Aktien der Asien-Pazifik-Region (ex Japan) legten im November zu, da es verbesserte Ertragserwartungen von Unternehmen sowie Fortschritte in den Gesprächen zur Beilegung des US-chinesischen Handelsstreit gab. Besonders stark zeigten sich Aktien taiwanesischer Firmen aus dem Bereich der Informationstechnologie. FondsManager Anthony Srom spezialisiert 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, die er unter antizyklischen Gesichtspunkten auswählt. In seinen aktuellen Managersichten für November analysiert er die Veränderungen in der Portfoliostruktur sowie die Performanceentwicklung des in der FondsStrategie SJB Surplus enthaltenen Fidelity-Fonds.
Market Environment
Asia Pacific ex Japan equities advanced in November. Investor sentiment received a boost amid improved corporate earnings expectations in the region and signs of progress in US-China trade talks. Chinese equities advanced amid optimism over US-China trade negotiations and policy support measures implemented by the government. Taiwanese equities attracted investor interest amid advances in the information technology (IT) sector. Gains in Apple supply chain companies, following better-than-expected sales of the new iPhone 11 series, buoyed the sector. The anticipated rollout of fifth generation (5G) technology further lifted sentiment towards certain semiconductor manufacturers. Australian markets advanced, mainly due to gains in energy and consumer stocks. Conversely, weakness in real estate stocks weighed on equities in Hong Kong and Singapore. South Korean stocks underperformed the broader market, mainly due to selling activity by foreign institutional investors. 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 markets. Indonesian and Thai stocks underperformed regional equities, mainly led by consumer stocks and communication services companies, respectively. Losses in financials stocks held back equities in the Philippines and Malaysia. Overall, the consumer discretionary and health care sectors ended higher. Materials stocks also tracked iron ore prices higher. Conversely, utilities and industrials sectors ended in negative territory.
Fund Performance
The fund underperformed the index in November, as selected energy and information technology (IT) stocks came under pressure. South Korean oil refiner SK Innovation fell amid concerns over weakness in its petrochemicals business and a fall in crude oil prices. However, the manager is positive on the stock in light of its resilient profitability, undemanding valuations, attractive dividend yields and increasing focusa on shareholder returns. It is also expected to benefit from the implementation of new sulphur regulations by the International Maritime Organisation (IMO) and the ramp-up of battery production capacity in electric vehicles in the longer run. Video surveillance products manufacturer Hangzhou HIKVision Digital Technology was caught in profit taking by investors following strong recent gains. Nonetheless, it is likely to be a beneficiary of higher demand from corporate customers, due to an increase in the penetration of Artificial Intelligence (AI) cameras. An acceleration in US component substitution amid the ongoing China-US trade war should also support its growth prospects. Conversely, Zhejiang Sanhua, a manufacturer of refrigeration and air-conditioning control components, gained on expectations that an improvement in its product mix and an increase in orders for heat management products in electric vehicles would buoy its growth prospects. The company should also benefit from solid growth in its electronic valve business, stemming from an upgrade in energy efficiency standards for air conditioners in 2020. India-based HDFC Bank rose on optimism towards its earnings outlook, supported by growth in its retail and corporate loan segments. The company’s network expansion, strong relationship management, dominant payments platform and differentiated customer experiences are also likely to boost its profitability.
Fund Positioning
The manager focuses on bottom-up stock selection and favours 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. The manager also likes companies that trade at attractive valuations. The fund is overweight in the materials and industrials sectors. Franco-Nevada is a well-managed industry leader with a superior business model, strong cash flow generation, solid management team with a disciplined approach to capital allocation and a diversified portfolio. Aircraft operating leasing company BOC Aviation is favoured as it is a defensive play given the resilient nature of its business, high quality aircraft assets, diversified global operations and healthy dividend yields. Additionally, the manager favours selected financials and IT stocks with robust growth prospects. Hong Kong-based insurance services provider AIA Group is retained for its management’s solid track record, differentiated business model, clear strategic priorities and disciplined execution. Its high-quality regular premium, long duration protection policies are further likely to support its robust earnings growth prospects. India-based HDFC Bank is a very well managed bank with a solid franchise, strong track record in delivering growth, continued market share gains and high capital adequacy. HDFC Bank also maintains the best asset quality in the sector. Its adoption of technology for business operations and customer offerings is unsurpassed and helps the bank gain more customers in an increasingly digital savvy market.
