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Fidelity confirm Bolton’s China fund will be investment trust

Fidelity has opted to structure Anthony Bolton’s forthcoming China fund as an investment trust, a move first revealed by our sister publication Fund Strategy in December last year.

Bolton said in December that the benefit of a closed-ended structure is that it will cap the fund’s assets because he wants a a limited amount he can control in the fund.

He also liked the fact that being structured as an investment trust provides him the ability to gear the portfolio.

Fidelity 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.

Yesterday, Hargreaves Lansdown head of research Mark Dampier repeated his concerns over the fund being offered in a closed-ended structure.

“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,” he said.

Fidelity is expected to reveal more details on the fund early next month.

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