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Fidelity China Special Situations (FCSS)

Business description

Fidelity China Special Situations aims to achieve long-term capital growth from an actively managed portfolio made up primarily of securities issued by companies listed in China or Hong Kong and Chinese companies listed elsewhere. It may also invest in listed companies with significant interests in China and Hong Kong.

Stock data

Market cap.£1189.8m
Last close216.50p
High / Low (52 weeks)268.0p / 182.4p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment trusts

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Company news

Investment summary

Fidelity China Special Situations (FCSS) had a challenging year in 2018, heavily influenced by the correction in Chinese equities that was longer and deeper than in other major stock markets. However, the trust’s longer-term returns have been strong, with an impressive 14.0% annualised NAV total return over five years, which is well ahead of its benchmark MSCI China index, as well as the MSCI World and FTSE All-Share indices. The market fall created compelling opportunities for manager Dale Nicholls, who added to holdings in high-quality companies that were trading at historically low valuations. The manager is optimistic about the long-term outlook, but he anticipates that volatility may persist and cut net market gearing from c 23% to c 18% in December 2018, mainly via index hedges.

Last updated on 25/01/2019

Key management

Nicholas Bull, Chairman
David Causer, Chairman of the Audit Committee

Company address

Beech Gate
Millfield Lane
Lower Kingswood
Tadworth
KT20 6RP
United Kingdom
0800 41 41 10
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