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Dampier repeats concerns over closed-ended launch for Fidelity’s Bolton

Hargreaves Lansdown head of research Mark Dampier has reiterated his concerns over Anthony Bolton’s new China fund launch being offered in a closed-ended structure.

Fidelity has registered a China Special Situations company at Companies House on January 22, 2010, indicating that the fund may indeed be offered as an investment trust when it launches in March.

Dampier says that launch would not interest IFAs in the same way.

He says: “It only gives you a limited window to invest in what is a more complex structure. You also have to deal with the fact that it will probably launch at a premium so you probably won’t want to buy at launch and wait for a later date and Anthony has only committed to two years on the fund.”

“At the moment the fund would not be recommended for the Wealth 150 given he has only committed to that length of time.”

Winterflood Investment Trusts head of research Simon Elliot says: “Anthony has a number of years experience in managing investment trusts with the Fidelity special values trust. A lot depends on the structure as when a closed-ended fund is launched the focus is on how you defend it from going to a discount. I’d expect there will be some discount controlled mechanism at launch if that happens.”

A spokeswoman for Fidelity says the group expects to reveal more details on the fund early next month.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Hmm, I wonder if the lack of trail commission is what puts Mark off? The HL model operates on trail so it needs to be open ended funds all the way….

  2. I have a lot of time and respect for both Mark Dampier and Hargreaves Lansdown, but it is somewhat amusing to learn of their “sensational revelation” that this will not feature in the Wealth 150 list; I am fairly certain that not a single investment trust has every appeared in this listing; I wonder why?

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