Fidelity China RegionFHKCX

Morningstar Rating

Fund Research and Analysis

by Karin Anderson

We aren't giving Fidelity China Region the green light.

Manager Wilson Wong has been at the helm for more than two years and is backed by the 16 managers and analysts in the firm's Hong Kong office. The team makes frequent visits to companies in China, Hong Kong, and Taiwan as well as to their suppliers and competitors in order to find those with above-average earnings growth relative to their sector or industry. Read more

Kudos

Relatively low costs.

Fund offers relatively pure exposure to Chinese equities. Read more

Risks

Pure China focus leads to volatile returns.

Relatively new manager.

The fund is dominated by tech, telecom, and financials names. Read more

Strategy

Wilson Wong has diverged from his predecessors' strategy. He focuses to a much greater extent on Chinese stocks, though many of them may be listed beyond the mainland, in Hong Kong or elsewhere. Wong also makes room for some companies that are benefiting from China's growth, even if the connection isn't immediately obvious. Read more

Management

Fidelity appointed Wilson Wong to run this fund on June 1, 2007. That ended an odd two-year situation whereby K.C. Lee was running the fund on an "interim" basis while Ignatius Lee took a leave of absence. Ignatius Lee himself had taken the helm only in January 2005, succeeding Joseph Tse, who had managed the fund since its 1995 inception. Read more

Inside Scoop

This fund used to devote the majority of its assets to the more developed markets of Hong Kong and Taiwan. A new manager appointed in June 2007 has given the portfolio more of a China focus. Read more

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