Fidelity Worldwide Investment has announced £549.8m Fidelity China Special Situations manager Anthony Bolton is retiring in April 2014 and will be replaced by fund manager Dale Nicholls.
Dale has 17 years’ investment experience and has managed the Fidelity Funds Pacific Fund since September 2003. Over that period he has returned 154 per cent versus an index return of 117 per cent.
Fidelity says the appointment of Dale reflects the wish of the board to continue with the current investment approach and strategy following the change of manager. The company says like Bolton, Dale is a bottom-up stock picker with a growth bias and a significant tilt towards smaller and mid-cap companies.
After April 2014, Bolton will continue as an adviser to Fidelity and a trustee of its charitable foundations.
FCSS chairman John Owen says: “Stepping into the shoes of Anthony is a significant challenge so we are delighted to have appointed a portfolio manager with a demonstrable record of success investing in the Asia Pacific region and specifically within China.
“We selected Dale to continue the research-driven stock-picking approach which we continue to believe is the route to success in this exciting market.”
Commenting on the management of the Trust’s share rating, Owen says: “The company has always sought to address significant imbalances between supply and demand of its shares and to manage its share rating. The board has various powers granted to it to manage this, which it uses at its discretion.
“The board currently has powers enabling it to buy back up to 14.99 per cent of shares in issue in any one year and the board intends to renew these powers at the AGM on 24 July.
“The board will continue to monitor the share rating and use any other tools, such as tender offers or enhanced buybacks at its disposal (subject to shareholder approval, as required) to manage any imbalances between supply and demand of its shares.”