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HEAD-TO-HEAD: Fidelity vs Haitong

FSA compares two Asian high yield bond funds with sharply contrasting strategies and profiles: the Fidelity Asian High Yield Fund and the Haitong Asian High Yield Bond Fund.
by Rupert Walker

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Manager review

The $4bn Fidelity fund is well-resourced, supported by an extensive team of credit research analysts, quant specialists, trading experts as well as by inputs from the firm’s regional equity analysts.

FE Analytics has awarded the fund a five-crown rating, while Morningstar gives it a four star historical rating and a bronze (forward-looking) analyst rating. Morningstar is impressed by manager Bryan Collins, who has managed the fund’s strategy since October 2009. Collins, Morningstar noted, is “key to our conviction.”

Ng also recognises the contribution of Collins, and points out that he is well-supported by the experienced Peter Khan, who joined Fidelity in 2000 as a trader before becoming a portfolio manager nine years later.

Ng has yet to meet the managers of the $172m Haitong fund, but he observed that the firm “was one of the first China asset managers to open a subsidiary in Hong Kong, and has several strengths”.

Most notably, “a long history understanding Chinese credit and strong management team based in Hong Kong”.

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