Fund Research

Fidelity China Special Situations

Last update 16 May 2018

Fidelity China Special Situations is a £1.5bn portfolio of Chinese equities, structurally tilted to the domestic Chinese economy, in particular small- and mid-caps in the consumer and technology industries.

The trust is a high-octane one, with structural gearing worth 10% of NAV and a track record of maintaining borrowings closer to 25%. Along with the SMID exposure and the interest in private companies, this is not a trust for the short-termist or faint-hearted.

The trust has outperformed over the medium term and managed to keep pace with the 2017 rally despite being underweight the large stocks that led the charge. A yield of 1% is not high but has been growing at a significant pace.

The trust has traded on a double-digit discount since late 2012, when the emerging markets region fell out of favour. The board has been targeting closing the discount through buybacks.

This site is designed for investment professionals and other intermediaries authorised in the UK by the Financial Conduct Authority. If you are not an investment professional or authorised intermediary you should not proceed.

Read the full article

Fund History: Fidelity China Special Situations

Related Research

Close

Welcome to Trust Intelligence

This site is designed for investment professionals and other intermediaries authorised in the UK by the Financial Conduct Authority. If you are not an investment professional or authorised intermediary you should not proceed.

By continuing to use this site, you confirm that you are a professional investor as defined in our terms and conditions.

Close Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.