The board of Fidelity China Special Situations PLC (FCSS) and Fidelity Worldwide Investment have announced today that Dale Nicholls will become portfolio manager of the Trust in April 2014.
Online PR News – 17-June-2013 – London – The board of Fidelity China Special Situations PLC (FCSS) and Fidelity Worldwide Investment have announced today that Dale Nicholls will become portfolio manager of the Trust in April 2014. This follows the decision by Anthony Bolton to retire from portfolio management at that date following a long and successful investment career.
The appointment of Dale reflects the wish of the board to continue with the current investment approach and strategy following the change of manager. Dale has 17 years’ investment experience and has managed the Fidelity funds Pacific Fund since September 2003. Over that period he has returned 154% versus an index return of 117% and is ranked top decile in his peer group*. Like Anthony, Dale is a bottom-up stock picker with a growth bias and a significant tilt towards smaller and mid-cap companies.
The change of portfolio manager is effective from 1 April 2014. As part of an orderly handover of the portfolio leading up to this date, Anthony and Dale will work closely together and discuss portfolio ideas regularly.
At the time of the launch of Fidelity China Special Situations PLC in April 2010, Anthony indicated his intention to manage the Trust until at least April 2012. He extended this minimum management period on two occasions but recently informed the Board of his intention to retire in April 2014.
Prior to managing FCSS, Anthony was the manager of a number of Fidelity funds, including Fidelity Special Situations, which he ran from December 1979 to December 2007. After April 2014, he will continue as an adviser to Fidelity and a trustee of its charitable foundations.
John Owen, chairman of FCSS, said: “Stepping into the shoes of Anthony is a significant challenge so we are delighted to have appointed a portfolio manager with a demonstrable record of success investing in the Asia Pacific region and specifically within China. We selected Dale to continue the research-driven stock-picking approach which we continue to believe is the route to success in this exciting market.”
Commenting on the management of the Trust’s share rating, Mr Owen said: “The Company has always sought to address significant imbalances between supply and demand of its shares and to manage its share rating. The Board has various powers granted to it to manage this, which it uses at its discretion.
“The Board currently has powers enabling it to buy back up to 14.99% of shares in issue in any one year and the board intends to renew these powers at the AGM on 24 July 2013. The Board will continue to monitor the share rating and use any other tools, such as tender offers or enhanced buybacks at its disposal (subject to shareholder approval, as required) to manage any imbalances between supply and demand of its shares.”
Mr Owen added: “The Board believes that no investor should ignore an economy of China’s importance and every portfolio should consider dedicating a portion of funds to investing in China. The growth in China should now come from the increase in wealth of the growing middle class and a growth in domestic consumption. Over time an investment in Chinese equities should generate a good return for shareholders.”
* Source of performance: Fidelity as at 31.05.2013. Basis: nav-nav with gross income reinvested in USD
Fidelity Worldwide Investment is a global leader in asset management, providing investment products and services to individuals and institutions in the UK, continental Europe, the Middle East and Asia Pacific. Established in 1969, the company has over 6,000 staff in 24 countries and manages or administers client assets of £203.1bn. It has over 5 million customer holdings and manages more than 650 equity, fixed income, property and asset allocation funds. The company’s fund managers receive research from one of the largest proprietary research teams, based in 12 countries around the world. Fidelity Worldwide Investment is an independent asset management company which is privately owned. Data as at 31 March 2013.
Any opinions expressed are made at the time of writing and can be subject to change without notification.