Fidelity fund manager Anthony Bolton has delayed plans to retire in April 2013, instead deciding to continue managing the Fidelity China Special Situations Fund until April 2014.
Mr Bolton, who is famed for managing the Fidelity Special Situations fund for 28 years – the UK's most successful mutual fund since launch, delayed his original retirement plans to return to fund management in April 2010 with the launch of the Fidelity China Special Situations fund – the largest new investment trust registered in the UK market for 16 years.
The fund's performance has been lacklustre with shares losing 30 per cent of their value in the last year as its net asset value (NAV) dropped 20 per cent. The shares currently trade at a discount of 7.1 per cent to NAV, significantly wider than their average discount of 0.3 per cent, according to figures from Winterflood Securities.
Investors Chronicle has always preferred JPMorgan Chinese investment trust for exposure to the Chinese market and to date the fund has performed markedly better than Fidelity China Special situations. However, Mr Bolton says he is determined to recoup losses and turn the fund's performance around.
On 18 Nov 2010 we advised investors to sell Fidelity China Special Situations at 128p (premium 9.7 per cent). Today price is 78.8p (discount -6.7 per cent).
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