The Fidelity China special situations investment trust has confirmed that manager Anthony Bolton will be extending his minimum management tenure by a further year.
Star manager Bolton will now remain at the helm of the investment trust until April 2014, a year later than his original minimum management tenure, which was due to expire in April 2013.
The news will give the firm an extra year to find a replacement for Bolton who returned to management with the launch of the investment trust in 2010.
Bolton has come under scrutiny recently over the performance of the investment trust, which has struggled during the past year, with its overweight exposure to healthcare cited as a detractor from performance in the investment trust’s latest factsheet.
The manager wrote at the end of February: “Although GDP growth estimates for 2012 are probably still too high, the backdrop for Chinese equities remains pretty favourable with falling inflation and with monetary policy likely to be loosened further in the coming months. Valuations also remain supportive.”