Fidelity China Special S... Share Price (FCSS)

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 Shares Traded Last Trade
  3.00 1.43% 213.00 722,786 14:23:09
Bid Price Offer Price High Price Low Price Open Price
212.50 213.50 218.50 210.00 212.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 30.91 23.01 4.06 52.5 1,170
Last Trade Time Trade Type Trade Size Trade Price Currency
14:49:27 O 19 213.3499 GBX
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Fidelity China Special S... (FCSS) Latest News (1)

Fidelity China Special S... News

Date Time Source Headline
31/3/202007:00PRNUSFidelity China Special Situations Plc - Net Asset Value(s)
30/3/202007:00PRNUSFidelity China Special Situations Plc - Net Asset Value(s)
27/3/202016:54UKREGFidelity China Transaction in Own Shares
27/3/202007:00PRNUSFidelity China Special Situations Plc - Net Asset Value(s)
26/3/202007:00PRNUSFidelity China Special Situations Plc - Net Asset Value(s)
25/3/202017:09UKREGFidelity China Transaction in Own Shares
25/3/202016:24PRNUSFidelity China Special Situations Plc - Holding(s) in Company
25/3/202007:00UKREGFidelity China Net Asset Value(s)
24/3/202007:00UKREGFidelity China Net Asset Value(s)
23/3/202016:54UKREGFidelity China Transaction in Own Shares
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Fidelity China Special S... (FCSS) Discussions and Chat

Fidelity China Special S... Forums and Chat

Date Time Title Posts
31/1/202003:17FCSS138
18/9/201612:36Fidelity China Special Situations27
15/8/201618:03WEBCASTS4
21/6/201607:02Fidelity China Special Selection Fund733

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Fidelity China Special S... (FCSS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
13:49:27213.351940.54O
13:49:01213.34461983.49O
13:46:43212.92250532.30O
13:44:26213.344289.60O
13:34:32213.341,5003,200.10O
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Fidelity China Special S... (FCSS) Top Chat Posts

DateSubject
31/3/2020
09:20		Fidelity China Special S... Daily Update: Fidelity China Special Situations Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker FCSS. The last closing price for Fidelity China Special S... was 210p.
Fidelity China Special Situations Plc has a 4 week average price of 180.20p and a 12 week average price of 180.20p.
The 1 year high share price is 253p while the 1 year low share price is currently 180.20p.
There are currently 549,424,480 shares in issue and the average daily traded volume is 1,531,618 shares. The market capitalisation of Fidelity China Special Situations Plc is £1,170,274,142.40.
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29/1/2013
23:23		1066monkey: WhizzyDisagree. If the NAV rises above 100p so will the share price in all probability. Not like a share in a company where investors can easily disagree about valuation.
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10/8/2012
09:46		masurenguy: More skepticism ! Still warching from the sidelines looking for a possible re-entry position. However yesterdays published NAV, at a 4% premium to the current share price, suggests that this still has the potential to go lower, so I'm still sitting on my hands here. Is It Time to Ditch Anthony Bolton? It has been more than two years since the fund management legend launched investment trust Fidelity China Special Situations to great fanfare, and it has been a bumpy ride. Fidelity China Special Situations has fallen a jolting 26% since launch in April 2010, compared to a 14% drop in its benchmark MSCI China index. Is it time to ditch Anthony Bolton? http://www.msnbc.msn.com/id/48492867
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25/6/2012
15:16		masurenguy: Has Anthony Bolton Been Shanghaied By China or is now the time to back Fidelity's veteran fund manager? For the year ended 31 March 2012, FCSS reported an 18.5% fall in net asset value (NAV) -- from £684m to £559m -- under-performing the MSCI China benchmark index by 6%. The share price dropped an even more precipitous 26.4%. Over the same period, the humble FTSE 100 index managed a 1.2% gain...FCSS is currently the most highly leveraged investment trust I can find in the emerging markets sector! Shareholders should have been aware all along that Bolton is a super bull on China................Bolton now has over two years' of experience in China under his belt and has made plenty of mistakes from which he will have learnt. FCSS's shares are trading at 73.6p, which is a 5% discount to NAV and a massive 26% discount to the price investors paid for the shares when the trust launched in April 2010............I should tell you that Bolton's personal stake in his fund is down about £1 million. http://www.fool.co.uk/news/investing/2012/06/22/has-anthony-bolton-been-shanghaied-by-china.aspx
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14/11/2011
17:59		masurenguy: 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. http://www.citywire.co.uk/money/bolton-says-sorry-for-china-fund-losses/a541893?ref=citywire-money-latest-news-list
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09/9/2011
14:07		masurenguy: 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
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18/6/2011
12:50		jonwig: M S-W prefers Japan as a way to play the China growth story; I must say I'm inclined to agree, and the Japanese are less likely to riot on the streets: One way of checking the confidence levels of investors, at least in the UK, might be to look at the share price of the Fidelity China Special Situations Fund. I wasn't particularly complimentary about this at its launch. But most other people loved it and the shares immediately moved to trade at a large premium to the fund's net asset value. No more. This week they have been trading at a slight discount. Perhaps the shift away from the idea that emerging markets are worth a premium is beginning to get going – something that might be yet another reason, if you must be in equities, to stick to developed markets for now. Currently, the price-to-book ratio for the MSCI Asia excluding Japan index is around 1.83 times. For the developed world MSCI World index it is slightly less at 1.74 times. Finally, it might be worth noting something else about the performance of the Fidelity China Special Situations fund. If you had bought into it back in April 2010 at 100p a share, you'd be down more than 5 per cent on the deal today. If, instead, you had bought the Baillie Gifford Japan Trust at the same time, you'd be up around 2 per cent. And, right now, the price to book ratio of the Japanese market is 0.97 times. I know which I'd rather hold. http://www.ft.com/cms/s/2/55e75186-9839-11e0-ae45-00144feab49a.html#ixzz1PcxeeeGW
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17/6/2011
09:27		spob: Bolton's flagship China fund suffers By Robert Cookson in Hong Kong FT Published: June 16 2011 22:16 | Last updated: June 16 2011 22:16 Anthony Bolton: shares in the feted fund manager's China Special Situations fund have dropped 20 per cent   Anthony Bolton, the feted fund manager at Fidelity International, has suffered a stumble with the poor performance of his new flagship China fund this year. Mr Bolton's China Special Situations fund raised £460m ($743m) when it launched with much fanfare on the London Stock Exchange last April. But in the year to date, shares in the fund have dropped 20 per cent, a much sharper fall than the broader Shanghai and Hong Kong markets. Over the same time, the net asset value of the fund dropped 14.4 per cent. For the first time since May 2010, the share price of the fund dipped below its net asset value – a phenomenon that suggests a dip in investor confidence in Mr Bolton's ability to produce the consistent double-digit returns that have been the hallmark of his 30-year investing career. Chinese stocks listed on stock exchanges across the world, including Hong Kong, London and New York, have declined this year due to worries about corporate governance problems and concern that the Chinese economy is slowing while inflation remains stubbornly high. In the year to date, the Shanghai Composite index has fallen 5.12 per cent while the Hang Seng index in Hong Kong has dropped 4.7 per cent. Shares in Mr Bolton's fund closed at 94p on Thursday, down 6 per cent from the price of 100p at which investors bought shares in its initial public offering. Previously, the fund traded at a premium over its net assets that went as high as 13 per cent last November, a price investors were willing to pay for Mr Bolton's record of market-beating returns. Mr Bolton, who does not speak Mandarin but works with a team of experienced locals, was unavailable for comment on Thursday. His fund is due to release its annual results next week, with details of its holdings and Mr Bolton's strategy for the future. In the fund's latest statement for the month of April, Mr Bolton said: "China is not without risks but I continue to believe that the case for investing is compelling." In an interview last week with UK investment website Motley Fool, Mr Bolton said he was "very disappointed" with the fund's recent performance. Almost half of his portfolio is invested in Hong Kong-listed shares, with the remainder in Chinese companies listed in Shanghai, New York and elsewhere. Before moving to Hong Kong last year, Mr Bolton wowed investors during his 28 years at Fidelity's flagship London-based Special Situations fund by delivering an annualised return of 19.5 per cent. Fidelity International declined to comment.
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17/6/2011
08:28		roman2325: This is the article: Bolton's flagship China fund suffers By Robert Cookson in Hong Kong Published: June 16 2011 22:16 | Last updated: June 16 2011 22:16 Anthony Bolton: shares in the feted fund manager's China Special Situations fund have dropped 20 per cent   Anthony Bolton, the feted fund manager at Fidelity International, has suffered a stumble with the poor performance of his new flagship China fund this year. Mr Bolton's China Special Situations fund raised £460m ($743m) when it launched with much fanfare on the London Stock Exchange last April. But in the year to date, shares in the fund have dropped 20 per cent, a much sharper fall than the broader Shanghai and Hong Kong markets. Over the same time, the net asset value of the fund dropped 14.4 per cent. For the first time since May 2010, the share price of the fund dipped below its net asset value – a phenomenon that suggests a dip in investor confidence in Mr Bolton's ability to produce the consistent double-digit returns that have been the hallmark of his 30-year investing career. Chinese stocks listed on stock exchanges across the world, including Hong Kong, London and New York, have declined this year due to worries about corporate governance problems and concern that the Chinese economy is slowing while inflation remains stubbornly high. In the year to date, the Shanghai Composite index has fallen 5.12 per cent while the Hang Seng index in Hong Kong has dropped 4.7 per cent. Shares in Mr Bolton's fund closed at 94p on Thursday, down 6 per cent from the price of 100p at which investors bought shares in its initial public offering. Previously, the fund traded at a premium over its net assets that went as high as 13 per cent last November, a price investors were willing to pay for Mr Bolton's record of market-beating returns. Mr Bolton, who does not speak Mandarin but works with a team of experienced locals, was unavailable for comment on Thursday. His fund is due to release its annual results next week, with details of its holdings and Mr Bolton's strategy for the future. In the fund's latest statement for the month of April, Mr Bolton said: "China is not without risks but I continue to believe that the case for investing is compelling." In an interview last week with UK investment website Motley Fool, Mr Bolton said he was "very disappointed" with the fund's recent performance. Almost half of his portfolio is invested in Hong Kong-listed shares, with the remainder in Chinese companies listed in Shanghai, New York and elsewhere. Before moving to Hong Kong last year, Mr Bolton wowed investors during his 28 years at Fidelity's flagship London-based Special Situations fund by delivering an annualised return of 19.5 per cent. Fidelity International declined to comment.
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14/2/2011
16:07		bigwilly1986: There must be a glitch with my computer - the share price appears to be going up!
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08/1/2011
09:43		warala: Looks like a C share can be bought for £1.00.A good discount.I think once this offer is up and away we will see the share price gradually rise.Looking for £1.50 in say 6/12 months.Hope it is better but 50% profit in two years is not at all bad.Time will tell.
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