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
  0.00 0.0% 439.00 438.00 439.00 442.00 416.50 432.00 2,103,767 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 33.0 25.2 4.5 97.3 2,263

Fidelity China Special S... Share Discussion Threads

Showing 601 to 622 of 975 messages
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Maybe the bottom was 70p.Lets hope for a good run in these.Anthony Bolton in time may yet show a profit.
A long way to go yet to get back to £1.00.Fingers crossed
On the other hand ...
free stock charts from MACD looking good for a change.
115p would be 60% up from here - a little far fetched
good as the first prediction was 45%, looks like China is going to do well in 2012......mainly after qtr 1. could see FCSS do well and recover over £1.15p.... nice on to top up on...
Goldman issued a note on Tuesday saying China down 20% in 2012
well maybe 2012 will get these flying.....hope BOLTON and his merry Chinese team are NOT given any bonuses or pay increases...... bring in a british team for 2012 as its the Olympic Year and we should do well.....
Halfpenny, I told you to grow up. The charges may not be justified - but they are contractual so have to be paid. Moaning will get you nowhere.
how can BOLTON call him self a fund manager with these results and how can Fidelity say buy....... I see the fall of Fidelity in 2012, PREDICTION..2011/2 Fidelity/Devonshire make huge losses and NED will retire, so where next for Fidelity..... maybe they will invest in FCSS !!!! If Fidelity did get institutional investors to buy into FCSS then we could see 95p..... woops i see a PIG flying by.... BOLTON if you have morals then wave the charges for 2011 as they are NOT justified...... and only take a salary/bonus along with your rotten chinese team when profits are shown for FCSS..... say the people.....and yes hire a BRITISH team...
well all i can say is that it makes a good ski slope watching these fall. some say back to 95p.....well lets see if they do i may top up
grow up halfpenny
Wot a load of CR.P, Bolton should be strung up and made to retire, lost MOST INVESTORS over 30%, and still takes his charges with a loss for everyone else.... BOLTON, so when are you and your chinese useless team going to realise the loss and TURN this around .... and why doesn't NED Johnson with his billions invest in FCSS ?? Get back to using a BRITISH team who know what they are doing and not just being numbers people.... you need THINKERS not stinkers.... DONT just say i believe in the long term growth as we cant wait 100 years!!!!! What DO YOU expect short term say 3mth, 6mth, 12mth....and when will we get our MONEY back with a return, this is a DISGRACE. And last what has your family invested in FCSS ????
Whizzy - you might want to read this:
Pack your bags Mr Bolton..
Interim results video....,MMD8,38B9DM,1TYJE,1
The future is worrying and disturbing here.The above report underlines this.
Bolton says sorry for China fund losses Fidelity China Special Situations raised £430 million from investors in April 2010, making it one of the largest investment trust launches in recent years. However, excitement at the return of Anthony Bolton from retirement to run a fund investing in the world's fastest growing economy was soon damped down as performance turned sour after a 15% gain in the first year. Today the trust reported that in the six months to 30 September its investment portfolio slumped 28.9%, worse than the 24.5% fall in its benchmark, the MSCI China index. Its share price fared worse in the summer crash, tumbling 31% in the period. The shares that investors subscribed for at 100p at launch now trade at 78.6p, up 0.55p today. Including the 0.25p per share final dividend paid earlier this year, that's a total loss to date of just over 21%. The MSCI China is down 13% over the same period. Bolton apologises 'I am sorry to report that the combination of the very difficult stock market background, the company's exposure to the more volatile medium and smaller capitalisation Chinese stocks and the company's gearing [level of borrowing] has produced some very poor performance figures,' Bolton said in his manager's report. He blamed the increasing number of commentators forecasting a 'hard landing' for China's economy, and said this negativity combined with fears over a property and credit bubble had punished China's stock market. However, he admitted his mistake in thinking China could buck world markets. 'Asian markets in general have fared less well than developed markets as investors have reduced risk and I have been wrong so far in my expectation that China's stockmarket could decouple from the West.' The investment veteran, famous for his former management of Fidelity Special Situations unit trust, described the last few weeks of the half-year period when global markets crashed on eurozone and recession fears as 'brutal' and 'as difficult a time to be running money as I can remember'. Markets to rally But he remains convinced that his focus on consumer and service stocks is the right long-term approach. 'The rise of the Chinese middle class is something all investors should have exposure to,' he told reporters on a conference call. In the statement Bolton described himself as an 'optimistic contrarian' and said the surge in negative investment sentiment had created investment opportunities. 'Everywhere risk is off. Markets normally move to prove the majority wrong. I believe such a strong market recovery likely over the next few months.' China: three issues Inflation and economy: Bolton said that although food inflation was volatile and difficult to predict, falls in global commodity prices should help lower China's inflation and prevent it overheating. He still believed its economy could grow by around 8% next year, but if the world went into a slowdown this would fall to between 5% and 6%. He said China was less reliant on exports to the rest of the world compared to other countries in Asia. 'The destiny of its economy is more in its own hands,' he said. Banks and bad debts: On fears of a credit bubble caused by unofficial bank lending and an explosion in bad debts, Bolton said it was a big problem, but not an immediate one, and predicted that the central government would step in and remove the bad debts from banks' balance sheets. Although some banks would suffer, he denied it was 'a major national problem that will have a big impact on the economy'. Property crash: Bolton has been worried about prospects for residential property and said house prices had started to fall and that the next 12-18 months would be difficult. However, without the substantial mortgage debt of the West and with 'good long-term supply/demand dynamics', Bolton said he was more optimistic for the longer term. Calling the cops Bolton's fund took a hit from the accounting scandals that plagued some of the China companies reversing into US-listed companies in order to gain a global stock market presence. Bolton admitted there had been two or three times the amount of corporate governance problems at such companies as he would have forecast. He revealed that Fidelity had hired five firms to help him with due diligence on companies in future. Elswhere his big positions include a 26.1% weighting in financial stocks, compared to 31.7% in the MSCI China. In line with his investment theme Bolton has 25.9% of the fund in consumer discretionary stocks, a big bet as these companies account for just 5.6% of the index. He is also massively underweight energy stocks, holding just 0.1% of the fund in the sector compared to its index weighting of 19.7%. The fund remains heavily exposed (40.1%) to smaller companies (defined as being valued at under £1 billion), although these account for just 2.1% of the MSCI China index. His biggest stock holding is China Unicom (7.2%) which Bolton said was the best placed of the country's three mobile phone companies to exploit Chinese growing appetite for smartphones and mobile data. Ping An Insurance (4.4%) was a play on his forecast in big growth for life insurance, while China Minsheng Banking Corp (2.7%) had the best franchise in lending to smaller and medium-sized companies. Citywire Verdict Bolton is clearly no index hugger which is fine as it's Bolton's active management skills that investors are paying with the trust's 1.5% annual management charge and a performance fee that could see Fidelity take 15% of any excess growth in the portfolio above 2% of the MSCI China index. Obviously the latter has not featured with its performance to date! Bolton sounds convincing when he says markets could bounce back and that negative sentiment to China may be over done. However, investors may want to know why he left the trust exposed with a higher level of gearing (8% according to Numis Securities) than other China trusts which either are ungeared or have lower levels of borrowing of 1-3%. The ability of investment trusts to gear up is one of their great strengths. However, it raises risk levels. A geared trust will rise faster than a rising market but conversely will fall further when markets are on a downward path. This is a trust that is inherently high risk. It is not for the faint hearted or the short-term investor. Bolton is a fantastic manager but it is nonetheless a shame he could not have done a bit more to protect investors from the storm that others saw coming.
Investors Chronicle 5/5/1945 "It ain't what you buy, it's the time when you buy it" Also order for 634,573 @75 on L2.
kiwi - I see that FXC is heavily weighted towards financials (something they can't alter, as it tracks the index) whilst Bolton's is quite broad-based and certainly lighter in financials. In terms of share price performance, FXC is 26% down in a year, FCSS 39%. In 3 months, 17% and 19%. I'm sure FCSS is spoiled over 12 months (and even 3 months) by unwinding of the nav premium. You can buy FCSS via the Fidelity sharesave scheme (min. £50 per month regular saving) which at least cuts out dealing costs and has the advantage of not needing timing luck. I don't hold either but might try the sharesave.
and lower volatility .... very much a geared play on the HSI (Hang Seng index)if thats what were looking for.
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