Last checked at 11 Dec 2020 08:51
London, UK, 11 December 2020
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 consumer-led sectors, which have the greatest exposure to China's growth prospects and he sees many great investment opportunities, especially among lesser-known, smaller-cap stocks and unlisted companies. Nicholls believes these businesses are driving innovation and change but are often undervalued. FCSS has delivered significant outright returns and outperformance of its MSCI China benchmark and the UK market since the fund's inception in 2010.
FCSS's board has a single-digit discount policy and has been proactive in its efforts to stabilise the discount during this year's market volatility. More recently, the trust has, at times, traded at a small premium as investor sentiment towards China, especially small-cap companies, has improved. FCSS's shares are presently trading at a discount of 0.6% and the fund offers a yield of 1.1%. The board hopes to continue its 10-year record of annual dividend increases and its ability to do so is supported by FCSS's revenue reserves.
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