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Bolton to be replaced by Dale Nicholls on Fidelity China Special Situations

Bolton to be replaced by Dale Nicholls on Fidelity China Special Situations

Anthony Bolton is to be succeeded by Dale Nicholls on the Fidelity China Special Situations Trust.

Bolton (pictured) will retire from the investment trust in March next year, with Nicholls taking over his duties on 1 April 2014.

While to some Australian Nicholls might seem an unusual choice to replace former Special Situations star Bolton, he is a highly regarded investor with a Citywire Eurostars A-rating for Fidelity's Pacific and Asian Smaller Companies Luxembourg funds.

Fidelity chose to announce Bolton's retirement by issuing a brief statement to the stock market and said it will provide further details on the manager's succession plan when Fidelity China Special Situations posts its full-year results later today.

It is little secret, however, that Nicholls has taken on a tough challenge by agreeing to replace Bolton given the £616 million trust has struggled to outperform since its launch in 2010.

Over three years to the end of April the fund has seen its share price fall 13.97% versus a 1.41% rise in the MSCI China Index, while its net asset value (NAV) per share - a key measure of growth within the portfolio - stands at -1.55%.

At the trust's inception, Bolton said he would manage the vehicle until April 2012 then extended his commitment for a further two years.

Commenting on his decision to retire and Nicholls' appointment, John Owen, chair of the trust, said: 'Stepping into the shoes of Anthony is a significant challenge so we are delighted to have appointed a portfolio manager with a demonstrable record of success investing in the Asia Pacific region and specifically within China.

'We selected Dale to continue the research-driven stock-picking approach which we continue to believe is the route to success in this exciting market.'

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Dale Nicholls
Dale Nicholls
2/21 in Equity - Asia Pacific Including Japan (Performance over 3 years) Average Total Return: 40.80%
Anthony Bolton
Anthony Bolton
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