Fidelity China special situations investment trust manager Anthony Bolton is extending his minimum management tenure by a further year.
He will run the £517.9m fund until April 2014, a year later than his original minimum management tenure, which was due to expire in April 2013.
It gives the firm an extra year to find a replacement for Bolton who returned to management with the launch of the investment trust in 2010.
He has come under scrutiny recently over the fund’s performance, which has struggled during the past year with its overweight exposure to healthcare cited as a detractor in the trust’s latest factsheet.
Bolton 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.”
The trust’s share price fell 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. The MSCI China index fell by 3 per cent over the same period.