Best In Class  

Best in Class: Fidelity Asia Pacific Opportunities

Mr Srom limits the number of stocks to 35 and has a ‘one-in-one-out’ policy beyond this point.

Despite the concentrated nature of the fund, Anthony prides himself on its lower than average volatility.

This is achieved by focusing on a stock’s correlation relative to other positions, as he only wants to expose the fund to a risk once. He also considers potential volatility and the ease with which shares can be bought and sold.

Stock positions are then managed to accommodate risk. The fund has sectors and country exposures limited to 20 per cent either side of the benchmark, while any stock which moves 30 per cent either way is monitored closely.

Since his appointment in September 2014 the fund has returned 109.4 per cent ^ compared to 55.6 per cent ^ for the IA Asia Pacific ex-Japan sector.

Given the strong returns and the attention to risk, as evidenced by Mr Srom's ability to minimise volatility, we see no reason why this would not be a core holding for anyone wanting exposure to Asian equities.

Darius McDermott is managing director of Fund Calibre