Fidelity China Special Situations - Strong longer-term absolute and relative returns
Fidelity China Special Situations (FCSS) has had a challenging period over the last 12 months, with its performance affected by a significant sell-off in Chinese equities. However, the longer-term performance remains strong in absolute and relative terms, with a 16.9% pa NAV total return over five years clearly ahead of the 14.1% pa return of the MSCI China index. The manager continues to find attractive new investment ideas, such as recent portfolio addition, luxury e-commerce platform Secoo Holding, and points to the opportunities for long-term focused stock pickers that can be created by market volatility. FCSS’s discount has recently narrowed below 10% and the board has introduced a formal single-digit discount control policy, which should help reduce future discount volatility.Fidelity China Special Situations is an investment trust. Co.'s investment objective is to attain long-term capital growth from a managed portfolio made up primarily of securities issued by companies listed in China or Hong Kong and Chinese companies listed elsewhere. Co. may also invest in listed companies with interests in China and Hong Kong.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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