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Bolton says another downturn looming

Fidelity UK special situations fund manager Anthony Bolton believes that another stockmarket correction is on the way because global markets may have recovered too quickly from the last downturn.

Speaking at the Fidelity Investment Forum in London last week, Bolton said he did not know when the correction would come but said his outlook was not as strong as in March before the last correction.

Bolton said global energy company BG Group had been the biggest single contributor to the special sits fund, adding £107m for the year to July 31.

He said property firm British Land had been the second-best performer, contributing £85m, while pharmaceutical firm Roche had added £56m.

Hong Kong Stock Exchange and Clearing contributed £14m in the last year although Bolton admitted that he had sold out of the stock too early in its run.

Bolton will run Fidelity UK special situations until the end of next year when he will step down to become a mentor to young fund managers and analysts at the group.

He said: “My view today is that trading is not as strong as in March. My cautious view then was down to sentiment as I could not find lots of ideas to buy.”

“Now, although we have had the correction, I think markets have recovered very quickly and investors are still too prepared to take on risk. I believe another correction will come but I do not know when.”

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