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Faltering start for Bolton’s China fund

Anthony Bolton’s Fidelity China special situations fund lagged its MSCI benchmark over its debut two months in net asset value terms, although its share price outperformed.

From the launch of the fund on April 19 to June 30, the investment trust saw its NAV fall by 5.38 per cent while the share price declined by 1.25 per cent compared with a 3.48 per cent drop in the MSCI index.

The trust has consistently traded at a premium to NAV since launch, rising from 5.41 per cent at the end of June to 7.1 per cent on 18 August.

Bolton currently has just over 15 per cent gearing, with his biggest sector positions in financials at almost a third of assets, 20.7 per cent in consumer discretionary and 11.5 per cent in telecom services.

His biggest holdings at the end of June were China Mobile and the Industrial and Commercial Banks of China, both at 6.3 per cent.

Chelsea Financial Services managing director Darius McDermott says: “We have had few enquiries since launch on the product but the fact is that China is a growth market in the long term and Anthony Bolton has a fantastic record of being a great stockpicker.”

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