Last Deal Price (p)
210.50Net Change (%) ↑↓
+0.48Estimated NAV (p)
242.82Prem/Disc (%)
-13.72Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.*
Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.
As the world’s second-largest economy, China is shifting from export-led growth towards an economy driven by domestic consumption. With expanding middle classes, rising incomes and technological innovations driving this change and creating a solid backdrop for companies to thrive, investors seeking an effective globally diversified portfolio may want to consider allocating some of their portfolio to China.
Fidelity China Special Situations PLC provides focused exposure to companies benefiting from this growth opportunity. New consumer spending power and increasing aspirations underpin many of the portfolio’s investments alongside burgeoning industries such as e-commerce and healthcare.
If you’re looking for broad exposure to the long-term potential of Chinese equities, we believe the trust offers the 'one stop shop' many investors might be looking for.
We have deep research capabilities and locally based experts; to truly 'get under the bonnet' of the stocks we invest in.
We tirelessly look to identify and invest in companies that are best placed to capitalise on China’s incredible transformation, ahead of any potential public listing.
The sheer size of China’s economy and its growing importance on the world stage make it a market that’s difficult to ignore. Since its launch in 2010, Fidelity China Special Situations PLC has offered direct exposure to China’s growth story; from tech giants through to entrepreneurial small and medium-sized companies, and even new businesses yet to launch on the stock market. Portfolio manager, Dale Nicholls, finds more opportunities among small and medium-sized companies, where fewer investors leave greater scope for mispricing. However, the Trust has a flexible approach and may invest in larger companies if they fit his criteria.
What’s more, the liquidity offered by the investment trust structure makes it well-suited to holding both listed and unlisted companies. So, if you’re looking for broad exposure to the long-term potential of Chinese equities, Fidelity China Special Situations PLC might be the ‘one stop shop’ investment for your portfolio.
To find these exciting businesses, Fidelity has deep research capabilities and locally based experts - focusing on those companies with good long-term growth prospects, whose strength has been underestimated by the wider market.
Fidelity’s analysts are Chinese speaking and able to meet with companies in person to truly “get under the bonnet” of the stocks they invest in and provide unparalleled insight into a complex country, rich with opportunity. The portfolio comprises around 100 hand-picked growth stories that best harness the country’s long-term potential.
Making use of the closed ended nature of an investment trust, the trust can also invest up to 15% of the portfolio in unlisted companies.
The portfolio manager looks to identify and invest in companies that are best placed to capitalise on China’s incredible transformation, taking advantage of their early-stage growth before they become listed on public markets. These are often beneficiaries of growing domestic consumption and the rising middle class, but also technological innovation, healthcare or the green economy.
Despite the volatility, Chinese equities have surged in recent weeks - bolstered by the recently announced stimulus package. Against this backdrop, Dale Nicholls, portfolio manager of Fidelity China Special Situations PLC, outlines why he believes these policies could turn the tide in economic fundamentals, potentially driving a sustained improvement in market sentiment and further stock re-rating.
Read moreChina’s equity markets have faced challenges this year as the economy progresses through its recovery and the property sector continues to evolve. However, Dale Nicholls, portfolio manager of Fidelity China Special Situations PLC, sees a silver lining. He believes the current market conditions are creating attractive opportunities across various sectors, offering access to companies with robust structural growth potential at appealing valuations.
Read moreFidelity China Special Situations offers investors direct exposure to the Chinese growth story from a diverse range of sources. Manager Dale Nicholls has a bias to small- and mid-cap companies as he views them as the best way to capture the growth opportunities from the increasing wealth of the Chinese consumer and to generate excess returns.
Read moreChinese equities have recently been marked by elevated volatility, but there are signs of economic stabilisation and green shoots of improving investor sentiment. Having recently celebrated 10 years at the helm of Fidelity China Special Situations PLC, Dale Nicholls reflects on the key changes he’s seen on the ground through a tumultuous period and outlines why now could be an opportune time to revisit the case for Asia’s largest economy and stock market.
Read moreDale Nicholls joined Fidelity in 1996 as a Research Associate in our Tokyo office. It was during his tenure as an analyst that Dale first began to take an interest in the dynamics of the Chinese market. He regularly visited Chinese companies to get a clear view of the key supply and demand chains of the industries he covered. In 2003, he was promoted to portfolio manager of the Fidelity Pacific Fund and retains management of that portfolio today. In his current role, Dale spends much of his time traveling within China to meet with the management teams and competitors of companies in which he may, or already does, invest, visiting well over 100 companies a year.
Prior to joining Fidelity, Dale worked at Bankers Trust Asia Securities in Tokyo and as a Market/Business Analyst at Sony Corporation, also in Tokyo. He graduated from the Queensland University of Technology in Australia.
Past Performance (%) | |||||
|---|---|---|---|---|---|
Oct 2018 - | Oct 2019 - | Oct 2020 - | Oct 2021 - | Oct 2022 - | |
Net Asset Value | 10.9 | 61.3 | -5.2 | -39.1 | 14.3 |
Share Price | 12.0 | 80.1 | -11.7 | -43.2 | 16.4 |
MSCI China Index (Net) | 11.5 | 35.3 | -14.4 | -38.0 | 14.9 |
Past performance is not a reliable indicator of future returns. | |||||
The investment objective of the Company is to achieve long-term capital growth from an actively managed portfolio made up primarily of securities issued by companies in China, both listed and unlisted, as well as Chinese companies listed elsewhere. The Company may also invest in companies with significant interests in China.
The Portfolio Manager will focus on identifying companies which are most likely to benefit from China’s growth and changing economy.
The Company is not restricted in terms of size or industry of companies included in the portfolio and may invest in unlisted securities.
The Company may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for gearing purposes and efficient portfolio management.
The Company has adopted a variable management fee which is calculated by referencing performance relative to the MSCI China (N) Index.
Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.
The latest annual report includes an update on the trust’s strategy, governance and financial performance.
The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.
This document provides you with key information about this investment product. It is not marketing material.
Tell us whether you are a personal investor or an investment professional, and we will show you the different ways you can invest in our trusts.
The stimulus measures announced by the People’s Bank of China (PBoC), and mor…
Dale Nicholls
Portfolio Manager
25 October 2024
China’s equity markets have experienced notable volatility this year, signifi…
Dale Nicholls
Portfolio Manager
06 September 2024
Dale Nicholls, portfolio manager of Fidelity China Special Situations PLC spo…
Dale Nicholls
Portfolio Manager
05 August 2024
*The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Important information
Overseas investments are subject to currency fluctuations. This Investment Trust invests in emerging markets which can be more volatile than other more developed markets. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.
Nicholas Bull FCA 2,3
Mr Bull is the Senior Independent Director of Coats Group plc and Deputy Chairman of Conran Holdings Limited. He is a Trustee of the Design Museum, Camborne School of Mines Trust, the Creative Education Trust and the Conran Foundation. He is a member of the Advisory Panel of the charity INTO University. He was a Member of Council of the University of Exeter from 2009 until 2018 and a Director, then Chairman, of hotels group De Vere from 2010 until the completion of its asset disposal programme in 2015. He was also Chairman of the Advisory Board of City stockbroker, Westhouse Securities. Previously Mr Bull worked for 30 years as a corporate finance practitioner with Morgan Grenfell (subsequently Deutsche Bank), Société Générale and ABN AMRO in London, Sydney, Singapore and Hong Kong. He is a qualified Chartered Accountant.
Appointed 4 February 2010
Appointed as Chairman 22 July 2016
All the Directors are non-executive directors and all are independent.
2 Member of the Management Engagement Committee
3 Member of the Nomination and Remuneration Committee
Elisabeth Scott 1, 2, 3
Elisabeth is a non-executive Director of Pacific Horizon Investment Trust PLC, Dunedin Income Growth Investment Trust PLC and Allianz Technology Trust PLC. Ms Scott worked in the asset management industry in Hong Kong from 1992 to 2008, where she was Managing Director and country Head of Schroder Investment Management (Hong Kong) Limited and Chairman of the Hong Kong Investment Funds Association.
Appointed as Senior Independent Director on 22 July 2016 and Chair of the Nomination and Remuneration Committee
Appointed 1 November 2011
All the Directors are non-executive directors and all are independent.
1 Member of the Audit & Risk Committee
2 Member of the Management Engagement Committee
3 Chair of the Nomination and Remuneration Committee
Vanessa Donegan 1,2,3
Mrs Donegan is a non-executive Director of Herald Investment Management Ltd., JP Morgan Indian Investment Trust plc, Invesco Asia Trust plc (where she is also the Senior Independent Director) and State Street Global Advisors Luxembourg SICAV. She has 37 years of Asian fund management experience, including managing dedicated China portfolios. She was Head of the Asia Pacific desk at Columbia Threadneedle Investments Ltd. (formerly Threadneedle Investments Ltd.) for twenty-one years and has extensive experience of marketing funds to retail and institutional clients across the globe.
Appointed as a Director on 1 September 2020
Appointed as Senior Independent Director on 31 December 2022
All the Directors are non-executive directors and all are independent.
1 Member of the Audit & Risk Committee
2 Member of the Management Engagement Committee
3 Chair of the Nomination and Remuneration Committee
Mike Balfour 2,3
Mr Balfour is a non-executive Director of abrdn Investment Property Income Trust plc and Schroder BSC Social Impact Trust plc. He is Chairman of the Investment Committee of TPT Retirement Solutions and sits on its Management Oversight Board and is also a Director of TPT Investment Management Limited. He is a member of the Investment Advisory Board of The Institute of Chartered Accountants of Scotland. He was chief executive of Thomas Miller Investment Ltd until 2016 and was previously chief executive at Glasgow Investment Managers and chief investment officer at Edinburgh Fund Managers Limited. His early investment management career was focused on the nascent equity markets of Asia. He is a qualified Chartered Accountant.
Appointed on 1 October 2018
Appointed as Chairman of the Audit Committee on 24 July 2019
Stood down as Chairman of the Audit Committee and appointed as Chairman on 20 July 2022
All the Directors are non-executive directors and all are independent.
2 Chair of the Management Engagement Committee
3 Member of the Nomination and Remuneration Committee
Dr. Edward Tse1,2,3
Dr Tse is a non-executive Director of China Travel International Investment Limited (Hong Kong) and a Board Member of Gridiron Capital LLC (USA). He is an Advisor of CDIB Capital International, Cyberport Hong Kong and Our Hong Kong Foundation. He is a Council Member of World Economic Forum, a Governor of Hong Kong Institution for International Finance and a Professor at The Chinese University of Hong Kong. He is founder and CEO of Gao Feng Advisory Company and became one of the pioneers in China’s management consulting industry by building and running two leading international management consulting firms (BCG and Booz) for 20 years. He has also advised Chinese government organisations on strategies, state-owned enterprise reform and Chinese companies going overseas, as well as to the World Bank and the Asian Development Bank.
Appointed as a Director on 24 November 2022.
All the Directors are non-executive directors and all are independent.
1 Member of the Audit & Risk Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination and Remuneration Committee
Alastair Bruce 1, 2, 3
Mr Bruce is a non-executive Director and Chairman of the Audit Committee of ICG Enterprise Trust PLC. He was Managing Partner of Pantheon Ventures between 2006 and 2013, having joined the firm in 1996. At Pantheon Ventures, he was involved in all aspects of the firm’s business, particularly the management of Pantheon International PLC, the expansion of Pantheon Ventures global platform and the creation of a co-investment business. He has over twenty-five years of private equity, investment management and financial experience. He is a qualified Chartered Accountant.
Appointed 1 July 2021
Appointed Chairman of the Audit Committee on 20 July 2022
All the Directors are non-executive directors and all are independent.
1 Chair of the Audit & Risk Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination and Remuneration Committee
Georgina (Twink) Field 1,2,3
Ms Field is the founder and CEO of White Marble Consulting, a business that specialises in investment marketing. She was previously a non-executive Director of the Perpetual Income Growth Investment Trust plc, overseeing its merger into the Murray Income Trust plc. She has over twenty years’ experience in the investment industry, including two senior roles leading marketing teams at asset management companies.
Appointed as a Director on 1 July 2022.
All the Directors are non-executive directors and all are independent.
1 Member of the Audit & Risk Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination and Remuneration Committee
Gordon Orr1,2,3
Mr Orr is an independent non-executive Director at Hong Kong listed Lenovo Group Limited, Meituan and Swire Pacific Limited, and a non-executive Director of Sondrel PLC. He is a Board Member at EQT AB, a Swedish private equity business, and is Vice Chairman of the China Britain Business Council. He founded McKinsey’s consulting practice in mainland China in the early 1990s and led it in China and Asia until 2015, since when has served on several corporate boards.
Appointed as a Director on 1 January 2023
All the Directors are non-executive directors and all are independent.
1 Member of the Audit & Risk Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination and Remuneration Committee
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Overview
