Fidelity China Special Situations released its annual results on 6 June. These showed that over the year to the end of March 2014, the fund’s net asset value rose by 19.5% and its share price rose by 14.1%- in marked contrast to the fund’s benchmark, the MSCI China, which fell by 6.9%. The dividend increased from 1.0p to 1,15p.
The manager’s report mentions a number of internet stocks that contributed to the good year for Fidelity China Special Situations – SouFun, 21Vianet,
BitAuto and Kingsoft rose by 158%, 174%, 224% and 295% respectively. The fund also has a holding in the convertible shares of Alibaba – which is expected to come to the market soon as one of the largest ever IPOs. Other stocks that benefited the fund included Lee’s Pharmaceutical, Hutchison China MediTech and Wing Hang Bank, which has just been sold to Singapore’s OCBC Bank.
These results are the last under the tenure of Anthony Bolton. The fund has been managed, since April 2014, by Dale Nicholls (pictured).