The Fidelity China Focus is managed by Patrick Lo out of Hong Kong. Unlike many other Greater China funds, Lo’s portfolio invests a far greater proportion of its assets into mainland China rather than the surrounding regions.Whereas most Greater China funds have about two-thirds of their assets in Hong-Kong based companies, China Focus currently has over 90% exposure to China as a single region, obtained primarily through holdings in Chinese companies that are listed on the Hong Kong stock exchange. The India Focus fund, managed by Michael Gordon, is the first open-ended fund dedicated to the emerging Asian market that qualifies for inclusion in an Isa or Pep transfer. It invests primarily in shares listed on Indian stock exchanges, but Gordon also holds stocks in non-Indian companies that derive a significant portion of their income from the country. The portfolio is biased towards mid and small-cap stocks. Both funds use fairly concentrated portfolios consisting of some 50-75 holdings, with the emphasis on stock selection to deliver returns. Both funds will draw ideas from the group’s 13-strong team of equity analysts in Hong Kong, while Gordon will also be assisted by a team of four based in Mumbai. The funds will be available for inclusion in an Isa or Pep transfer, and will have an initial charge of 3.5% and a 1.5% annual management fee. The minimum lump sum investment is £1,000 and commission of up to 3% is available, as is 0.5% trail fee. In addition to opening up the China and India funds, Fidelity has made its Japan Advantage fund available to UK investors through a new sterling share class. The terms and charges for investing in the portfolio, managed by Hokeun Chung, are the same as for the two focus funds. Chung aims to hold some 100-120 stocks, in contrast to the more concentrated portfolios of the new China and India funds, and has more of a bias towards value. He prefers companies that lack broker coverage or are rebounding from cyclical downturns.