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FAS

Fidelity Asian Values PLC

Financial Services First-pass screen £394m
450/1000 Overall fit
AI beneficiary 35% 32
Operating leverage 25% 40
Valuation 25% 68
Downside protection 15% 48

First-pass take

Fidelity Asian Values is an emerging-market small-cap fund, not an AI beneficiary. Portfolio deliberately avoids expensive tech/AI sectors; focuses on undervalued traditional businesses. Strong valuation (6.7% NAV discount, 10.4x P/E vs 17x market) with low net gearing (3.4%), but emerging-market risk and key-person dependency limit downside protection.

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