The equity bull market could end next year, says Anthony Bolton, the president of investments at Fidelity International and the manager of the Fidelity China Special Situations trust.
“There is another leg before the bull market comes to an end, and maybe that’s next year, who knows,” he said.
According to Bolton, investors are not yet behaving as they do at the end of a bull market, piling wholesale into equities.
The Chinese market has been roughly flat since Fidelity launched the China Special Situations trust with Bolton at the helm last year. (article continues below)
However, the latest Merrill Lynch Fund Manager surveys indicate fund managers are overwhelmingly positive on equities, especially as opportunities in the bond market become scarcer and inflation picks up.