Last checked at 2 Jun 2021 09:57
London, UK, 2 June 2021
Edison issues review on Fidelity China Special Situations (FCSS)
Fidelity China Special Situations (FCSS) aims to deliver long-term capital growth from a portfolio of stocks listed mainly in China and Chinese companies listed abroad. Manager Dale Nicholls focuses on undervalued companies. He favours consumer sectors set to benefit from structural trends driven by the burgeoning growth of China's middle class. He sees most opportunities in mid- and small-cap technology, healthcare and ecommerce stocks and among unlisted companies, all of which are often under-researched and thus mispriced. For Nicholls, the recent pull-back in Chinese markets has created 'a great environment in which good but undervalued companies offer even better value'. Nicholls' approach has delivered absolute returns and outperformance of FCSS's peers, and its benchmark, the MSCI China Index both recently and long term. Relative performance has been especially strong over the past year, thanks to superior stock selection and sector allocation decisions.
This trust may appeal to investors seeking an entrée into the many opportunities arising from China's medium-term growth prospects and major structural changes underway in the country. By investing in China and in Chinese companies listed elsewhere, in companies with significant interests in China and in unlisted companies (up to 10% of the portfolio), FCSS offers investors direct access and very wide-ranging exposure to the investment opportunities on offer in China, which are much greater than investors could hope to achieve by direct stock-by-stock investment. FCSS's offering is also broader and more diversified than that of its peers.
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