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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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4 comments so far. Why not have your say?
Julian Stevens
Aug 13, 2012 at 12:31
Oh dear ~ this fund seems to have been a case of the wrong person starting up the wrong type of fund in the wrong place at the wrong time. Add to that what's happened to Special Sit's and it all adds up to a somewhat disastrous package of changes for Fidelity.
report thisBob Donaldson
Aug 13, 2012 at 13:57
Do Fidelity do anything that well anymore?
report thisJulian Stevens
Aug 13, 2012 at 14:24
Yes, Bob ~ their MoneyBuilder Income, Extra Income, MoneyBuilder Balanced and Strategic Bond funds are all still excellent. Interacting with them, though, is still a ghastly experience, to be avoided if at all possible.
report thisBob Donaldson
Aug 13, 2012 at 15:26
@Julian Stevens - As you say ghastly to interact with in fact I have come to the conclusion that they are not listening to advisors anymore in preparation for doing everything direct post RDR.
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