Fidelity China Special Situations Edison reviews Fidelity China Special Situations
November 11 2019 - 5:34AM
RNS Non-Regulatory
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Fidelity China Special Situations
11 November 2019
London, UK, 11 November 2019
Edison reviews Fidelity China Special Situations (FCSS)
Fidelity China Special Situations (FCSS) offers investors direct
exposure to China for a portion of their portfolio, aiming to
deliver long-term capital growth from investing in companies listed
in China, and Chinese companies listed elsewhere. Since the trust's
inception in April 2010, FCSS's NAV total return has increased by
nearly 11% pa. The portfolio has a bias towards mid- and small-cap
companies, which tend to be less well researched and potentially
mispriced. The manager, Dale Nicholls, is focused on opportunities
related to rising domestic consumption, which in his view is
unlikely to be disrupted by the ongoing US-China trade dispute.
FCSS currently trades at an 9.1% discount to its cum-income NAV.
This is towards the higher end of the trust's most recent range of
6-10% since February 2019, which may reflect the current subdued
sentiment towards Chinese equities. The board introduced a
single-digit discount policy in June 2019 and actively promotes the
trust. There is scope for a narrower discount should investor
appetite improve.
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