Anthony Bolton, manager of the Fidelity China Special Situations trust, has extended his tenure as manager for another year.
In a statement, the investment trust’s board confirmed Bolton’s time as manager will last until April 2014.
According to the Association of Investment Companies, a £100 (€121.60) investment in the Fidelity China Special Situations trust would have fallen to £69.80 over one year until last Friday (13 April) on a total-return basis with income reinvested.
In comparison, the industry sector average return on £100 for country specialists Asia Pacific would have been £80.90 and for the MSCI China £89.
In the interim financial report, published in November last year, the board said it “acknowledges that the results for the six month period to 30 September 2011 are unsatisfactory”.
Bolton added: “I am sorry to report that the combination of the very difficult stock market background, the company's exposure to the more volatile medium and smaller capitalisation Chinese stocks and the company's gearing has produced some very poor performance figures.”
Bolton, however, said he remained optimistic about stock markets owing to his “contrarian nature”.
©2012 funds europe