Hardman & Co Research: (Initiation of coverage) Grabbing hold of the tiger's tail

Fidelity Asian Values (FAV) gives investors liquid access to the attractive small-cap Asian market (ex-Japan). Its long-term returns have beaten UK markets, Asian benchmarks, listed peers and open-ended fund comparators. This performance is driven by i) superior GDP growth, demographics, cherry-picking from 18,000 potential investments and markets with pricing anomalies, and ii) the value added by Fidelity, with its rigorous investment process, flexible mandate and active management. Risks include geopolitical and economic tensions, volatility and the market's appetite for small-cap value stocks. FAV trades at a modest discount to NAV.

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