Important risk disclosure

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LU0737861699

Fidelity China Focus Fund(LU0737861699)

Equities
China
HKD Cash
Accumulating

Invest with

HKD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund aims to achieve capital growth over time by investing at least 70% of its assets,in equities of companies listed in China and Hong Kong, as well as in equities of non-Chinese companies which do most of their business in China.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

The Fidelity China Focus Fund, with its value and quality tilts, provides exposure to 60-80 quality businesses run by competent management. These companies are attractive at reasonable valuations with a margin of safety. The Fund provides exposure to the China Equity market primarily via allocation to H-shares, A-shares and ADRs.

People

The Fund is managed by Nitin Bajaj, who took over the management of the fund in September 2022. Nithin has 20 years of investment experience and also manages two other Asian strategies. Nitin is supported by co-Portfolio Manager, Alice Li and Fidelity’s deep bench of equity research analysts which includes 17 analysts dedicated to the Greater China region.

Performance

Outperformance relative to its benchmark over a 3 year, 5 year and since inception basis (as of end May 2024, net of fees, USD), benefitting from a rotation to value amidst the weak sentiment and investor risk aversion in recent years. Strong downside protection in downward trending markets, registering a lower down-capture ratio and maximum drawdown relative to peers.

Process

Bottom-up driven approach that aims to generate alpha primarily through stock selection. Robust four stage investment process covering idea generation, stock research and selection, portfolio construction and risk management, as well as portfolio monitoring.

Cost

Access to the retail share class with 100% trailer fees rebated to achieve the lowest possible cost.

How it fits in a portfolio

The Fund’s value style tilt differentiates it from peers within the space which tend to be growth focused, and can therefore act as a complement to such peers in building a holistic China Equity that is well diversified from a style perspective. Performance will be impacted when value goes in and out of favour, and investors should be cognizant of the style and geographical concentration risk that accompanies allocating to this fund on a standalone basis.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

100.39%

YTD

-5.26%

1 month

-8.75%

6 month

-9.24%

1 year

8.83%

3 year

10.66%

5 year

4.41%

10 year

70.64%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-38.45%As of Mar 2026

Volatility

20.20%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	4.7%	-0.8%	-8.7%	-	-	-	-	-	-	-	-	-
2025	26.7%	1.4%	5.5%	3.0%	-4.8%	4.8%	4.5%	4.1%	5.0%	5.2%	-2.0%	-0.7%	-1.6%
2024	7.6%	-8.5%	5.3%	2.6%	6.0%	2.1%	-5.1%	-3.2%	-0.8%	20.2%	-5.6%	-3.6%	0.8%
2023	-6.4%	11.7%	-7.1%	5.3%	-2.4%	-10.0%	6.0%	7.6%	-8.7%	-2.4%	-5.7%	2.3%	-0.4%
2022	-2.7%	4.4%	0.4%	-4.7%	-3.0%	1.8%	5.4%	-7.8%	0.5%	-10.3%	-14.2%	27.3%	3.1%
Load more		5 of 15

Top Exposures

Holdings

Regions

Sectors

Tencent Holdings Ltd	7.96%
Alibaba Group Holding Ltd Ordinary Shares	4.79%
Prosus NV Ordinary Shares - Class N	4.63%
BOC Aviation Ltd Shs Unitary 144A/Reg S	3.63%
China Construction Bank Corp Class H	2.97%
China Oilfield Services Ltd Class H	2.89%
Industrial And Commercial Bank Of China Ltd Class H	2.79%
China Merchants Bank Co Ltd Class H	2.71%
Zijin Mining Group Co Ltd Class H	2.36%
Trip.com Group Ltd	2.26%
China Overseas Land & Investment Ltd	2.14%
Poly Property Services Co Ltd Class H	2.09%
National Atomic Co Kazatomprom JSC ADR	2.04%
China Mengniu Dairy Co Ltd	2.00%
China Overseas Grand Oceans Group Ltd	1.99%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.91%1.44% p.a.

Save 24%

Fund facts

ISIN

LU0737861699

Fund house

Fidelity

Fund size

HK$19.2B

As of 17 Apr 2026

Fund inception date

09 Feb 2012

Fund class currency

HKD

Fund share class

A-ACC-HKD

Oldest share class ISIN

LU0173614495

Oldest share inception date

18 Aug 2003

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

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