Edison review - Fidelity China Special Situations

RNS Number : 0596J

Fidelity China Special Situations

06 September 2016

 

London, UK, 6 September 2016

Edison issues research review on Fidelity China Special Situations (FCSS)

Fidelity China Special Situations (FCSS) is an actively managed fund seeking long-term capital growth from investment in Chinese companies. The manager focuses on faster-growing consumer-oriented sectors and a large percentage of the portfolio is invested in mid- and small-cap stocks, which are often under-researched with valuations not reflecting the quality and potential of the business. Absolute performance has been strong and FCSS has outperformed its MSCI China index benchmark over one, three and five years and since inception, achieving substantial outperformance of open- and closed-ended peers over one, three and five years.

Despite strong investment performance, FCSS's current share price discount to cum-income NAV of 14.6% is wider than the averages of the last three and five years, providing significant scope for narrowing if sentiment towards Chinese equities improves. Although managed for capital growth, FCSS shares yield 1.1%, with its dividend compounding at an annual rate of c 25% over the last four years.  

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