Fidelity China Special Situations Plc (FCSS): China growth story + market-beating style
Hardman & Co Initiation of coverage:FCSS offers investors a one-stop shop, providing their portfolios with a diverse Chinese exposure across stocks, sectors, market capitalisations and unlisted companies, all based on the underlying value of each investment. China offers superior GDP growth, a growing middle class and modernisation. FCSS has a flexible mandate, and the closed-ended structure can make high-return, illiquid investments. It has scale, and the shares are liquid. Fidelity’s stock-picking and gearing have led to total returns ca.3x the market since launch. Regulation is a risk and an opportunity. Other risks include sentiment to FCSS’s style and 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.
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