Fidelity closes £7m Asia absolute return fund
Managed by Nipun Sharma, the fund held long and short positions across Asia excluding Japan, using a bottom-up stock picking approach.
The large cap fund has performed poorly since its launch in December 2019. An initial investment of $1,000 would have been worth just $781.57 after fees by the end of August 2023, according to Fidelity's website.
Managed by Nipun Sharma, the fund held long and short positions across Asia excluding Japan, using a bottom-up stock picking approach.
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Its biggest holding is in the National Hydroelectric Power Corporation, an Indian public sector hydropower company.
The fund's other largest holdings are Kweichow Moutai, a partial publicly-traded, partial state-owned Chinese drinks maker, and CP All Public Company, a convenience store operator in Thailand.
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In a note to investors, Fidelity said: «The current level of assets under management of the sub-fund does not allow the sub-fund to operate economically… [The fund] is not expected to grow in the foreseeable future, and therefore it has been decided that it is in the best interests of the shareholders to close the sub-fund.»
A Fidelity International spokesperson said: «The decision to close the fund was taken following low client demand. The fund is too small to manage cost-effectively.»
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