Fidelity China Special Situations Plc (FCSS): The Peking duck is not burning to a crisp
In this note, we review China’s economic outlook and, in particular, we put the well-publicised COVID-19-related lockdowns into a relative global perspective. The IMF’s July forecast saw China’s real GDP forecasts cut by 1.1% in 2022 and 0.5% in 2023. With further lockdowns since, there is risk on the downside. However, the 2023 GDP cuts were a fifth of those seen in the US/Euro area, China’s 2023 forecast growth is ca.4x their level, and market ratings are below both. Also, investors should consider what policy responses may result. As a geared play, with some whole-market exposure, FCSS has suffered from market sentiment, even though its stock selection has added value.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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