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Bolton’s China trust improves performance

Fidelity fund manager Anthony Bolton has dismissed performance fears over his new China fund by delivering 1.7 times the returns seen on the benchmark index in his first six months.

His Fidelity China special situations investment trust reports a net asset value rise of 14 per cent from its April 19 launch to October 18 versus an 8.1 per cent gain on the MSCI China index, according to Morningstar.

The fund’s shares on the London Stock Exchange have risen sharply to 126p at close on October 18 compared with their initial 100p. In August, the trust issued a market statement showing its net asset value had fallen by 5.4 per cent against a 3.5 per cent drop in the index from launch to June 30, sparking underperformance fears.

The most recent monthly factsheet, correct to August 31, shows Bolton has taken an active position against the index, which is 79 per cent weighted in large stocks above £5bn. Bolton has put a third of the fund in large stocks, a third in medium-sized stocks of £1bn-£5bn and a third in smaller firms below £1bn.

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