Next AGM: July 2019
Fidelity China Special Situations PLC recorded a Net Asset Value (NAV) total return of -5.3% for the year ended 31 March 2019, underperforming the MSCI China Index (the Company’s Benchmark Index) return of +0.9%. The Company’s share price total return was -0.3%. The NAV and share price performance (on a total return basis) over Dale Nicholls’ 5 year tenure and since launch is well ahead of the Index.
The Board has decided to adopt a formal discount control policy whereby it will seek to maintain the discount in single digits in normal market conditions.
The changing face of the China Consumer
As local brands gain traction and demand for consumer services in China increases, portfolio manager Dale Nicholls reveals how he is positioning to capture emerging investment opportunities.
China - new year, different story?
The general view from overseas investors is that the ongoing trade conflict with the US is impacting China as it targets China’s key export sector. However, it has been clear for many years that China’s economy has been moving away from relying on exports and towards consumption-led growth.
From growth concerns to trade tensions, a number of headline-grabbing factors have come together to create a challenging environment for Chinese equity markets over recent months.
Dale Nicholls, Portfolio Manager for Fidelity China Special Situations PLC, reflects on these moves and discusses whether the sell-off has created opportunities for discerning investors with a long-term view.
At the recent Annual General Meeting the Board has announced the appointment of Mike Balfour as a non-executive director of the Company with effect from 1 October 2018. He will also serve as a member of the Management Engagement, Nomination and Audit Committees of the Board.
Fidelity China Special Situations PLC’s Net Asset Value (NAV) returned +22.2% (total return) for the year ended 31 March. The Board can also announce that the Company has increased its dividend by 40% to 3.50 pence per ordinary share. Over the tenure of portfolio manager*, Dale Nicholls, the Company’s Net Asset Value (NAV) returned +144.8%, compared to the Company’s Benchmark Index**, which returned +98.9%.
Merryn Somerset Webb on Fidelity China Special Situations PLC
MoneyWeek, March 2019
Valuations are high. The geopolitical situation is volatile. Monetary policy is hitting a multi-decade turning point. Global growth is slowing. It’s a little bit scary.
Ian Cowie on Fidelity China Special Situations PLC
The Times, March 2019
China’s markets are rising as fears of a trade war fade. The time may be right to invest in what will soon be the world’s largest economy.
Mark Atherton on Fidelity China Special Situations PLC
The Times, February 2019
Global markets are readjusting. We weigh up the pros and cons of investing in the east.