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ii Super 60 - Fidelity China Special Situations IT

ii Super 60 investments:
Fidelity China Special Situations IT

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Asset Group Asset Sub-Group Investment Category
Equities Asian equities Adventurous

Selection rationale:
Fidelity China Special Situations suffered double-digit falls in its share price and net asset value during 2018 but has outperformed over three and five years and since launch in 2010, significantly so over the longer timeframes. It is one of only a couple of investment trusts that focus purely on China, a market that some people argue is too big to ignore.

Dale Nicholls has managed the trust since 2014, presiding over a considerable improvement in its performance. This is partly due to an improvement in investor sentiment towards China and partly Nicholls’ focus on ‘new’ China – investing in areas of the market related to China’s modernisation. He likes small and medium-sized companies, where he believes lower levels of research leads to more mis-pricing opportunities.

Since 2016, Nicholls has been able to invest up to 10% in unlisted companies amid a trend for Chinese companies to list on a public stock exchange after their development has progressed. This exposure, combined with gearing of up to 25%, increases its risk profile.

Shares in the trust can typically be bought at a discount to net assets.

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The information we provide in the Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. None of the opinions provided are a “personal recommendation”, therefore you should ensure that any investment decisions you make are suitable for your personal circumstances. Past performance of the underlying constituents is not a guarantee of future performance. Remember, the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest.

Risk warnings

Past performance of the underlying constituents is not a guarantee of future performance. The value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 

Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab. 

The information we provide in the ii Super 60 investments list is an opinion provided by ii or one of its partners on whether to buy a specific investment. Please note that none of the opinions we provide are a “personal recommendation”, which means that we have not assessed your investing knowledge and experience, your financial situation or your investment objectives. Therefore you should ensure that any investment decisions you make are suitable for your personal circumstances.

If you are unsure about the suitability of a particular investment or think that you need a personal recommendation, you should speak to a suitably qualified financial advisor. 

Any changes to the ii Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Outlook.

Details of all recommendations issued by ii during the previous 12 month period can be found here.

ii adheres to a strict code of conduct. Members of ii staff may hold shares in companies mentioned in the ii Super 60 investments list, which could create a conflict of interest. Any member of staff intending to complete some research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.

In addition, staff involved in the production of this ii Super 60 list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the list. This is to avoid personal interests conflicting with the interests of the recipients of this ii Super 60 investments list.