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500M leaves Fidelity special sits

Fidelity has suffered significant outflows from Anthony Bolton’s special situations fund ahead of its split next month and advisers say redemptions are only likely to increase.

Data from Lipper reveals that the fund has shrunk by 500m to just under 6bn since details of the fund’s split were unveiled in June. Special sits is now the second-biggest retail fund behind Neil Woodford’s Invesco Perpetual high-income fund.

Hargreaves Lansdown head of research Mark Dampier says he expects outflows to increase after the September split, particularly from the new global mandate to be run by Jorma Korhonen, as investors look to rebalance their portfolios and take advantage of sev- eral cheap switching offers available on the major fund platforms.

Dampier says: “There have been outflows for a while but this can happen with an old fund. We are far more likely to see selling of the global fund as Fidelity’s global track record is mixed and there are a number of attractive global alternatives.”

Bestinvest communications director Justin Modray says he expects outflows to increase over the next few months.

He says: “It is just a trickle at the moment because of summer but there could be greater movement in autumn and the first quarter of next year.”


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