Fidelity Asian Values: Board proposes to increase permitted short exposure

Deutsche Bank (Deutsche Numis) publishes an update on Fidelity Asian Values (FAS.L), retaining a Positive rating. NAV total return for the year to 31 July 2026 was 6.1%, versus 7.8% for the MSCI AC Asia ex Japan Small Cap index in sterling, driven by underweights to Taiwan and technology stocks and overweights to China and Indonesia. Manager Nitin Bajaj maintains a disciplined contrarian value approach, arguing many tech stocks offer limited margin of safety, with highest conviction in Indonesia and opportunities in Chinese consumer, travel, healthcare and property businesses; the portfolio is trading at one of its most attractive relative valuations in a decade. The Board proposes raising the permitted maximum short exposure from 10% to 20% of net assets (a ceiling, not a target), with maximum gross exposure rising from 140% to 150% of NAV while the 130% net limit is unchanged;