Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Fidelity China Special Situations Plc LSE:FCSS London Ordinary Share GB00B62Z3C74 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  7.50 1.86% 411.50 412.00 412.50 413.00 409.00 409.50 2,115,927 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 33.0 25.2 4.5 91.2 2,121

Fidelity China Special S... Share Discussion Threads

Showing 551 to 573 of 950 messages
Chat Pages: Latest  26  25  24  23  22  21  20  19  18  17  16  15  Older
DateSubjectAuthorDiscuss
19/9/2011
18:14
China growth fears boost Hendry's fund Last updated: September 19, 2011 4:02 pm By Sam Jones, Hedge Fund Correspondent FT A hedge fund designed to profit from a slowdown in the Chinese economy, run by the London hedge fund manager Hugh Hendry, has soared in value over the past two months as global markets have plummeted and industry peers have suffered damaging losses. Mr Hendry – a former Odey Asset Management trader – is one of only a handful of hedge fund managers positioned against Chinese growth and therefore pitted against heavyweight investors such as Anthony Bolton. More On this story Lex China property Bulls and bears battle over China's 'miracle' In depth Hedge funds Japan hurts computer-driven hedge funds Hendry plots path to go short on China Mr Hendry's Eclectica Credit Fund is constructed from a portfolio of short positions against highly cyclical Japanese corporate credits that have high exposure to Chinese demand. The fund, which raised a modest $150m from a handful of London investors when it launched late last year, is up 38.65 per cent so far this year, having returned 22.5 per cent in August – the hedge fund industry's worst month since the collapse of Lehman Brothers three years ago. The news comes as concerns of a Chinese slowdown gather speed. Wu Xiaoling, the former deputy central bank governor and vice director of the finance and economy committee of the National People's Congress, said the economy would cool next year and efforts to spur growth would be constrained by inflation, in an article published on Monday by the Chinese central bank's official newspaper. Mr Hendry's fund is up a further 11 per cent for September, according to an investor. Mr Hendry declined to comment. In comparison, the average hedge fund has lost money this year, data from Hedge Fund Research show. The HFRI composite index, which tracks performance numbers from across the industry, is down 1.47 per cent since January. Mr Hendry, a noted contrarian, began raising concerns about a Chinese slowdown in 2009 – even uploading a homemade video on to the popular video sharing site YouTube based on a visit to deserted Chinese real estate developments. His flagship Eclectica fund has had a short position against Japanese corporate credit for some time, but the strategy was only broken out as a separate specialist fund 12 months ago. Japan was the most industrially exposed economy to China, Mr Hendry told the Financial Times then. The "slightest sneeze" in south-east Asia "will give me so much... bang for my buck," he said. The fund bought up cheap credit protection on companies such as Nippon Steel or JFE Holdings for as little as 50 basis points annually, expecting spreads between to widen following an export-led slowdown. Japanese companies were highly exposed to China but such risks were currently underpriced, he said. The cost of CDS protection on US Steel, for example, was at the time about 500 basis points annually. Very few hedge fund managers share Mr Hendry's pessimism. Only James Chanos – the noted short seller who correctly highlighted corruption at Enron – has also launched a dedicated 'short China' fund, which bets against the Chinese property market through Hong Kong-listed entities. China bulls have had a rough ride so far this year, however. Mr Bolton, one of the most notable, raised $743m for his Fidelity China fund in 2010, but was forced to admit in June that returns for his fund had been "disappointing".
spob
15/9/2011
16:46
market goes up = these go down. obviously retail punters fleeing (probably at the wrong time) - china should be geared to any recovery, so am tempted to re-enter here... Bolton appears to be in high beta stocks, except his curiously large short on the south korea market.
edwardt
14/9/2011
14:04
The de facto dilution of the shares was a serious mistake.
atflores
14/9/2011
12:45
Still glad I got out of these. Not interested in getting back in. AB doesn`t seem to know what he`s doing. Invests all the money in stocks and then does nothing, except raking in his fees. How about shorting, or selling the duffers, or holding more cash when the markets look dodgy. These concepts appear to be beyond him. He should go now and say sorry to all the investors.
tyranosaurus
09/9/2011
14:24
To repeat - he ran a UK Special Situations fund. Thats very different to a China Special Situations fund. How many Chinese CEOs give a monkeys about talking to a Mr Bolton from a fund managers they've never heard of. Guy has no competitive advantage - hence the reason why he's stepping down in 18 months. Succession process will start in 6 months. He's there to pick his ludicrous management fees which it appears Whizzy is single-handedly trying to finance if you want exposure to China - buy an ETF
roman2325
09/9/2011
13:07
Anthony Bolton's China fund forced to buy back shares Fidelity China Special Situations fund buys back 350,000 shares after disappointing performance. Fidelity's star fund manager has been dealt a further blow as the China Special Situations fund is forced to buy back 350,000 shares. In a worrying trend, investors are bailing out of the £682m fund less than 18 months after its launch. Fidelity has bought back the shares in a bid to narrow the discount to net asset value. It has been a rocky start for the fund – the share price has dropped by 25% since the start of this year, and the fund posted disappointing first-year results in April. The Hong Kong based fund is currently underperforming the benchmark MSCI China Index by 5%. Investors poured millions into the fund when it was launched in April 2010, as it was expected that manager Anthony Bolton would repeat the success of his previous UK Special Situations fund, where he earned investors an annualised return of 20% for 28 years. But China Special Situations's net asset value dropped by more than 5% in its first year, falling to 93.86p per share on June 17 this year from 99.01 on April 19 2010, while the MSCI China Index remained mostly unchanged. At the time Mr Bolton said that although he was disappointed in the fund's performance he was confident that he could turn it around. "I knew there were high expectations of me coming over here," he said. "I strongly believe in the case for China – I put my own money in, Fidelity put their money in. I can see that there is disappointment in the fund and in China. I remain as optimistic as I was at the start about the medium term case for China." He added: "I think anyone investing in equities should give it at least three years – but I'd say that about any environment." http://www.telegraph.co.uk/finance/personalfinance/investing/8752200/Anthony-Boltons-China-fund-forced-to-buy-back-shares.html
masurenguy
03/9/2011
23:21
Anthony Bolton still set for 2013 departure Published Tuesday , August 30, 2011 Mr Bolton initially pledged to run the fund for at least two years when it launched in April 2010, but in November 2010 he committed to a third year at the helm of the fund. The 61-year-old has suggested that the April 2013 date was final. "There are other things I want to do, but I have signed to stay in place until April 2013," he told the Financial Times. "Unless I get run over by a bus, I will be here until then." http://www.ftadviser.com/InvestmentAdviser/Investments/News/article/20110830/8ccd30d4-d2dc-11e0-ae88-00144f2af8e8/Anthony-Bolton-to-depart-China-fund-in-April-2013.jsp
strollingmolby
03/9/2011
18:24
Globalisation synchronised and under pressure
muffinhead
19/8/2011
09:45
61. Younger than me. Younger than Buffett if that matters.
jonwig
19/8/2011
09:32
How old is Bolton now ?
spob
19/8/2011
09:20
spob - 19 Aug'11 - 521: will Bolton shut this thing down ? Why on earth should he do that ? This fund was launched almost at the peak of the market in April last year. Since then the SSEC (Shanghai market) has fallen by around 20% and FCSS is down circa 19% so his current performance is more or less tracking his benchmark index.
masurenguy
19/8/2011
09:19
Bolton was bullish on China and other EMs in last weekend's FT, so no: http://www.ft.com/cms/s/2/f4fa9f7e-c4d7-11e0-9c4d-00144feabdc0.html#axzz1VOcUl377 Had it been an OEIC, maybe. Discount to NAV now 7% - still room to widen.
jonwig
19/8/2011
09:07
will Bolton shut this thing down ?
spob
19/8/2011
08:47
Think you're the lone buyer at the moment Whizzy. How much lower do you think they'll go?
roman2325
19/8/2011
08:05
Divi paid into my ISA, reinvested it @80.75
whizzy1
17/8/2011
21:29
http://www.trustnet.com/News/Research.aspx?id=249015
the avoint
12/8/2011
16:15
gbb, not sure if your old hat or not, however, check your transfer time, Barclays is 6 days from pay date & the obvious one, review your divi set up ie. Make sure you are not signed up to the ADR. Whizz.
whizzy1
11/8/2011
15:32
Last order @77.35 unfilled, even though it dipped to 76.10 hmmm.. Just listened to a sound bite from Mr Buffett on Bloomberg - 'be greedy where others are fearful' what a guy. Anyway my faith in AB is lost but I still believe in the overall China story, which is one of only a handful of countries who's economies are still growing 'properly', not long now before China sacks the dollar as it's international trading currency either Re: India. Also I hear that the Russians are offering land to aid China's domestic food program. Seems the African's are at it too, swapping future mineral rights for help with basic infrastructure, step to one side green back.
whizzy1
11/8/2011
07:29
The dividend they were due to pay at the end of last week hasn't materialised in my account yet. Anyone know what they're upto?
gbb483
11/8/2011
06:36
Well, this is a long only fund, which is stupid for these market conditions, with no derivatives to protect fund value. Neither any foresight or ability to go into cash, to be able to buy back on the way down. This is an old dynosaur, which died out with the flood. It is time Bolton was sacked or retired and replaced with one of those american whizz kids who take billions out of the market, whatever the market conditions. Who are you kidding by being invested into this? Clearly Bolton is not earning his keep and he is not worth the massive wages and bonuses, he is awarding himself.
a1samu
10/8/2011
16:23
Closed today at an all time low. Looks oversold to me and more a victim of sentiment than fundamentals. However in this climate it could still go lower so I'm still sitting and watching from the sidelines !
masurenguy
10/8/2011
16:16
Bhoytrader - whats your time frame on China sorting their inflation problems? We talking years or decades?
roman2325
10/8/2011
16:16
as he is still getting a performance fee given the 'reservoir' effect of last year's outperformance, i would buy an index tracker out of principle. if discount goes out to 20, it may appeal.
edwardt
Chat Pages: Latest  26  25  24  23  22  21  20  19  18  17  16  15  Older
ADVFN Advertorial
Your Recent History
LSE
FCSS
Fidelity C..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210118 18:14:04