Fidelity China Special Situations fund

C_Mababejive

Several mentions of HL and their 150 list but I am not entirely sure that they are so independent and impartial..

simpywimpy

Mine shows the same, perhaps we should all phone up and sell on 19th lol. Instant £1000

kinglewis

The fund starts trading on 19th April.. HL website says..

turbobob

simpywimpy wrote: »

Mine shows the same, perhaps we should all phone up and sell on 19th lol. Instant £1000

Sure, if someone will buy them off you on the 19th for double what you paid for them why not

vince123

Seems to be rocketing this one now?
h-l.co.uk/shares/shares-search-results/f/fidelity-china-special-situationsord-0.01/charts

- Vince

ashteadgirl

Certainly cheering up my 2009 ISA. Also got americas fund so need some cheering up. China fund just beating my emerging markets one. :T

Reaper

I had my doubts but I've got to hand it to him, he has had a storming last few weeks and suddenly shot ahead of my chosen China fund (First State China).

Mind you let's see if he can keep it up. Anyone can get lucky with a short term gamble.

Rollinghome

Reaper wrote: »

I had my doubts but I've got to hand it to him, he has had a storming last few weeks and suddenly shot ahead of my chosen China fund (First State China).

Mind you let's see if he can keep it up. Anyone can get lucky with a short term gamble.

You're probably following both much more closely than me but at a quick glance the NAV of your fund seems to be up 12% and the IT up about 13%, so not much in it and much of that gain for both funds down to currency movement. The rest seems to be due to a widening of the premium and the fall in price over the last few days due a narrowing by 1% or so. Premiums to NAV don't last indefinitely and can just as easily move back to discount.

purch

Personally, I would be very wary if the price on an Investment Trust was at a 10% premium to the NAV.

Might be time to take the 10% additional profit, that Mr Bolton and his over-hyped reputation appears to be generating.

Unless he can actually outperform the rest of the market over real time periods, then this premium which is entirely down to his reputation, will certainly reduce to more 'normal' levels.

Rainmaker_uk

By all accounts this fund is producing stellar results - up 25%...

http://www.fool.co.uk/news/investing/2010/10/15/im-up-25.aspx?source=ufwflwlnk0000001

Anthony Bolton's new fund has done rather well.
In a tough year for the global economy, we're all looking for safe -- yet superior -- returns. So how about this for a prospective investment?

• A stake in the world's third largest economy -- and also one of its fastest-growing.
• Managed by an on-the-spot fund manager, who has delivered superior returns for a generation.
• A strong emerging market exposure.
• The possibility of easy profits through currency revaluation.

Sounds good? I thought so, which is why I invested in it. Many of you didn't, though. And nor did the initial offering fully succeed -- indeed, by some counts it was around 30% under-subscribed, despite receiving £460 million of investors' funds.
Bolton, redux

I'm talking, of course, about Anthony Bolton's Fidelity China Special Situations (LSE: FCSS), which as I write these words is up 25% on its float price on 19 April.
Initially trading at a small discount of two or three pence or so, it's since delivered a solid performance, and has steadily climbed to the point where I'm looking at a 25% gain.

Over which time, of course, the FTSE 100 has meandered up and down, but has gone precisely nowhere in real terms. Indeed, at today's mid-day level of 5,708, it's actually below its opening level of 5,744 on 19 April.
So given that I switched out of a FTSE All-Share tracker into Mr Bolton's Chinese money-making machine, I'm feeling reasonably pleased with myself.
And we're not talking a volatile AIM minnow, don't forget, but a £500+ million investment fund.
Sticks and stones

I lost the 'Duelling Fools' debate on this fund against fellow Foolish writer Harvey Jones: more of you voted to spurn Mr Bolton's Chinese venture than invest in it.
And as for some of the readers' comments that you left -- well, it's a good job I've got a thick skin. (I'm a Northerner, you see.)
Of course, I still throw the odd dart at a photograph of Harvey that graces the smallest room in the house, but I'm over the worst of it now.
Doomed to fail

Many investors claimed that Mr Bolton had come to the Chinese party too late. It's a valid point, but not one that I regard as especially relevant for a special situations fund: there will always, it seems to me, be special situations, irrespective of the value of a particular market.

Another criticism concerned Mr Bolton's familiarity with all things Chinese, and his ability to avoid getting fleeced by unscrupulous Chinese managers and officials. Well, that's precisely why I avoid Chinese trackers and 'averagely-managed' funds, and go for someone who has been around the block a few times.
And then there were the fees. While the fund's annual management charges are pretty much average, there's also a performance fee to pay if Mr Bolton beats the main Chinese market by a reasonable margin. And some people, it's fair to say, didn't like that.
So has he beaten the market? Er, yes -- and how. Like the Footsie, the Shanghai Composite is down on 19 April, trading at 2,971 today, versus its opening level of 3,097 on 19 April. So it looks like I'm going to have to cough up.
But I'm up 25% over the period, I'll remind you -- whereas a tracker (in either the Shanghai Composite or the Footsie) would have seen me record a small loss. And so I'm minded to be charitable.
Growth track

So where next for Fidelity China Special Situations and its superstar manager? Taking a profit is certainly tempting. But for now, I'm staying put.
Even so, a quiet celebratory meal may be called for -- perhaps at my local Chinese. Cheers!