Edison reviews Fidelity China Special Situations

RNS Number : 5166D

Fidelity China Special Situations

19 February 2020

 

London, UK, 19 February 2020

Edison reviews Fidelity China Special Situations (FCSS)

Fidelity China Special Situations (FCSS) aims to deliver long-term capital growth, following a bottom-up approach to investing in companies listed in China, and Chinese companies listed elsewhere. The trust marks its 10th anniversary in April 2020 and, since inception, it has generated an annualised NAV total return of 11%. Chinese equities have been relatively out of favour for some time against a backdrop of the US-China trade dispute, Hong Kong political protests and, more recently, the coronavirus. The manager, Dale Nicholls, is finding exciting opportunities at attractive valuations, and continues to focus primarily on smaller companies that can benefit from long-term secular growth trends.

In June 2019, the board adopted a formal policy aiming to maintain the discount in single digits. FCSS currently trades at a 9.3% discount to cum-income NAV, and the board has been proactive in helping to stabilise the volatility of the discount and the trust's share price during the coronavirus outbreak. There is scope for the discount to narrow should investor sentiment towards China improve.

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