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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fidelity China Special Situations Plc | FCSS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.00 | 0.50% | 202.00 | 16:25:30 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 199.80 | 199.80 | 202.50 | 202.00 | 201.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 09/2/2024 11:52 by pj84 The following article focuses on 2 Investment Trusts Pacific Horizon and Fidelity China Special Situations and the following just relates to the latter."Gavin Lumsden 8 February 2024 • 6:00am China’s efforts to stabilise its struggling stock market make it a good time to review investment trusts that invest in the country and in the Asia-Pacific region more broadly. The problems of the world’s second-biggest economy, wracked by a property crash and weak consumer confidence following strict lockdowns, have weighed on the shares of London-listed China and Asia funds. Beijing’s announcement that it would “guide” Chinese institutions to buy more shares on its stock market, which in sterling terms has halved in the past three years, saw the Shanghai Stock Exchange index jump by 6pc earlier this week. Shares in London’s four China trusts followed suit, raising the question of whether this could finally be a turning point for funds that have crashed by between 44pc and 71pc in the past three years. These declines have left the trusts’ shares trailing 7pc-9pc below asset value. Although these discounts are not huge, readers should remember that the Chinese shares the trusts own are also depressed. Chinese companies trade at less than 10 times forecast earnings, which is cheaper than their long-term average of 12, and well below the peak of nearly 18. Investors willing to risk further losses in a long-term bet on China’s economic and technological development should ignore the noise around the recent liquidation of Chinese property developer Evergrande and head for Fidelity China Special Situations. With assets of £932m, this trust is already the biggest in its peer group and the easiest to buy and sell, attributes likely to improve further with the imminent merger with £177m rival Abrdn China. Managed by Dale Nicholls, Fidelity China is the best performer in its sub-sector even though the shares have delivered just 0.1pc including dividends over five years. However, in the 10 years Nicholls has run the portfolio, shareholders have received a more impressive 114pc total return, beating the 46.4pc from the MSCI China index. The shares stand on a 6.7pc discount." |
Posted at 03/8/2023 23:44 by pj84 Dale Nicholls: It’s time to be more bullish on ChinaThe portfolio manager of Fidelity China Special Situations says history tells investors the time to buy a market is when valuations are low and sentiment is negative. Can’t watch now? Read the transcript Dale Nicholls: I guess what we’re trying to show here is looking at China versus other markets and you can just see this swing in performance versus other markets. I guess what it shows is the divergence between markets. China’s performance has really swung. I think what it reflects is just general sentiment. A lot of which is macro-driven. There’s probably a geopolitical element to that as well. China, the sentiment around China really does swing and it doesn’t take long to see that when we look at 2021, 2022 and so far in 2023, you can see where sentiment sits. So, we’re clearly at the negative end of that sentiment spectrum. I think that is actually what makes China most interesting. We’ll talk about things like valuation, but China is very cheap versus history, extremely cheap versus other markets and sentiment is at the negative end, which history teaches us, if we look at this chart, it’s time to actually be more bullish. So, I’m definitely more bullish on the opportunities. I’m finding a lot of value in markets and I’m putting more money to work and that’s reflected in higher gearing that’s coming through in the trust. |
Posted at 16/3/2022 12:53 by davidro77 Interesting thank you. Key snippets for me are as follows, but typically a balanced argument that probably leads us to conclude 'I have no idea' what's next. If there was a degree of a short squeeze here then might be worth holding off for a few days if this really is a turning point there is likely more upside risk than downside at this point."It's the end of capitulation," said Peter Garnry, head of equity and quantitative strategy at Saxo Bank. "This confirms that the Chinese government sees healthy and strong equity markets as key for the country going forward. The equity market is totally sentiment driven right now and everyone is looking for an excuse to buy, though the headwinds for Chinese equities are still enormous."For Wednesday's rally to continue, China's policy makers will need to follow through with actions. Promises to keep markets stable were vocalized in January by the securities regulator, which has made no known intervention since.However A heavy-handed approach to managing market swings can backfire, like it did for China after a stock bubble burst in 2015, when botched interventions helped accelerate selling. A short squeeze may have exacerbated the gains. Short selling comprised about a quarter of Hong Kong's total daily turnover on Monday and Tuesday. The rally's staying power will depend in part on the reaction of foreign investors, whose role in Chinese markets has never been so important. "I do not believe this is a turning point -- we are in a very turbulent period," said Sean Debow, chief executive officer of Eurizon Capital Asia. "In order to catch a falling knife you have to have very very strong conviction, and we don't have that yet." |
Posted at 15/3/2022 11:12 by alan pt hxxps://citywire.comIn a strange coincidence, bought in this morning just before the above was published. I can certainly see it falling another 20% from here, but equally I can see it bouncing hard and making a lot more, the odds seem worth a small gamble... |
Posted at 09/11/2021 12:16 by rocketblast FCSS very Risky as HK is an issue. China losing main stream investors Get Out due to Risky rules and constraints. Miners also falling as property demand crashes. FCSS 250p to be tested some say 200p. FCSS has no future for many investors. Save your hard earned money as headwinds for FCSS slow progress with 250p to be tested see charts…Dont take Risks… |
Posted at 23/2/2021 21:47 by jfinvestments Personally , I don't see -6% discount to be a buy opportunity. Average is -9.6% over the last 12 months. Considering that once meant 2.20 per share for many months, this has hit it's short term peak I think. I like the trust and will buy again but closer to ten % discount would be an ideal price for me. Hopefully I'm wrong and it is straight back to 500p. That was clearly a medium term sell off target for many investors. |
Posted at 23/2/2021 15:21 by davidro77 Really? It appears to be in free fall and there will be a lot of investors looking to lock in some gains now the top is in. It is still way way up I am looking for a mini bounce to top slice here not buy more |
Posted at 10/7/2020 14:33 by cordwainer (kinda off-topic) looking to at least take profits or sell half but fidelity log-in and dealing (including telephone dealing) is down. Unplanned, that is. I might switch, How is Interactive Investor these days ? |
Posted at 27/11/2019 12:10 by shieldbug NAV where it was in May 2017. According to Dale Nicholls "Looking across valuations within the portfolio overall, we are back to levels last seen after the sharp A-share driven correction in 2015, which was an opportune entry point for investors." |
Posted at 19/11/2013 11:45 by masurenguy The Shanghai Market has dropped by circa 67% from its high of around 6000 in November 2007 to around 2000 some 18 months later. It had rallied back up to 3000 by the time this fund was launched in mid 2010 and then it fell back to 2000 over the following 2 years where it has largely remained. However following the economic and social reforms announced last week it has jumped by 10% in a matter of days as a result of a number of strict controls being relaxed with the objective of enhancing consumer demand and domestic consumption. A Credit Suisse analyst went as far as describing these changes as being the "most comprehensive and ambitious reform plan in the history of the People's Republic" The FCSS shareprice has been one step ahead of this development having risen by 30% over the past 5 months, from the year low 80p on June 24th to the current 115p this morning. This has also exceeeded the 23% increase in NAV during the same period. Anthony Bolton was also quite bullish in his interim statement last week: "I believe there are two common mistakes investment commentators make when they consider the outlook for China: firstly, many paint an overly black or white picture about its future and, secondly, they make predictions for China based solely on their Western experience. China is a diverse, large and complex country and the likelihood that the economy will collapse in a Western style banking crisis any time soon, something that several international commentators predict, is extremely remote in my view. A particular worry focused on this year by the China `bears' is the rising level of debt in China relative to GDP. There are various definitions of total debt but this is generally thought to represent over 200% of GDP and the figure has risen significantly in the last five years. We need to watch closely how this progresses from here, but in a system where debt is financed internally not from overseas borrowings, it is very difficult to estimate at what level debt could become a problem. This could be at much higher levels than we see today. Regarding the stock market outlook, valuations have risen a little above their ten-year lows but they are still well below their long-term average. Although sentiment has recovered somewhat, investors, particularly on the mainland, remain cautious. Internationally, emerging markets and China in particular remain out of favour. Indeed the Chinese market has been one of the worst performing world markets over the last three years or so. I remain optimistic. I am still finding many attractive investment opportunities in Chinese shares and continue to think there is still good upside ahead. I am delighted that investors' patience has now started to be rewarded and I hope that this trend will continue during the last five months before I hand over the portfolio to Dale Nicholls and beyond." Anthony Bolton - 11 November 2013 I think there are a number of coalescing fundamental and technical factors to support the return of some strong growth in China next year and I believe that we could see the resumption of a bull market with an increase of up to 40% to take the market index back above 3000 by the end of next year. Consequently, having sold out in two traNches during September 2010 and January 2011, I have NOW bought back into FCSS @105p this morning. |
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