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Bolton's China Special Sits suffers further falls
by Rachael Revesz on Aug 13, 2012 at 09:35
Anthony Bolton has suffered further falls in the net asset value (NAV) for his Fidelity China Special Situations fund, reporting a 7.4% drop in the three months to the end of June.
The drop has been announced in the fund's quarterly results. It follows an 18.5% fall in its NAV in the previous 12 months. Bolton’s fund has struggled to perform as expected since its launch two years ago.
The fund has a £96 million loan and 120.42% gearing as of 9 August, which has narrowed slightly from 128.85% on 30 June.
New entrants into Bolton’s top 10 holdings are Citic Securities Company, a Chinese investment bank, and Wing Hang Bank.
Bolton (pictured) has said he hoped to be able to turn performance around, arguing the Chinese stock market will return to growth in coming months.
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