Posted inHead To Head

HEAD-TO-HEAD: Fidelity versus Income Partners

FSA compares two Asia high-yield products: Fidelity Funds – Asia High Yield A and Income Partners Managed Volatility High Yield Bond Fund
by Thomas Blott

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Manager review

Fidelity has undergone a fair amount of turnover compared with Income Partners. Co-lead managers Tae-Ho Ryu and Terrence Pang took over from predecessor and head of Asian fixed income Bryan Collins upon his departure in July 2020.

Although the duo supported the strategy for several years as a trader and credit analyst respectively, they have struggled under the difficult market conditions since taking over and Morningstar reckons that “the pair needs to demonstrate consistent value-add over changing market environments for us to gain confidence”.

They are supported by a well-resourced Asian credit research team, with 12 analysts able to support the managers’ process and approach, although Poole noted that there has been some turnover among the analyst team recently.

Income Partners is led by James Hu, whom Poole notes is an experienced manager with a 12-year tenure and has a strong understanding of Asian credit and China specifically. “His experience is critical in managing the volatility of the fund,” said Poole.

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