A week in the life of Portfolio Manager Dale Nicholls

Dale Nicholls, Portfolio Manager of Fidelity China Special Situations PLC, offers a first-hand view of how ideas are formed, tested and refined to shape portfolio decisions. During the week commencing 19 January, policy discussions in Shanghai and company meetings in Hong Kong illustrate how he assesses opportunities across Chinese equities. Alongside the daily discipline of research and debate, he closes the week in Singapore as the region prepares for the Lunar New Year, taking a brief pause before the next cycle of company meetings begins.

Monday

I usually try to start the day with a bit of meditation and yoga before diving into markets — it’s one of the few moments of calm before the trading screens and meeting calendar take over. After that, the week kicks off properly with our 8:30am meeting with the Tokyo team, comparing notes on overnight developments and setting priorities for the days ahead. 

Later in the morning, I finally managed to sit down with an analyst based in Shanghai to discuss trends in more commodity-related names and the latest developments around China’s “anti-involution” initiatives. We’d tried to have this conversation the last time I was in Shanghai, but calendars got in the way — a familiar story. It was encouraging to see policy direction increasingly focused on reversing consumer and producer price deflation and fostering a more stable, profitable market environment. 

Midday is usually time for a quick workout and a bite to eat.

The afternoon was spent reviewing materials for an upcoming client presentation, before heading back to the airport. By late afternoon, I was once again on a flight — this time to Hong Kong. I don’t really think of it as a business trip; I speak to the team here every day and still have my own desk in the office. It feels less like travelling and more like shifting workspaces.

Tuesday

Tuesday started early with a run of company meetings across the region — two Australian companies, followed by one in Japan and another in China. Looking at businesses across different markets is useful, not just for idea generation, but for understanding competitiveness in a regional and global context. Meeting international peers often sharpens our conviction in Chinese companies, many of which are increasingly holding their own — and in some cases outperforming — long-established global players. 

When I finally made it into the Hong Kong office after lunch, it was reassuring to find my desk exactly as I’d left it. The office was close to full, and I caught up with analysts covering China tech hardware and the pharma sector, digging into insights from their latest research. 

Later in the afternoon, I met with a Chinese consumer company and found myself in a lively debate with the analyst about sentiment towards luxury brands. While headline retail sales data remains soft, there are more encouraging signs beneath the surface. Pricing has started to stabilise in selected categories, and we continue to see new consumer brands gaining traction by offering clearer value propositions and sharper execution.

Wednesday

I start the day with a catch-up with our head of research — a good opportunity to share feedback on the team’s work over the past year and to cast my vote for our internal Asia Best Research 2025. Seeing the depth and breadth of thinking across the platform is always energising. 

The rest of the day followed the familiar rhythm of an investor operating in fast-moving markets: a handful of company meetings and a couple of broker discussions. Nothing dramatic, but plenty of small pieces of information that gradually help shape conviction. 

Thursday

Today was a mix of internal and external conversations, including meetings with three Chinese companies, one of them private. It was good to hear from a potential issuer that Hong Kong continues to play such an important role as a bridge between innovative Chinese businesses and global investors. As regulatory and geopolitical dynamics have evolved, both issuers and policymakers have increasingly leaned on Hong Kong as a stable, internationally recognised market. 

What’s also become clearer is that a broader group of investors is beginning to recognise the pace of innovation in China. The strong interest in several Chinese listings towards the end of 2025 reflects more than a single theme or short-term enthusiasm. Instead, it points to the steady improvement in Chinese companies’ competitiveness across a wide range of industries, underpinned by sustained investment in research and development over many years.

At lunchtime, we had our culture club session, where an analyst presents a deep dive into a company’s DNA — its history, leadership style and culture. This week’s focus was an ASEAN e-commerce company, and the story was a good reminder of what long-term success often looks like: ambitious goals, a tight-knit leadership team, the ability to course-correct quickly, and a clear emphasis on execution over hype.

Later in the day, I caught up with our small-cap analyst. Small caps are never straightforward — liquidity and volatility come with the territory — but that’s exactly why discipline and patience matter. The day ended with dinner alongside a few other investors in Hong Kong, exchanging views and perspectives. These informal conversations are often where some of the most interesting ideas surface. 

Friday

Friday marked my final day in Hong Kong this week. The morning began with our weekly China Equity Discussion, exchanging views with fellow portfolio managers and the broader research team — conversations that always feel richer in person. That was followed by a series of analyst catch-ups.

In the early afternoon, I met with the investment director team to discuss market and client feedback and how we shape our marketing and commercial priorities for 2026. Having a clear sense of what clients are seeing and hearing remains invaluable.

Before heading to the airport, two final company meetings rounded off the week. One was with a private company working on AI-enabled smart glasses — an exciting reminder of how quickly technology continues to evolve. The other was with a Chinese education company. After a period of regulatory scrutiny, it’s encouraging to see the sector returning to growth. Education remains a priority for Chinese families, and demand remains resilient as parents continue to invest in their children’s futures.

On the flight back to Singapore that evening, I went through notes and financial models on a few ideas that had surfaced in the team chat earlier in the day — a familiar end to a productive week. 

Weekend

The weekend was a chance to reset. A walk through the city provided a change of pace, and with Singapore’s streets decked out in red lanterns and Year of the Horse decorations, it felt like a timely reminder that the Lunar New Year — and our New Year outlook — is fast approaching. 

Sunday evening was spent quietly downloading files and models for the following week’s company meetings. It’s not the most glamorous routine, but it does make Monday mornings a little smoother.

Read Dale’s outlook for China in the Year of the Horse.