Fidelity China Special Situations Plc (FCSS): If you like China, why invest via FCSS?
Our recent notes explored why investor concerns over the whole Chinese market appeared overdone. With the recent rise in these markets, it appears that these disquiets have moderated. Accordingly, in this note, we consider why investors, having decided that they like China, would choose FCSS as their investment vehicle. We note that i) it has delivered superior returns, ii) Fidelity’s processes and infrastructure are the drivers to this outperformance, iii) it is a large, liquid closed-ended vehicle, offering whole market exposure, iv) it has falling, variable and relatively low fees, and v) it has delivered rising dividends over a decade. We have increased ourFY’23-24 NAV estimates by ca.20p to reflect the recent strong performance.
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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