Fidelity China Special Situations
Fidelity China Special Situations (LSE: FCSS) is a large British investment trust dedicated to long-term investments in China. Established in 2010, the company is a constituent of the FTSE 250 Index. The chairman is John Owen. The fund is managed by Anthony Bolton of Fidelity International.
Launched with much publicity over the stock-picking skills of Anthony Bolton, the launch, in April 2010, which attracted £430 million in investment, was one of the largest ever. A further £150 million followed with a second placing soon after. Since then the firm has attracted a great deal of criticism for its poor performance in 2011.
The firm takes a high annual management charge of 1.5% of assets, of which 0.5% is earmarked for commission for advisers, a feature seldom found with investment trusts but common in the unit trust industry Bolton previously inhabited. In many cases the investor is not advised and Fidelity simply keeps the full 1.5% for itself.
In addition, a performance fee is payable if the fund outperforms the MSCI China Index by more than 2%. The value of the fee is 15% of any outperformance, to a maximum of 1.5%.
- Investing. "Anthony Bolton to stay on to try to recoup losses". Telegraph. Retrieved 2012-04-21.
- "Anthony Bolton apologises for China fund's poor performance". Telegraph. Retrieved 2012-04-21.
- "Fidelity China Special Situations Investment Trust: another reason not to invest further - This is Money". Blogs.thisismoney.co.uk. 2011-02-02. Retrieved 2012-04-21.
- "summary". Fidelity.co.uk. Retrieved 2012-04-21.
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