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Fidelity to soft-close AA-rated manager’s Asia fund

Fidelity to soft-close AA-rated manager’s Asia fund

Fidelity International is set to soft-close Citywire AA-rated Suranjan Mukherjee’s Asian equity fund after a steady increase in new money over the course of 2017, Citywire Selector has learned.

In a December letter to shareholders, the asset manager said it would be introducing a series of controls for flows into the Fidelity FAST – Asia fund from February 12, 2018.

It had hit $760 million in assets as at the end of November 2017, with Fidelity stating it needed to impose restrictions to ensure Mukherjee’s investment philosophy – which focuses on long/short, high conviction positions – can be maintained.

This will see new investment from existing shareholders only allowed if it is of $1 million or more. Also, investments will be set at 20% of the value of shares in the fund linked to a Fidelity Unique Agent Number.

In addition, Fidelity will be retaining a pipeline queue of existing investors wishing to make additional investments that exceed the cumulative limits. It will also cease to market the fund to prospective investors.

The Fidelity FAST Asia A-Acc-USD share class of the fund returned 44.2% over three years to the end of December 2017. Its Citywire-assigned benchmark, the MSCI AC Asia ex. Japan TR USD, rose by 36% over the same period.

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