Fidelity China Special S... Share Discussion Threads

[spacecake] 12/11/2012 16:50

"Another disappointing performance".... I'd go along with that!

[alphahunter] 09/11/2012 09:05

Good numbers this am on inflation, industrial production and retail sales, if the official Chinese data are to be believed.

[alphahunter] 08/11/2012 19:16

Took small profit in FCSS at 79p from 75p (the trust trades at 2% discount now) and switched to JPM China at 133.5p, whose discount to nav increased slightly over the last three weeks whilst FCSS's shrunk.
Increased the overall exposure to China.

[spacecake] 01/11/2012 19:32

U.S. Treasuries prices fell after the official and private Chinese PMI manufacturing surveys for October showed signs of improvement in China's economy.

China's central bank also conducted its largest-ever net fund injection this week. The move signaled its intention to keep money market conditions relatively loose and support lending to the real economy before a once-in-a-decade political transition, starting on November 8 at the 18th Party Congress.

"The main reason Treasuries were down is that the Chinese central bank continues to inject record levels of liquidity into the market and the China PMI was better than expected," said Steven Van Order, fixed-income strategist at Calvert Investment Management in Bethesda, Maryland.

The benchmark 10-year U.S. Treasury note was down 9/32 in price to yield 1.726 percent.

[little beaker] 19/10/2012 09:07

check how this has/is performing vs ftse zh25 tracker fxc.l - pretty pathetic vs a simple tracker

[whizzy1] 18/10/2012 18:49

Premier Wen Jiabao said the economy has started to stabilize and industrial production and retail sales data beat estimates.
Punted 30k @75.47

[g.j.a] 18/10/2012 16:31

This one is ticking up very slowly, but consistently...... watching closely

[alphahunter] 11/10/2012 14:24

I just bought in FCSS @ 75p bid. Fist time ever.

Chinese-focused IT discounts to NAV is near their all time high at 5.2% for FCSS and 11.2% at JPM Chinese IT. Both trust track MSCI China close enough to get via the Trust route (FX ignored).

China has massively underperformed RoW (slow-down) + undemanding valuations relative to developped markets + negative sentiment reflected in all time-high discounts compels me to get exposure to the country ahead of the change in power early November.

Could not decide between the two trusts, TSMC in JMC a slight negative to me vs Anthony Bolton's bashing a slight positive (reverse to the mean), so went for FCSS.

Iron-ore prices moved from $90 to $120 in teo weeks.

For future ref IG Index MSCI £ 25 China 25 Tracker 6419, JPM Chinese IT 130.33

[spacecake] 21/9/2012 14:07

An interesting read phoenix1234, global depression is slowly sinking in to global trade. A lower level of economic activity based on real money instead of borrowed money... but another five years of austerity to go... if the world can stay peaceful that long!

On the bright side the cities of the uk can be blighted by Camrons supersized kitchen extensions - another windfall for solicitors to cash in on.

[topvest] 09/9/2012 16:23

Thanks for the link - didn't realise Mark Mobius had a blog. I've just subscribed. Mark Mobius is a better investor than Mr Bolton in my view; he picks his investments and sticks with them as it should be done!

[tenapen] 09/9/2012 15:24

Thanks for your Thoughts Topvest, everyone.

Regards


Worth a read from a man - company that knows !





China's Growing Pains
August 1, 2012

Many feel that China is the engine for the world economy, and worry that if it slows down, we may be doomed to a recession or even a depression. However, I don't feel it's time to push the panic button. Yes, China's growth is decelerating from the double-digits of recent years; various forecasters are predicting a possible GDP growth range of 7 – 8% this year. However, I think it's important to emphasize that would still represent an impressive pace, and remember that China isn't the world economy's only locomotive.

Slowing growth is a natural part of the evolution .....

Cont...

[masurenguy] 09/9/2012 15:02

Could this come to Boltons aid ?

Chinese Shares Surge on Hopes Based on Stimulus Plan
Stock markets in mainland China roared ahead more than 4% during Friday trading, amid hopes that the Chinese authorities were revving up efforts to bolster stalling growth in the world's second-biggest economy, after that of the United States. The rally was set off by the announcement this week of what analysts said was essentially a new stimulus package worth more than $100bn: the accelerated approval by the country's top economic planning agency of dozens of large-scale state infrastructure projects designed to jump-start growth.

On Wednesday and Thursday, Beijing policy makers announced approvals of 25 new subway lines and 13 new highway projects spanning thousands of kilometers. Together with several other large-scale projects related to airports, energy production and wastewater treatment plants, the total investment for all projects approved since April was 848bn renminbi, or $134bn, according to Zhiwei Zhang, the chief China economist at Nomura in Hong Kong. "The decision for the Chinese government to intensively announce these projects over the past two days signals a significant change in its policy stance from the incremental and reactive approach to a more decisive and proactive approach," Mr. Zhang said Friday in a research note.

Investors seized on the news Friday, sending the Shanghai composite index to its biggest single-day jump in months. At one point, the index rose 4.5% to its highest level since mid-August, before giving up some of the gains to close 3.7% higher. The market in Shenzhen ended the day with a gain of 3.8%. Both indexes remain more than 15% below where they were 12 months ago, and the evidence of China's broad economic slowdown has resulted in a steep sell-down in domestic shares since May. At the same time, analysts pointed out that it was unclear whether the approvals in fact represented the pumping of new cash into the flagging construction sector or whether they were part of plans that had been previously announced. In either case, the announcements were read as clear signals that Beijing was intent on stimulating growth. "The China market is very sentiment-driven, very driven by what the government is doing," said Dariusz Kowalczyk, an economist at Crédit Agricole in Hong Kong.

More...........

[topvest] 09/9/2012 13:57

I think you have to give him more time, but I agree his China strategy has not done well so far. This is partly timing based, but he's churned the portfolio too much as well. 2 years is not long enough. Lets see what it's looking like in 18m time before we judge him. For me, he shouldn't be in the book entitled "Great Investors" that I read recently, but then again he is clearly better than most!

[tyranosaurus] 09/9/2012 13:09

His reputation is already tarnished,
I wouldn`t follow him as I think he is a spent force who should retire.
I sold out of these last year at a loss.

[topvest] 09/9/2012 11:46

Tenapen - yes I have, albeit Mr Bolton hasn't fared well to date on FCSS. This will do well I think if China bounces back next year, but not if China goes into full recession. I have gone for the former, but it's relatively high risk. I also think that Bolton will stay here until he makes some money as he won't want his reputation as a great investor tarnished.

[tenapen] 09/9/2012 10:51

Hi Topvest,
I have held in the past both FCSS and OPP of which you have posted reciently. Can i ask the question if you have bought FCSS on the basis of A Bolton being here ?. Im looking to put a bit of money in one of the above at some point in the future hence my keeping a close eye on them.

Thanks for any reply but No Problem if you do not.

[topvest] 07/9/2012 16:44

Bought a few here on the basis that Anthony Bolton will hopefully get this turned around.

[salpara111] 01/9/2012 12:27

Not invested but just did a performance comparison against the China B shares index and FCSS has pretty much mirrored its performance so if you want exposure to China without the admin costs then an option on the B shares index would be a good surrogate.

[gbb483] 13/8/2012 12:13

He needs to buy Chinese stock - buying back FCSS is simply an admission of defeat (I've already dumped my holding, I've no faith in the management).

[masurenguy] 10/8/2012 09:46

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?

[colinio] 24/7/2012 01:05

You pay your money you take your chances. Potential high rewards always come at a higher risk. Who is to blame Bolton, Fidelity or the individual who decided to invest in the first place?

[roman2325] 20/7/2012 08:53

The charts are showing this is going to fall through the floor

[rocketblast] 20/7/2012 08:43

the charts are showing positive