Selected industrials and consumer discretionary names held back gains
Aircraft leasing company BOC Aviation declined as there was no real rebound in international travel despite a stabilisation of COVID-19 cases in selected Asian countries over the quarter. In consumer discretionary, ecommerce leader Alibaba was the largest detractor from performance due to Chinese regulatory pressure and market concerns over incremental investments. Overall, its long-term investment thesis remains intact.
Fund Positioning
The fund focuses on bottom-up stock selection and favour companies that have an understandable business model, above-average earnings growth relative to market expectations and the ability to allocate capital effectively to increase returns on equity (RoE) over time. There is also a preference for companies that trade at attractive valuations.
Increased exposure to selected materials stocks
The exposure to Chinese waterproof system service provider Oriental Yuhong was increased due to supportive fundamentals and valuations. The manager’s conviction in the name strengthened following its strong earnings beat in the first quarter, driven by a significant improvement in earning quality and good growth momentum across segments.
Added some semiconductor names
The manager used the pull back in semiconductor names to purchase a new position in quality fabless integrated circuit design company MediaTek. The stock declined despite very strong first quarter results and an upgraded full-year guidance, largely due to weak smartphone demand in India in light of increasing COVID-19 cases early in the quarter. Elsewhere, the exposure to Taiwan Semiconductor Manufacturing Company was increased as it retreated due to a slightly conservative second quarter guidance. The fund remains positive on the company fundamentals and promising semi-conductor industry demand outlook.
Profit taking in selected communication services and IT stocks
Some profits were taken in strong performers including Kakao, Hangzhou Hikvision Digital Technology and ASML
