Anthony Bolton’s Fidelity China Special Situations lagged its MSCI benchmark over its debut two months in net asset value (NAV) terms, although its share price outperformed.
From launch on April 19 to June 30, the investment trust saw its NAV fall by 5.38% against a 3.48% drop in the index, while the share price declined by 1.25%.
The trust has consistently traded at a premium to NAV since launch, rising from 5.41% at the end of June to 7.1% on August 18.
Bolton currently has just over 15% gearing, with his largest sector positions in financials — at almost a third of assets — 20.7% in consumer discretionary and 11.5% in telecom services.
His largest holdings at the end of June were China Mobile and the Industrial and Commercial Banks of China, both at 6.3%.