Fidelity China Special Situations PLC
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Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount are estimated.
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The UK’s largest China investment trust, Fidelity China Special Situations PLC capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.
China is increasingly recognised as being a major driver of growth and investment performance, not just in Asia, but the wider world. Its sheer economic size and year-on-year growth means that investors should consider an exposure to China when building a balanced portfolio.
Fidelity International is able to use its large Asia-based investment team to identify companies which are most likely to benefit from China's growth and changing economy. In this way, a portfolio of over 100 underlying investments has been built for Fidelity China Special Situations PLC which provides focused exposure to China's true potential.
To know local companies, keep local company”
Fidelity China Special Situations PLC - Highlights from the AGM - July 2017
7 July 2017
Fidelity China Special Situations PLC AGM - July 2017
7 July 2017
Fidelity China Special Situations PLC - Investment themes & stock stories
7 July 2017
Dale Nicholls - What’s consuming China?
15 March 2017
Fidelity China Special Situations PLC AGM - 2016
5 August 2016
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may not get back the amount you invested. Fidelity does not give advice. If you’re unsure of the suitability of an investment for you, you should speak to an authorised financial adviser.
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 Investment Trust may also invest 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. Investment Trusts can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Their use may lead to higher volatility in the Net Asset Value and Share Price.
What is our approach?
Dale Nicholls, the Portfolio Manager, makes full use of Fidelity's extensive investment research presence and investment licenses in China - which are among the largest of any international investors'.
Dale focuses on undervalued companies which have good long-term growth prospects which have been underestimated by the wider market.
He has a bias to small and medium-sized companies, where lower levels of research by competitors leads to greater opportunities for mispricing - but he is not constrained and may invest in large or mega-cap companies such as state-owned-enterprises where mispricing appears.
Dale has identified the growth of the middle class and a refocusing on China's economy towards domestic consumption as key drivers of its economy and stock market in the coming years; he therefore focuses on those products and services that cater for this growth within China.
Dale may invest in companies listed domestically in China or Hong Kong or elsewhere (such as the United States) where those companies' primary revenue exposures are within China.
Dale is also free to invest up to 10% of the portfolio in unlisted companies with a view to their Initial Public Offering - providing investors in Fidelity China Special Situations PLC some of the broadest access to investment opportunities in China.
Who is Dale Nicholls?
Dale 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 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.
May suit investors who:
- Want an investment that focuses on Chinese equities and the growth of China's domestic economy
- Are interested in undervalued stocks as a growth opportunity
- Accept the risks involved in investing in China, including currency risks
- Are willing to accept stock market volatility
- Can afford to take a long-term investment view
- Are investing for their future; the trust may be held in an ISA, Junior ISA, SIPP or general investment account
Board of Directors
Reports and Literature
Investors should be aware that the content of the Key Information Document (KID), including methodologies for the calculation and presentation of risks, performance scenarios and costs are defined by technical standards under the EU’s PRIIPs Regulation. The forward-looking Performance Scenarios are based on degrees of variation from historic performance, and cannot be guaranteed. The figures in the KID may not reflect the expected returns for the Company and will be higher following periods of strong returns and lower following market falls. Please remember that past performance is not a guide to future performance.
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Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
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