Fidelity Asia Active ETF Portfolio as of May 2026: TSMC Leads with 15.8%, Strong Tech and China Holdings

TSMC Anchors Fidelity Asia Active ETF at 15.8% as of 31 May 2026

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) stands as the largest single holding in the Fidelity Asia Active ETF, accounting for 15.8% of the portfolio as of 31 May 2026. This significant overweight reflects the fund managers’ strong conviction in one of the world’s most critical semiconductor manufacturers, underscoring the ongoing global demand for advanced chip fabrication capacity. TSMC’s pivotal role in supplying artificial intelligence hardware, consumer electronics, and automotive semiconductor markets makes it central to Asia-Pacific-focused investment strategies.

With nearly one-sixth of the fund allocated to TSMC, FASI’s active management approach is evident, setting it apart from passive index funds that typically assign smaller weights or distribute exposure more evenly. Investors should be aware that this concentration means the fund’s short-term performance will be significantly influenced by TSMC’s share price movements and any geopolitical developments affecting Taiwan, semiconductor export controls, or global technology spending.

Samsung Electronics and Techtronic Industries Complete the Top Three Holdings

Samsung Electronics Co Ltd is the second-largest holding at 8.9%, providing diversified exposure to one of Asia’s leading technology conglomerates involved in memory semiconductors, consumer electronics, and display panels. Its presence alongside TSMC highlights the fund’s strong focus on semiconductor and electronics manufacturing sectors, which have drawn substantial investor interest amid capacity constraints and rising AI hardware demand.

Techtronic Industries Co Ltd, a Hong Kong-listed manufacturer of power tools and floor care products, ranks third at 7.7%. Known for brands like Milwaukee and Ryobi, Techtronic adds a consumer discretionary and industrial manufacturing element to the portfolio, offering some diversification beyond semiconductor exposure. Its significant revenue from North American markets makes its inclusion in an Asia-focused ETF a notable active management choice. Combined, TSMC, Samsung, and Techtronic represent approximately 32.4% of the fund’s total portfolio.

Tencent and SK Hynix Round Out the Top Five, Emphasizing Tech and Internet Platforms

Tencent Holdings Ltd, a leading Chinese internet and gaming company, is the fourth-largest holding at 6.5%. Its inclusion reflects the fund managers’ ongoing confidence in China’s technology platform sector, which has faced regulatory scrutiny but shown signs of recovery. Tencent’s portfolio spans global gaming studios, fintech services via WeChat Pay, and cloud computing infrastructure.

SK Hynix Inc, a South Korean memory chip producer and competitor to Samsung’s semiconductor division, holds the fifth position at 6.2%. The presence of both Samsung Electronics and SK Hynix in the top five indicates a focused view on the DRAM and NAND memory market cycles, a key theme for semiconductor investors globally. Together, the top five holdings account for about 45.1% of the portfolio, highlighting FASI’s concentrated active strategy.

Optical Components and Digital Economy Exposure via Zhongji Innolight, Elite Material, and Sea Ltd

Zhongji Innolight Co Ltd, a Chinese producer of optical transceiver modules used in data centre networking and telecom infrastructure, represents 4.0% of the portfolio. This holding connects the fund to the expansion of high-speed data networks supporting AI workloads and cloud computing growth across Asia. The stock has attracted global technology investors as hyperscale data centre operators increase capital expenditure on interconnect products.

Elite Material Co Ltd, a Taiwanese maker of copper-clad laminates and printed circuit board materials, is the eighth-largest holding at 3.6%. Along with Unimicron Technology Corp (1.2%) and MediaTek Inc (0.8%), this reinforces the portfolio’s focus on Taiwan’s printed circuit board and semiconductor supply chain. Sea Ltd, held through American Depositary Receipts at 3.6%, provides exposure to Southeast Asia’s digital economy, including e-commerce via Shopee, digital financial services through SeaMoney, and online gaming via Garena, offering a growth profile distinct from hardware-centric holdings.

Zijin Mining’s Triple Listing Highlights Commodity Exposure

A notable feature of the May 2026 portfolio is the triple exposure to Zijin Mining Group. The fund holds Zijin Mining Group Co Ltd A shares at 2.9%, H shares at 2.7%, and Zijin Gold International Co Ltd at 2.8%, totaling approximately 8.4%. This makes Zijin-related holdings one of the largest exposures after TSMC and Samsung.

Zijin Mining is a major Chinese producer of gold, copper, and zinc with operations in China, Africa, and internationally. Zijin Gold International is a separately listed Hong Kong subsidiary. The fund’s strategy to hold both A-shares (mainland China) and H-shares (Hong Kong), plus the subsidiary, indicates a deliberate approach to capture value across multiple listings. Investors should consider this concentration when evaluating the fund’s commodity exposure and risk.

Indian Financial Sector Represented by Axis Bank, HDFC Bank, and Cholamandalam

FASI’s portfolio includes significant exposure to India’s financial services sector, with Axis Bank Ltd at 3.0%, Cholamandalam Investment and Finance Co Ltd at 2.7%, HDFC Bank Ltd (Demat) at 1.9%, and HDFC Bank Ltd Sponsored ADR at 0.9%, combining for roughly 8.5%. This reflects a positive outlook on India’s credit growth, expanding financial inclusion, and retail lending growth in one of Asia’s fastest-growing economies.

Cholamandalam Investment and Finance, a Chennai-based non-bank financial company (NBFC) within the Murugappa Group, focuses on vehicle finance and home loans. Its inclusion alongside large-cap HDFC Bank and Axis Bank shows the managers’ willingness to invest across different market capitalisations within India’s financial sector. Titan Co Ltd, an Indian consumer goods company known for jewellery, watches, and eyewear brands including Tanishq, is also held at 1.7%, adding a consumer discretionary element to India exposure.

Chinese Consumer and Property Stocks Including Fuyao Glass, Yum China, and China Overseas Land

Beyond technology, FASI holds positions in Chinese consumer recovery and property-related sectors. Fuyao Glass Industry Group Co Ltd H shares represent 3.1%, providing exposure to the world’s largest automotive glass manufacturer, which supplies global automakers and benefits from China’s vehicle production growth. Yum China Holdings Inc, operating KFC and Pizza Hut in mainland China, appears twice at 2.9% and 0.5%, likely across different share classes or listings, totaling about 3.4%.

PDD Holdings Inc, listed via ADR and parent company of Pinduoduo and Temu, is held at 2.8%, reflecting confidence in Chinese discount e-commerce and Temu’s expansion into Western markets. China Overseas Land and Investment Ltd, a major Hong Kong state-backed property developer, accounts for 2.1%. CP ALL PCL, operator of 7-Eleven stores in Thailand, provides 2.0% Southeast Asian consumer exposure, while Innovent Biologics Inc at 1.8% offers access to China’s biopharmaceutical sector. Sany Heavy Equipment Co Ltd at 0.3% adds a small industrial machinery allocation.

1.5% Uninvested Cash Reflects Portfolio Deployment Strategy

The portfolio report shows that as of 31 May 2026, FASI held 1.5% of its assets in uninvested cash. Though modest, this cash balance is typical for actively managed exchange-traded funds and may result from trade settlements, dividend receipts awaiting reinvestment, or a tactical decision to maintain liquidity ahead of portfolio changes.

The small cash position indicates the fund was largely fully invested at month-end, with capital allocated across the 28 named securities. Investors should note that this cash level may vary monthly, and upcoming disclosures will show if the manager adjusts the cash buffer in response to Asian equity market conditions through June 2026 and beyond.

Monthly Holdings Disclosure Enhances Transparency; Upcoming Updates to Watch

Monthly portfolio holdings disclosure is a transparency requirement for active ETFs listed on the ASX. FIL Responsible Entity (Australia) Limited’s update for the period ending 31 May 2026 fulfills this obligation. For investors and advisers considering FASI within broader portfolios, the disclosure offers valuable insight into the fund manager’s views on Asian equity markets, sector allocations, and country exposures—information often delayed or unavailable in traditional unlisted managed funds.

Looking forward, the next important update will be the holdings disclosure for the month ending 30 June 2026, which will reveal any material portfolio changes, including shifts in the dominant TSMC and Samsung positions, adjustments to Zijin Mining exposure, or changes in India and Southeast Asia allocations. Investors should also monitor any updates to the product disclosure statement or investment mandate published by FIL Responsible Entity (Australia) Limited at www.fidelity.com.au. The immediate market reaction to this portfolio disclosure was not evident from publicly available sources.