Anthony Bolton’s decision to remain at the helm of the Fidelity China special situations trust was influenced by the fund’s run of poor performance, the manager has told the Daily Telegraph.
Earlier today, the £517.9m trust confirmed that Bolton will be extending his minimum tenure by a further year to April 2014.
According to the most recent factsheet, the trust’s share price declined by 13.2 per cent from launch on April 19, 2010 to February 29 this year. Net asset value dropped by 11.2 per cent.
In comparison, the MSCI China Index benchmark fell by 3 per cent over the same period.
Speaking to the Telegraph, the manager says: “I’ve been disappointed and performance has been a factor in my decision.
“It has been the worst condition I have ever managed money in. Hong Kong had a terrible year and suffered more than most markets.”