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Fidelity China special sits trust C-share offer brings in £166m

Fidelity International’s China special situations investment trust, managed by Anthony Bol-ton, has raised a maximum £166.25m through a C-share offer.

The trust has now become the biggest listed investment company on the London Stock Exchange that provides specific exposure to China.

It is also now the second-biggest listed investment company in the UK market providing exposure to the emerging markets.

At the time of the initial public offering in April 2010, the trust raised £460m, making it the biggest emerging markets new fund issue in the London market in 20 years.

In November, Fidelity announced the trust was issuing 4.25 million new shares in an effort to rein in the fund’s spiralling premiums.

The share issue was set at the fund’s full premium trading price of 126p per share.

Star manager Bolton and Chinese growth made the fund popular, trading at an average premium to net asset value of 6 per cent since launch in April. From launch to November 11, the shares surged by 27.4 per cent compared with a 17.7 per cent rise in the investment portfolio. Bolton says: “I am delighted that the offer has been fully subscribed for by investors who have endorsed my enthusiasm for the China investment story.”

Hargreaves Lansdown head of research Mark Dampier says: “I am perhaps surprised the trust is as popular this time round, simply because the Chinese market is about 30 per cent down on its high of about a year ago but Anthony has a strong pull. Plus, he has said he will stay on for another year, so that undoubtedly helped.”


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