Fidelity China Special S... Share Discussion Threads

[whizzy1] 24/1/2014 09:12

Had enough of Fidelity trying to prop up the share price with the massive buy back.
Something has got to give.

I'm fully out as of 10 mins ago, will only return on strengthening good news.

[masurenguy] 19/11/2013 11:45

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.

[g.j.a] 11/10/2013 15:13

I just tried for 3k of RMG - anticipating that anything larger would be pared down - didn't reckon on them being quite so mean and they haven't put my "change" back into the bank as quickly as they took it out! Enjoying the rise with China....... looking forward to £2 and beyond!!!

[whizzy1] 11/10/2013 00:38

So glad I wasn't greedy enough to top slice some of my FCSS & spend 25k on The R.Mail IPO. Ring fenced? They got sweet F.A!

[g.j.a] 08/10/2013 15:24

Hooray! Above its issue price - now keep on going UP!

[g.j.a] 04/10/2013 11:46

Hoping this will hit £1.00 later today! Back to its launch price - have topped up on these when they were down in the 70s and 80s using my isa allowance - would love them to move up some more

[whizzy1] 20/9/2013 17:49

Excellent post by Roman!

[whizzy1] 20/9/2013 17:49

Excellent post by Roman!

[whizzy1] 20/9/2013 17:47

Looking good on the most boring thread ADVFN has ever known.
Making good money anyway so what the hell if I'm doing it on my own lol.

[whizzy1] 13/8/2013 08:38

Wow, flying north from July, feeling good again!

[topvest] 17/6/2013 16:57

No big surprise and not a big loss as Bolton hasn't really added any value here except for his "big name" attracting lots of initial funds. His style is too active in my opinion. They need to start thinking about buying good cheap shares and holding on to them, rather than buying and selling short term. Anyway, lets see how the new manager does post Bolton. No pressure, as he hasn't got a tough act to follow. The fund is effectively still neutral which is pretty rubbish.

[strollingmolby] 17/6/2013 10:00

Bolton to step down at Fidelity China fund

[strollingmolby] 17/6/2013 09:58

So Bolton's off, with effect next April...

The Board of Fidelity China Special Situations PLC ("the Company") announces
today that Anthony Bolton will be retiring as Portfolio Manager of the Company
on 31 March 2014. Mr Bolton will be succeeded by Dale Nicholls who will assume
full responsibility for the portfolio of the Company on 1 April 2014.

Further information on the transition of Portfolio Manager can be found in the
preliminary announcement of the Company's results for the year ended 31 March
2013, which will released later today and a copy of the press release will
shortly be made available on the Company's website at www.fidelity.co.uk/its.

[jimmy mcnulty] 17/6/2013 09:47

So Bolton's retiring next year:

Monday 17 June, 2013
Fidelity China
Statement re Change of Portfolio Manager


Fidelity China Special Situations PLC

Change of Portfolio Manager

The Board of Fidelity China Special Situations PLC ("the Company") announces
today that Anthony Bolton will be retiring as Portfolio Manager of the Company
on 31 March 2014. Mr Bolton will be succeeded by Dale Nicholls who will assume
full responsibility for the portfolio of the Company on 1 April 2014.

Further information on the transition of Portfolio Manager can be found in the
preliminary announcement of the Company's results for the year ended 31 March
2013, which will released later today and a copy of the press release will
shortly be made available on the Company's website at www.fidelity.co.uk/its.

For press enquiries, please contact Tom Stevenson on 01737-837844

Christopher Pirnie
For and on behalf of FIL Investments International
Company Secretary
17 June 2013
-----------------------------
Dale has 17 years' investment experience and has managed the Fidelity Funds Pacific fund since September 2003. Over that period he has returned 154% versus an index return of 117%.

Like Bolton, Fidelity said Dale is a bottom-up stock picker with a growth bias and a significant tilt towards smaller and mid-cap companies.

hxxp://www.ifaonline.co.uk/ifaonline/news/2275224/anthony-bolton-to-retire#ixzz2WSfqxdZC

[knowing] 29/5/2013 21:04

http://www.scmp.com/business/article/1237075/morgan-stanleys-bull-tail-sees-hang-seng-50000?

[whizzy1] 22/5/2013 16:46

Another half a million buy back seems to be doing the trick today.
Supply & demand etc.

[g.j.a] 20/5/2013 11:32

At this rate we wont have to wait too long to get back to £1.00 start mark.......and then hopefully onwards and upwards!

[whizzy1] 17/5/2013 20:08

And another 1.75Million buy back today.
Excellent.

[harrodsfree] 17/5/2013 17:46

Still low enough to invest in this one.

[freonwarrior] 17/5/2013 09:23

Thank you GI, interesting read!

[greek islander] 16/5/2013 09:55

Now in fourth week touring around Southern China.
Some impressions.
Firstly every internal flight is full. Airports are heaving. They are massively efficient. Even when things go wrong they are put right immediately so a missed or cancelled flight here is no big deal. Air travel has to be a huge potential investment. The numbers of foreign traveellers - for whatever reason - are impressive especially Russian (sadly) Israeli South African and South Korean. Anthony Bolton here has to be your main investment targets. New airport terminals are going up everywhere and the appetitie for Chinese to move around the country on business for holidays or just for personal reasons such as visiting family, is huge.
Cash machines and banks are busy.
The big need especially in the south is for improved railway services which are dreadful. Trains are heaving but the system is diabolically tired and new rolling stock and tracks are desperately needed. Systems need to be addressed - the Chinese here in the South know how to make life difficult for evryone.
Internal tourism grows fast but little of it is seaside or coastal.
The Chinese run hotels are generally - with some exceptions - very poor still and one looks to stay at Marriotts, Sofitels, Shangri Las etc. These are excellent, professionally run and a real treat at comparitively low prices. Getting a a free upgrade is par for the course.
Loads of potential here for investment but not for PIs. This is a country where one has to think big. Investing in Mr Bolton's China fund is a way in but I fear for Anthony's health in this fast run demanding and exhausting place which is not for the elderly, even if they live in Hong Kong luxury most of the time.

[whizzy1] 14/5/2013 19:19

Another 1,000,000 buy back today. Good stuff.