The Investor's Guide to Asia

External shocks and domestic challenges made 2025 a tough year for Indian equities. In the latest episode of The Investor’s Guide to Asia, Fidelity International Investment Director Nitin Mathur discusses the chances of a turnaround in 2026 and why we should focus more on India’s long-term growth story. With Stuart Rumble and Toasha Wang. Additional contributions from Portfolio Manager Terence Tsai and Asia Economist Peiqian Liu.See omnystudio.com/listener for privacy information.

Surging interest in artificial intelligence has generated huge gains for tech stocks across the world this year. But with the stock market hitting new highs, there are growing concerns that we might be in the midst of an AI bubble. In this bonus edition of the Fidelity Answers podcast Patrick Graham puts four possible flaws in the AI investment case to Terence Tsai, one of Fidelity's portfolio managers who has invested strongly in the boom and therefore one of the people looking hardest for evidence of when it ends. See omnystudio.com/listener for privacy information.

Demand isn’t the main driver of profitability, supply is. In the latest edition, portfolio managers Fred Sykes and Tom Record look for the money left in the AI boom and places to hide if it goes wrong, while arguing investors should obsess a bit less about GDP growth and macroeconomics.  Plus: analyst Srishti Sinha on the risks to a US power sector flooded with datacentre investment.  See omnystudio.com/listener for privacy information.

It’s one of this year’s global stock market success stories: South Korean equities are emerging from decades in the shadows as reforms of corporate governance change the way foreign capital sees the Seoul market. With the help of fund managers Jochen Breuer and Lynda Zhou, this month’s podcast investigates whether that surge in confidence is really justified, what else needs to be done for it to continue, and where in the region is also making advances when it comes to shareholder returns.  With additional contributions from Asia Economist Peiqian Liu, who gives us her take on China's 4th plenum, and Analyst JaeMin Shim. Hosted by Stuart Rumble and Toasha Wang.  See omnystudio.com/listener for privacy information.

What are the challenges - and opportunities - that longevity poses to investors? What are the investment solutions that can support longer lives and how can portfolios benefit? Seb Morton-Clark is joined by the Director of the National Institute for Ageing Nic Palmarini, Fidelity's Global Head of Client Solutions Katie Roberts, and Portfolio Manager Julie-Ann Ashcroft. With additional contributions form Global Head of Macro Salman Ahmed. Click here for an extended interview with Salman on what older populations mean for economies and the wider world.See omnystudio.com/listener for privacy information.

An ageing global population is set to bring profound pressures to bear on the macroeconomic models and norms of the past century. Can we make it all work? Here Fidelity International's Global Head of Macro Salman Ahmed discusses the likely impact on inflation, taxation, public debt and inequality, and the choices policymakers will have to make in response.   See omnystudio.com/listener for privacy information.

From Indian renewables operators to Bangkok banks, the Asia high yield market has moved on from China’s property sector problems, and annualised returns over the last three years are running in double digits. But what are the risks? Stuart Rumble and Taosha Wang talk to fund managers Tae Ho Ryu and Terrence Pang. We also hear from Fidelity Asia economist Peiqian Liu on the latest macro signals and portfolio manager Theresa Zhou on China’s stock market rally.See omnystudio.com/listener for privacy information.

Doubts over interest rates and the over-concentration of stock markets hint at a need for more robust, diversified portfolios going into the final months of 2025. Seb Morton-Clark and co-host Caroline Shaw assess the risks - and what we should be doing about them - with portfolio managers James Durance and Tristan Purcell.  With additional contributions from real estate credit analyst Othman El Iraki. See omnystudio.com/listener for privacy information.

Companies' spend into artificial intelligence has been immense. But we're yet to see the tangible output of that investment. Should investors care? Portfolio managers Rosanna Burcheri and (self-confessed AI sceptic) Dmitry Solomakhin, plus technology analyst Jonny Tseng, join Seb Morton-Clark to discuss their thinking around AI. Watch more from Jonny's research trip to Silicon Valley here. See omnystudio.com/listener for privacy information.

From Labubu dolls to EVs to AI, 2025 has turned up the volume on Chinese products and Chinese ideas, but it’s a tune financial investors need to listen to carefully. Hosts Stuart Rumble and Taosha Wang are joined by portfolio managers Cynthia Chen and Dale Nicholls to discuss the changing trends of Chinese consumers, and whether it can support the sort of growth that the government and global investors are looking for. And Fidelity's Asia economist Peiqian Liu shares an update on the macro backdrop and the impact of the latest tariff announcements on the region. See omnystudio.com/listener for privacy information.

China has responded well to the US trade war. But other, domestically-focused economies, could fare even better. Fidelity fund manager George Efstathopoulos and Asia Economist Peiqian Liu join hosts Stuart Rumble and Taosha Wang to discuss China's prospects for the year ahead and how tariffs could reconfigure investment trends across the region as a whole. With additional contributions from analyst Kitty Yang on why there's now money to be made in Japanese banks.See omnystudio.com/listener for privacy information.

Tariffs and chip export bans don't sound like good news for Asian technology companies. But Fidelity fund manager Tina Tian and equities analyst Jonathan Tseng actually view current geopolitical tension as a positive for investors in the region. Why? Find out as they discuss all things Asia innovation with hosts Stuart Rumble and Taosha Wang.  See omnystudio.com/listener for privacy information.

As we wrap up 2024, investors remain divided on the future of the Chinese stock market. Bullish investors are betting on policy support to spark a rebound, while the sceptics see structural challenges capping gains in equities. Who is right? Is China a treasure trove or a value trap? What more can policymakers do to restore confidence? And how should stock pickers adapt to an evolving Chinese economy? In this special episode, Marty Dropkin, Head of Equities, Asia Pacific, investigates both sides of this debate with the help of two veteran portfolio managers at Fidelity International: Dale Nicholls, who plays China bull, and Nick Price, who presents the bear case. With an additional contribution from Asia Economist Peiqian Liu. READ Read a summary of this episode here.See omnystudio.com/listener for privacy information.

Did you know that America's most popular free iPhone app last year and the world's favourite fast fashion brand the year before were both created by Chinese companies? The rise of online shopping platforms like Temu and Shein are evidence that China is no longer just selling goods to the rest of the world, but exporting entire e-commerce business models. In this episode, Marty Dropkin, Head of Equities, Asia Pacific, is joined by portfolio manager Hyomi Jie and investment analyst Sherry Qin to discuss the origin of Chinese e-commerce platforms and follow their journey across the world.  With additional contributions from investment analyst Elroy Ng.See omnystudio.com/listener for privacy information.

China has come out with a string of policies that are targeted to reinvigorate economic growth. Some of the policies are adding leverage to the government’s balance sheet. A question that investors are asking is: how much more will China realistically spend to stimulate the economy? So far, these policies have focused on shoring up demand - unlike after the financial crisis, when China spent trillions of renminbi to expand supply. That is an importance difference because it implies policymakers remain disciplined in the way they choose to manage debt. Marty Dropkin, Head of Equities, Asia Pacific, asks Fidelity International’s Director of Research for Fixed Income, Asia Pacific, Bich Nguyen, and Fixed Income Portfolio Manager, Tae Ho Ryu, about how investors should approach the issue. With an additional contribution from Portfolio Manager Olivia He. This episode was recorded on September 12th, 2024, before the most recent policy measures were announced. READ Read a summary of this episode here. Read our analysis on how China keeps its debt in order here. For a more in-depth take on China’s bond market, listen to the previous podcast episode on the renminbi here.See omnystudio.com/listener for privacy information.

In this bonus episode, we're hearing about three investment ideas that are exciting Fidelity’s Asia portfolio managers and how they play into the megatrends of artificial intelligence, the energy transition, and shifting supply chains. Marty Dropkin, Head of Equities, Asia Pacific, is joined by Monica Li, Fidelity International’s Director of Research for China. With additional contributions from three of the company’s portfolio managers who have recently returned from a research trip in China: Dale Nicholls, Taosha Wang, and Madeleine Kuang.  READ To read more on the three megatrends discussed in this podcast, please visit fidelityinternational.com Marty and Monica also discussed the Third Plenum - an important economic policy meeting that took place recently. For our analysis on that, read this article here. For a more in-depth take on China’s currency and interest rates, listen to the previous podcast episode on the renminbi here.See omnystudio.com/listener for privacy information.

In this episode, we turn our attention to something that affects almost every investor in China: a weakening renminbi. The Chinese currency has lost almost 10 per cent against the US dollar in the last 18 months. Is this a result of economic weakness in China or just another chapter in the strong dollar story? How is the renminbi performing against other currencies like the Japanese yen? Is currency weakness a cyclical challenge for the country or a structural trend? And what should investors do about it? To help answer these questions, Marty Dropkin, Head of Equities, Asia Pacific, is joined by Asia Economist, Peiqian Liu, and Fixed Income Portfolio Manager, Belinda Liao. With additional contributions from Portfolio Manager Casey McLean. To read more on the renminbi, please visit fidelityinternational.com To read Belinda’s article on hedging, click here. To listen to the previous podcast episode on ‘Japanification’, click here.  See omnystudio.com/listener for privacy information.

Chinese healthcare is a vast universe, spanning everything from biotech to traditional medicine. It is also increasingly important as a growth driver for the economy as China's population gets older. But recent policy shifts - both domestically and internationally - have obscured that structural story. Is it time for investors to pause and rethink their approach to the sector? Or should they double down for the growth opportunity at current valuations? To help answer these questions, Marty Dropkin, Head of Equities, Asia Pacific, is joined by two of Fidelity International’s portfolio managers who invest in Chinese healthcare: Hyomi Jie and Tina Tian. With additional contributions from healthcare analysts Duanting Zhai and Lizheng Zhu. They also talked about Hyomi and Duanting’s recent article on medical device makers in China. To read that article and find out more about China’s healthcare sector, please visit fidelityinternational.com or click the following link: https://www.fidelityinternational.com/editorial/article/will-an-older-china-unleash-the-potential-for-homegrown-medical-tech-84e45f-en5/See omnystudio.com/listener for privacy information.

The story of China's economy and stock market has long been one of rapid growth. But as policymakers pivot to focus on the quality - instead of the velocity - of growth, investors are turning their attention to something more long-lasting: shareholder returns. Dividends and buybacks are moving up the agenda of regulators and companies in China, generating interest for investors across the market, even in sectors of the so-called ‘old’ economy. In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities for Asia Pacific, are joined by two of Fidelity International’s portfolio managers: Lynda Zhou and Dale Nicholls. Together, they explore a change in the mindset of Chinese management teams, which industries are most prepared to ramp up payouts for their shareholders, and the role of regulators and investors in the process. With additional contributions from Shanghai-based analyst Bunny Huang and Singapore-based Portfolio Manager Jochen Breuer. ReadTo read more on the rise of dividends in Asia, please visit fidelityinternational.com to find Lynda and Jochen’s recent article or click the following link: https://www.fidelityinternational.com/editorial/article/asian-stocks-enter-the-dividend-age-b65424-en5/See omnystudio.com/listener for privacy information.

Where people live within China - and why - is fundamental to understanding the country’s changing demographics. That, in turn, has important implications for the Chinese economy, consumption trends, and where investors should be looking. In this episode, Catherine Yeung, Investment Director, and Marty Dropkin, Head of Equities, Asia Pacific, take you across China through the lens of Fidelity International’s Asia Economist, Peiqian Liu, and Jarlon Tsang, Managing Partner and Head of China at the venture capital firm Eight Roads, Fidelity’s sister company. What role do migrants play in the past, present, and future development of the Chinese economy? Which Chinese provinces and cities could be home to the next unicorn? What do emerging migration patterns mean for China's cities and their businesses? And what does all of it mean for property markets? With additional contributions from Portfolio Manager Hyomi Jie and Shanghai-based analysts Eric Zhu and Fiona Shou. Read more at fidelityinternational.comSee omnystudio.com/listener for privacy information.