Hardman&Co-If you like China, why invest via FCSS?
Hardman & Co Research on Fidelity China Special Situations Plc (FCSS): If you like China, why invest via FCSS?
Our recent notes explored why investor concerns over the whole Chinese market appeared overdone. With the recent rise in these markets, it appears that these disquiets have moderated. Accordingly, in this note, we consider why investors, having decided that they like China, would choose FCSS as their investment vehicle. We note that i) it has delivered superior returns, ii) Fidelity's processes and infrastructure are the drivers to this outperformance, iii) it is a large, liquid closed-ended vehicle, offering whole market exposure, iv) it has falling, variable and relatively low fees, and v) it has delivered rising dividends over a decade. We have increased our FY'23-24 NAV estimates by ca.20p to reflect the recent strong performance.
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