Investment objective
To achieve returns in excess of the MSCI China Index NR over the medium to long term.
Invests into typically between 60 to 80 Chinese companies.
Uses a bottom-up stock selection process that focuses on quality business models and management teams out of favour due to short-term macro reasons.
Through a rigorous portfolio construction process, the best ideas likely to benefit from the country's growth dynamics will be selected for the portfolio.
Key facts
Fund performance2
Net returns as at 30 November 2021
| Timeframe | Fund | Benchmark | Active return |
|---|---|---|---|
| 1 yr % | -0.67 | -13.68 | 13.01 |
| 3 yr % pa | 2.59 | 7.73 | -5.14 |
| 5 yr % pa | 6.48 | 10.05 | -3.57 |
| 7 yr % pa | 8.80 | 9.01 | -0.21 |
| 10 yr % pa | 11.46 | 11.85 | -0.39 |
| 15 yr % pa | 8.46 | 7.55 | 0.91 |
| Since inception (29/09/05) % pa | 11.53 | 9.85 | 1.68 |
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
15 yr % pa |
Since inception (29/09/05) % pa |
|---|---|---|---|---|---|---|---|
| Fund | -0.67 | 2.59 | 6.48 | 8.80 | 11.46 | 8.46 | 11.53 |
| Benchmark | -13.68 | 7.73 | 10.05 | 9.01 | 11.85 | 7.55 | 9.85 |
| Active return | 13.01 | -5.14 | -3.57 | -0.21 | -0.39 | 0.91 | 1.68 |
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI China Index NR. NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
See for yourself how the fund has performed since inception. The chart below represents the value now of $10,000 invested in the Fidelity China Fund in September 2005 compared with $10,000 invested in the MSCI China Index NR.
Chart as at: 30 November 2021
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI China Index NR. NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Net as at 30 November 2021
| Total return | Growth | Income | |
|---|---|---|---|
| 1 yr % | -0.67 | -10.52 | 9.85 |
| 3 yr % pa | 2.59 | -7.7 | 10.29 |
| 5 yr % pa | 6.48 | -3.88 | 10.36 |
| 7 yr % pa | 8.8 | 0.63 | 8.17 |
| 10 yr % pa | 11.46 | 5.05 | 6.41 |
| 15 yr % pa | 8.46 | 2.84 | 5.62 |
| Since inception (29/09/05) % pa | 11.53 | 5.89 | 5.64 |
| 1 yr % |
3 yr % pa |
5 yr % pa |
7 yr % pa |
10 yr % pa |
15 yr % pa |
Since inception (29/09/05) % pa |
|
|---|---|---|---|---|---|---|---|
| Total return | -0.67 | 2.59 | 6.48 | 8.8 | 11.46 | 8.46 | 11.53 |
| Growth | -10.52 | -7.7 | -3.88 | 0.63 | 5.05 | 2.84 | 5.89 |
| Income | 9.85 | 10.29 | 10.36 | 8.17 | 6.41 | 5.62 | 5.64 |
Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Benchmark: MSCI China Index NR. NR at the end of the benchmark name indicates the return is calculated including reinvesting net dividends. The dividend is reinvested after deduction of withholding tax, applying the withholding tax rate to non-resident individuals who do not benefit from double taxation treaties.
Sectors, holdings and distributions
As at 30 November 2021
As at 30 November 2021
| % total net assets | |
|---|---|
| CHINA LIFE INSURANCE CO LTD | 6.2% |
| CHINA MOBILE LTD | 6.1% |
| CHINA CONSTRUCTION BANK | 5.1% |
| TENCENT HLDGS LTD | 4.8% |
| CNOOC LTD | 4.1% |
| ALIBABA GROUP HOLDING LTD | 4.1% |
| DONGFENG MOTOR GROUP CO LTD | 4.1% |
| INDUSTRIAL & COML BK CHINA | 4.0% |
| LENOVO GROUP LTD | 3.9% |
| BAIDU INC | 3.6% |
As at 30 November 2021
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| CHINA MOBILE LTD | 6.1 | 0.0 | 6.1 |
| CHINA LIFE INSURANCE CO LTD | 6.2 | 0.5 | 5.7 |
| CNOOC LTD | 4.1 | 0.0 | 4.1 |
| DONGFENG MOTOR GROUP CO LTD | 4.1 | 0.1 | 4.0 |
| LENOVO GROUP LTD | 3.9 | 0.3 | 3.6 |
As at 30 November 2021
| Fund % | Benchmark % | Relative % | |
|---|---|---|---|
| TENCENT HLDGS LTD | 4.8 | 13.1 | -8.3 |
| ALIBABA GROUP HOLDING LTD | 4.1 | 9.6 | -5.5 |
| MEITUAN | 0.0 | 4.7 | -4.7 |
| JD.COM INC | 0.0 | 2.8 | -2.8 |
| NIO INC | 0.0 | 2.1 | -2.1 |
| Distribution | Distribution (CPU) | Reinvestment price |
|---|---|---|
| 30-Jun-21 | 295.4065 | $26.8444 |
CPU = cents per unit. The above cash CPU excludes imputation credits and foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed.
Fund downloads
- Additional Information
- Infographic: China(394.66KB)
- The case for investing in China(725.66KB)
- Quarterly top 10 holdings(684.04KB)
- Fund flyer(541.20KB)
- Product Disclosure Statement(1.93MB)
- Application form(630.38KB)
- Fund fact sheet(69.06KB)
- Target Market Determination (TMD)
Fund ratings3
|
Organisation
|
Rating
|
|---|---|
|
Lonsec
|
Recommended4
The Lonsec report is only available to financial advisers, please contact us for a copy
|
Morningstar 2020 Australia Fund Manager of the Year5
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2022 Outlook: China
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This Fund is unhedged and is subject to the risk of fluctuations in international stock markets and currencies. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1Management Costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.
2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed.
Why this fund
Actively managed, with the Portfolio Manager's more than 20 years' experience investing in China and rare access to local companies.
Access to China's growth story by investing in some of the best undiscovered opportunities.
A proven investment approach informed by 55 on-the-ground analysts in Asia with 17 dedicated to Chinese equities.
Meet Jing Ning
Find out what drives Fidelity's Jing Ning, Portfolio Manager for the Fidelity China Fund, and why after over 20 years she still finds Chinese equities so interesting.
Related insights
Shake it off: Recovery expected, but risks remain
Against a backdrop of the ongoing pandemic, tighter regulation in China, and the prospect of reduced policy support from global central banks, 2021 has not been without its risks. However, as we look to the new year, we see opportunities for careful, bottom-up stock pickers in a wide range of industries across Asia
2022 Outlook: China
We are more optimistic about the investment outlook for China in 2022, especially relative to other emerging and developed markets. The country’s economic growth is being driven by both the policy and liquidity cycles, and we believe that monetary tightening has peaked. As such, we expect to see improvements in liquidity conditions.
The Investor's Guide to China: Demographics
China’s labour pool is shrinking as the population ages and more people retire than enter the workforce. How people save and invest as they think about wealth preservation signals big challenges and opportunities for China’s pension system development. So, how will government policy seek to ensure that the corporate sector remains dynamic and innovative, and can keep attracting the talent it needs?
Catch-2022: Asia's shifting growth model
Heading into 2022, the Asia-Pacific region will remain the main economic growth engine for the global economy. But as the past two years of pandemic-induced dislocations have demonstrated, there will be surprises, twists and turns along the way. Read our 2022 Asia outlook.
Fund downloads
- Additional Information
- Infographic: China(394.66KB)
- The case for investing in China(725.66KB)
- Quarterly top 10 holdings(684.04KB)
- Fund flyer(541.20KB)
- Product Disclosure Statement(1.93MB)
- Application form(630.38KB)
- Fund fact sheet(69.06KB)
- Target Market Determination (TMD)
This Fund is unhedged and is subject to the risk of fluctuations in international stock markets and currencies. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1Management Costs and buy/sell spread are current as at the date of publication of this website. These fees may be subject to change in the future.
2Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for tax. Returns of more than one year are annualised. The return of capital is not guaranteed.