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Fidelity China Special Situations

LN: FCSS

Market Cap£2,145m

Last Close 416p

Fidelity China Special Situations aims to achieve long-term capital growth from an actively managed portfolio comprised primarily of securities issued by companies listed in China, and Chinese companies listed elsewhere. It may also invest in listed companies with significant interests in China. Futures, options and CFDs are used to provide gearing, as well as to take short positions.

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Investment summary

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 e commerce 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.

Content on Fidelity China Special Situations
Fidelity China Special Situations – Domestic trends drive sustained outperformance
Investment companies | research Review | 11 December 2020
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Price performance
%
1m
3m
12m
Actual 0.1 (0.7) 50.5
Relative* 0.2 (5.3) 27.8
52-week high/low 498.0p/274.5p
*% relative to local index
Key management
Nicholas Bull Chairman
Mike Balfour Chairman of the Audit Committee

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