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Bolton rides out the storm

Fidelity’s flagship UK special situations fund has weathered the market storm well and is in third position in its sector since the volatility began.

The £3.2bn fund is in a strong position ahead of the four-month handover between Anthony Bolton and Sanjeev Shah starting in September.

UK special sits has returned -3.89 per cent in the past six weeks compared with -6.89 per cent from the FTSE All Share, according to Lipper.

By comparison, Jorma Korhonen’s Fidelity global special situations fund has returned -6.28 per cent against a -4.87 per cent return from the MSCI World index over the same period.

Bolton’s fund is ranked third out of 341 funds in the UK all companies sector, with Korhonen 90th out of 199 in the global growth sector.

Korhonen has seen his fund lag Bolton since taking over in January, returning 2.66 per cent compared with Bolton’s 5.86 per cent.

BestInvest head of communications Justin Modray says: “Bolton is a top class manager, so it is unfair to an extent to compare others to him. Korhonen has found it tough, coming under such scrutiny, although it is harsh to judge him over eight months. It is arguable that Shah will face more scrutiny, considering he is taking on the flagship vehicle from Bolton.”


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