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QuotedData’s morning briefing 14 March 2024 – FCSS, ACIC, TIGT, STS, PHI

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In QuotedData’s morning briefing 14 March 2024:

  • Fidelity China (FCSS)  is expanding by £126.6m as it issues 59m shares to abrdn China shareholders in connection with the merger of the two companies. Each abrdn China (ACIC) share rolling into Fidelity China will be exchanged for 2.06481 Fidelity China shares (although each shareholder’s total position will be rounded down to the nearest whole number). Dealing in the new shares starts today.
  • Both sets of shareholders have approved the merger of Troy Income & Growth (TIGT) into STS Global Income & Growth.
  • Pacific Horizon (PHI)’s interim results (six months to end January 2024) show it beating its benchmark, returning -4.8% compared to the MSCI All Country Asia ex Japan Index’s return of -7.3%. The negative result was largely down to weak Chinese markets, but the fund’s Indian and Vietnamese investments did much better. The chairman says “We remain extremely positive on the long-term outlook. Asia has already taken up the baton of global demand growth, with China alone having contributed more to global growth in US dollar terms than the US over the past decade, while India is overtaking Japan. Asia is now better positioned financially than much of the developed world and, with a renewed investment cycle unfolding, Asian growth is likely to significantly outperform over the coming years. We strongly believe that the best way to benefit from this outlook is by investing in the best growth companies in the region.

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