Fidelity China Special Situations PLC
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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 AGM Highlights - July 2018
Fidelity China Special Situations PLC AGM - July 2018
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 with 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 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.
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 listed in China and Chinese companies listed elsewhere. The Company may also invest in listed companies with significant interests in China.
Summary of the key aspects of the Investment Policy
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.
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.
Fidelity China Special Situations PLC latest Company news and press highlights
The Board announce changes to the Board of Directors at the recent Annual General Meeting
Fidelity China Special Situations PLC announces its latest Annual Results & unveils a new innovative charging structure
A-OK for China. The Trust’s Portfolio Manager, Dale Nicholls, reflects on MSCI's landmark move to start including Chinese A-shares into its indices
General Data Protection Regulation ‘GDPR’
What personal data is collected and how it is used
The Company is an investment trust which is a public limited company and therefore has certain regulatory obligations such as the requirement to send documents to its shareholders such as the Annual Report, proxy forms and other documents that relate to meetings of the Company. The Company will therefore collect shareholders’ personal data including names, addresses and identification numbers such as investor codes and will use this personal data to fulfil its statutory obligations.
Any personal data collected will be kept securely on computer systems and in some instances on paper. Personal information is kept secure in line with Fidelity’s Information Security policies and standards. If you are unhappy with how we have used your personal data please contact the UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP.
Sharing personal data
In order to assist the Company in meeting its statutory requirements, the Company delegates certain duties around the processing of this data to its third party service providers, such as the Company’s Registrar and Printers.
The Company has appointed Fidelity to undertake marketing activities for the Company and their privacy statement can be found on the website here.
The Company’s agreements with these third party service providers have been updated to be compliant with GDPR requirements. The Company confirms to its shareholders that their data will not be shared with any third party for any other purpose. In some rare circumstances, it may be necessary to transfer shareholders’ personal data across national borders to Fidelity Group entities operating in the EEA. Where personal data is transferred within the Fidelity group but outside of the EEA, that data will subsequently receive the same degree of protection as it would in the EEA.
How long will personal data be kept for?
Personal data will only be retained for as long as is necessary and no longer than is legally permissible.
Requesting access, making changes to your personal data and other important information
Shareholders can access the information that the Company holds about them or ask for it to be corrected or deleted by contacting Fidelity’s UK Data Protection Officer, Fidelity International, Beech Gate, Millfield Lane, Surrey KT20 6RP.
Incorporated in England and Wales with company number 07133583.
Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
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