Edison reviews Fidelity China Special Situations

RNS Number : 9304Q

Fidelity China Special Situations

15 September 2017

 

London, UK, 15 September 2017

Edison issues review on Fidelity China Special Situations (FCSS)

Fidelity China Special Situations (FCSS) invests in a diversified portfolio of Chinese equities, seeking exposure to higher-quality companies, primarily in faster growing, consumer-orientated areas of the economy. FCSS provides actively managed exposure to the Chinese market, following a bottom-up investment approach, unconstrained by index weightings, and currently has no holdings in banks or property, which are considered to be higher-risk sectors. FCSS has achieved a 14.5% pa NAV total return since its launch in April 2010, and its performance is considerably ahead of the MSCI China index and the world market over three and five years.

FCSS's share price discount to NAV cum income has followed a narrowing trend for more than one year, moving from 19.5% in July 2016 to 14.9% currently, which compares to its 11.8% five-year average. FCSS has traded at a premium as high as 13.2% since its launch in 2010, suggesting significant scope for further narrowing. A reallocation of expenses will raise the proportion of revenue returns from FY17, resulting in higher dividend distributions than otherwise (see page 7).

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