The Asian High Yield market has experienced some volatility over the past few months as idiosyncratic events have emerged, more specifically among some of the Chinese property developers. Given recent market movements, partly exacerbated by seasonally lower bond market liquidity and partly due to fundamentals, we have seen value re-emerge within the Asian High Yield corporate market. Please join Bryan as he presents an update on the market, the outlook and the Fund’s positioning.
Asian High Yield remains an attractive investment proposition for long term investors:
•Asian High Yield bond prices have partly recovered from weakness in January and late 2014 but remain below par on average, providing some capital upside potential not seen for some time.
•Income continues to be relatively stable and continues to be noticeably higher than many other credit markets, courtesy of Asia’s credit spread (or yield) risk premium. Although it is important to note that as companies continue to refinance their debt at lower interest rates, income may continue to trend lower compared to previous years but this is of course not unique to Asia and is in line with global bond markets.
•The Fund’s investment approach, which applies a unique issuer and sector constrained risk management framework, has proved again to be the best way to manage concentration risks within Asia, and the Fund remains committed to providing a well-diversified Asian High Yield corporate portfolio with a high level of regular income.
•The Asian High Yield Fund is comfortably positioned with high conviction credits and a meaningful underweight to fundamentally weaker and distressed credits.
RecordedMar 3 201549 mins
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Top-quartile performance over key time periods
Distribution yield of 4.4% – 5.1%
Total return of 7.12% (EUR Hedged) since launch
Low correlation to equities of 0.33
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Kevin O’Nolan and Nick Peters, Fidelity International
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Ian Spreadbury and Tim Foster, Fidelity International
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There will be also be a chance for Q&A during the webcast.
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The long and the short of it – taking advantage of divergence across the developing world in the FAST Emerging Markets Fund.
2015 is proving to be another year of heightened volatility and divergent fortunes across many parts of the emerging world; falling commodity prices impacting the energy and materials sectors; political turmoil in Brazil and Turkey; reform progression in India and China; currency movements and inflation effects providing headwinds for some, but strong tailwinds for others. Join Nick Price and team as they reflect on how the FAST Emerging Markets Fund has been able to take advantage of many of these events, and hear their thoughts on what the future may hold across the world of emerging market equities.
Hear from our portfolio managers and senior investment professionals as they share their insight and analysis on current market developments in our webcast programme. Please email email@example.com to receive Fidelity email alerts including information on webcasts as well as all the latest news from Fidelity directly to your mailbox.