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Bolton China trust lags benchmark

Anthony Bolton’s Fidelity China special situations lagged its MSCI benchmark over its debut two months in net asset value terms, although its share
price outperformed.

From launch on 19 April to 30 June, the investment trust saw its NAV fall by 5.38 per cent against a 3.48 per cent drop in the index, while the share price declined by 1.25 per cent.

The trust has consistently traded at a premium to NAV since launch, rising from 5.41 per cent at the end of June to 7.1 per cent on 18 August.

Bolton currently has just over 15 per cent gearing, with his largest sector positions in financials – at almost a third of assets – 20.7 per cent in consumer discretionary and 11.5 per cent in telecom services.

His largest holdings at the end of June were China Mobile and the Industrial and Commercial Banks of China, both at 6.3 per cent.

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