Aktien der Asien-Pazifik-Region (ex Japan) konnten im ersten Quartal 2021 kräftige Kursgewinne verzeichnen, da sich der Rückgang der Covid 19-Infektionen sowie der Optimismus mit Blick auf eine Wirtschaftserholung positiv auswirkten. In diesem unterstützenden Marktumfeld legte der Fidelity Asia Pacific Opportunities Fund A Acc EUR (WKN A0NFGE, ISIN LU0345361124) um +13,3 Prozent zu, während sich die Benchmark um +6,9 Prozent verbessern konnte. 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 März 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 started the quarter on a positive note amid a drop in COVID-19 infections and optimism towards global vaccination rollouts. However, towards the latter half of the quarter, equities were caught in a global sell-off in risky assets amid rising US bond yields. Concerns over the slow pace of vaccinations in some countries, rising COVID-19 cases and policy normalisation in China also dented investor appetite. At the country level, Chinese equities underperformed the broader markets as growing concerns over policy tightening in China hurt investor sentiment. Indonesian equities fell as its currency slid to its weakest level in March in nearly five months as rising US bond yields continued to dampen investor sentiment. Investor confidence towards Indonesian equities also weakened as rising COVID-19 cases prompted the country to flag downside risks to economic growth. Equities in Malaysia and the Philippines were also under pressure in line with broader markets. Conversely, Hong Kong stocks outperformed their Chinese counterparts due to higher exposure to the domestic recovery and defensive segments, as well as strong inflows from mainland institutional investors via the Stock Connect. Taiwanese and Korean stocks gained momentum as encouraging export data from both countries lifted investor confidence. The Singapore market rose as an improving global economic outlook lifted attractively valued cyclicals. Indian equities gained momentum amid an expansionary, growth focused union budget for 2021. In Australia, consumer discretionary and financials stocks rose amid a rotation towards value-led stocks. Thai equities advanced in light of better than expected December-quarter GDP data, which reflected the relatively well-contained state of the pandemic domestically. All sectors in the region except the health care and consumer stocks ended in positive territory. Of note, the financials, communication services and industrials stocks were the notable gainers.
Fund Performance
The fund delivered a return of 13.3%, while the index returned 6.9% over the quarter. Selected information technology (IT) and industrials services stocks contributed to performance.
IT stocks among key contributors
Vision equipment manufacturer Hangzhou Hikvision Digital Technology rose in light of the continued improvement in business fundamentals. Semiconductor manufacturer ASML Holding NV rose amid optimism towards its earnings outlook, driven by increasing orders for Extreme Ultraviolet Lithography (EUV) tools from Intel, one of its key customers. Intel recently announced a sizeable investment in its foundry business. Electronics contract manufacturer Hon Hai Precision Industry is benefiting from expectations of margin expansion, supported by strong iPhone volume growth, increasing server sales, cost controls and higher potential earnings contributions from electric vehicles (EVs).
Selected industrials stocks added value
Power equipment manufacturer Techtronic Industries rose as its encouraging earnings reflected stepped-up production during the pandemic. The company’s outlookremains strong, with robust demand for power tools in the US due to a potential $2 trillion infrastructure stimulus plan.
Some consumer discretionary stocks held back gains
Midea Group fell amid concerns over rapidly rising raw material prices in the home appliance industry. Nonetheless, the stock is held for its diversified product mix, cost advantages from economies of scale and efficiencies in sales and supply chain systems. It is also likely to exhibit a faster recovery in demand for air conditioners vis-a-vis peers given its retaildriven business model and lean channel inventory.
Fund Positioning
I focus 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. I also like companies that trade at attractive valuations.
Realignment in consumption-led holdings
The exposure to e-commerce leader Alibaba Group Holding was increased. Sentiment towards Alibaba worsened and its valuations are more attractive as the market has started to factor in potential industry risks. Fundamentally, Alibaba has a dominant position in e-commerce, and while it has some less favourable businesses, the potential risk/reward is now skewed towards the upside. Meanwhile, the position in Macau-based casino operator Galaxy Entertainment was sold as the thesis played out following the border relaxation. Sentiment turned more positive and business normalisation has been fully priced in.
Favour selected communication services holdings
A new position was purchased in South Korean internet company Kakao Corporation, which offers multiple services, including instant messaging, mobile and personal computer (PC) games, music and payments. Its strong positioning in message applications in South Korea is likely to enable it to gain market share, create a strong user base and accelerate monetisation in both mobile advertising and e-commerce by leveraging its network effects and extensive data analytics.
Reduced exposure to selected IT stocks
The position in Hangzhou Hikvision Digital Technology was reduced following a significant share price appreciation.
