Bolton hails £460m China fund launch
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Industry experts have hailed the launch of Anthony Bolton’s Fidelity China special situations fund a success despite it failing to reach the £650m raising target.
Last week, Fidelity revealed that it has raised £460m for the trust after the public offer closed on April 5. Admission to the London Stock Exchange and dealing is to start on April 19.
Charles Stanley head of investment trust research Stephen Peters says: “That target was always a bit of a stretch, but Fidelity has done well in
producing one of the largest initial raisings in a long time and it is a very good reflection on Anthony Bolton’s reputation in the industry.
“I expect there will be more money going in should the fund join the FTSE250 and the trackers get involved in the fund. I also think there will
be a lot of IFA money in the funds so there is unlikely to be much stagging going on.”
Bestinvest senior investment adviser Adrian Lowcock says: “The sum of £460m does miss the total target of £650m set out in the prospectus but considering the nature of the fund - investing in China - and the fact that this has been launched 12 months after one of the biggest bear markets in history, it should be viewed as a success for Fidelity.”
Bolton has subscribed to 2.5 million shares in the fund.
He says: “I am absolutely delighted with the support from investors and advisers in the UK market. Fidelity China special situations will be the largest emerging markets equity fund new issue since 1990 as well as the largest China equity fund listed in the UK, which is a fantastic achievement. I firmly believe that China is the investment opportunity of the next decade.”
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