Edison reviews Fidelity China Special Situations

RNS Number : 5384H

Fidelity China Special Situations

15 November 2018

 

London, UK, 15 November 2018

Edison issues review on Fidelity China Special Situations (FCSS)

Fidelity China Special Situations (FCSS) aims to provide an attractive way for investors to gain exposure to the faster-growing areas of the Chinese economy, with China's growing economic influence raising its importance within a balanced portfolio. FCSS's longer-term performance has been strong - its NAV total return is ahead of the MSCI China index over five years and since its launch in 2010 - but returns are negative over one year, reflecting the Chinese stock market downturn. While market sentiment has suffered due to the US-China trade dispute, earnings forecasts have been largely unaffected, and the manager has used the correction to add to holdings with strong long-term prospects at historically low valuations.

FCSS's share price discount to NAV including income has been relatively stable within a 10% to 15% range since October 2016. FCSS's current 11.2% discount is narrower than its one-, three- and five-year averages (12.3%, 14.1%, 13.3%) and lower than average in its sector, while its 1.8% dividend yield is above average.

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