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Bolton trims HSBC and adds utilities as Fidelity China falls further
Markets
by Sarah Miloudi on Aug 13, 2012 at 09:55
Anthony Bolton's Fidelity China Special Situations (FCSS) has suffered further falls in its new asset value (NAV), reporting a 7.4% drop in the three months to the end of June.
It follows an 18.5% fall in its NAV in the previous 12 months, with Bolton’s fund struggling to perform as expected since its blockbuster launch two years ago.
Despite this, Bolton (pictured) has spoken repeatedly about his conviction and remains bullish on the China story, recently citing 14 stocks that have kept his faith in the Tiger alive.
Over the three months reviewed for shareholders, Bolton's board said there were two new entrants into his top 10 holdings - Citic Securities Company, a Chinese investment bank, and Wing Hang Bank. Bolton also added utilities, which now account for 1% of £505 million FCSS, which trades at 74.0p per share and at a discount of 3.5%.
In other changes to the vehicle's portfolio, HSBC Holdings was sold down, with Bolton dropping his holding from 4.2% of his trust's assets to 2.6%.
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