

Fidelity China Special Situations PLC
Last Deal Price (p)
239.64Net Change (%) ↑↓
+1.97Estimated NAV (p)
259.04Prem/Disc (%)
-9.28Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.*
Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.
A market too big to ignore
As the world’s second-largest economy, China is shifting from export-led growth towards an economy driven by domestic consumption. With expanding middle classes, rising incomes and technological innovations driving this change and creating a solid backdrop for companies to thrive, investors seeking an effective globally diversified portfolio may want to consider allocating some of their portfolio to China.
Fidelity China Special Situations PLC provides focused exposure to companies benefiting from this growth opportunity. New consumer spending power and increasing aspirations underpin many of the portfolio’s investments alongside burgeoning industries such as e-commerce and healthcare.
What sets us apart
One stop shop
If you’re looking for broad exposure to the long-term potential of Chinese equities, we believe the trust offers the 'one stop shop' many investors might be looking for.
Feet on the ground
We have deep research capabilities and locally based experts; to truly 'get under the bonnet' of the stocks we invest in.
Unlisted expertise
We tirelessly look to identify and invest in companies that are best placed to capitalise on China’s incredible transformation, ahead of any potential public listing.
- ‘One stop shop’ - gain broad exposure to the opportunity China offers through this one portfolio
The sheer size of China’s economy and its growing importance on the world stage make it a market that’s difficult to ignore. Since its launch in 2010, Fidelity China Special Situations PLC has offered direct exposure to China’s growth story; from tech giants through to entrepreneurial small and medium-sized companies, and even new businesses yet to launch on the stock market. Portfolio manager, Dale Nicholls, finds more opportunities among small and medium-sized companies, where fewer investors leave greater scope for mispricing. However, the Trust has a flexible approach and may invest in larger companies if they fit his criteria.
What’s more, the liquidity offered by the investment trust structure makes it well-suited to holding both listed and unlisted companies. So, if you’re looking for broad exposure to the long-term potential of Chinese equities, Fidelity China Special Situations PLC might be the ‘one stop shop’ investment for your portfolio.
- ‘Feet on the ground’ - a locally based research team offering deep research capabilities
To find these exciting businesses, Fidelity has deep research capabilities and locally based experts - focusing on those companies with good long-term growth prospects, whose strength has been underestimated by the wider market.
Fidelity’s analysts are Chinese speaking and able to meet with companies in person to truly “get under the bonnet” of the stocks they invest in and provide unparalleled insight into a complex country, rich with opportunity. The portfolio comprises around 100 hand-picked growth stories that best harness the country’s long-term potential.
- Unlisted expertise - investing in tomorrow’s potential winners
Making use of the closed ended nature of an investment trust, the trust can also invest up to 15% of the portfolio in unlisted companies.
The portfolio manager looks to identify and invest in companies that are best placed to capitalise on China’s incredible transformation, taking advantage of their early-stage growth before they become listed on public markets. These are often beneficiaries of growing domestic consumption and the rising middle class, but also technological innovation, healthcare or the green economy.
News & Insights - China Special Situations PLC
Amid escalating US-China trade tensions and as Fidelity China Special Situations PLC celebrates 15 years since listing on the London Stock Exchange, portfolio manager, Dale Nicholls, takes stock of recent events and outlines his positioning in a shifting investment landscape. Against a backdrop of increased uncertainty and volatility, the potential for stock prices to become disconnected from underlying fundamentals can create attractive opportunities for long-term, active investors.
Fidelity China Special Situations PLC retains its place as one of just 16 investment trusts on AJ Bell’s Select List. The investment specialists at what is one of the UK’s leading investment platforms analyse the investment trust market, looking at factors including price, performance and size to create their list of preferred investment trusts. Fidelity European Trust PLC and Fidelity Special Values PLC also feature in the shortlist.
China's economic landscape presents a mix of challenges and opportunities for investors. While tariffs and regulatory concerns have impacted sentiment, the focus on domestic revenue-generating companies and supportive government policies offer a cautiously optimistic outlook. Portfolio manager Dale Nicholls shares his latest thoughts on the investment outlook for China and how the trust is positioned to navigate the current environment.
As people around the world get ready to celebrate the Chinese New Year, Fidelity China Special Situation PLC portfolio manager Dale Nicholls shares his latest views on the risks and opportunities facing investors in the region. With the Year of the Snake symbolising resilience, transformation and strategic thinking, he highlights why there are still reasons to believe in Chinese equities in the year ahead.
Fidelity China Special Situations PLC portfolio manager Dale Nicholls shares his outlook for 2025 and provides an insight into how he is looking to position the portfolio against an evolving macroeconomic backdrop.
Despite the volatility, Chinese equities have surged in recent weeks - bolstered by the recently announced stimulus package. Against this backdrop, Dale Nicholls, portfolio manager of Fidelity China Special Situations PLC, outlines why he believes these policies could turn the tide in economic fundamentals, potentially driving a sustained improvement in market sentiment and further stock re-rating.
Dale Nichols, manager of Fidelity China Special Situations (FCSS), has built a portfolio of equities from across China’s market-cap spectrum, as well as some unlisted holdings, to capture the diverse range of growth opportunities from one of the world’s largest economies.
Dale Nicholls, Portfolio Manager
Dale Nicholls joined Fidelity in 1996 as a Research Associate in our Tokyo office. It was during his tenure as an analyst that Dale first began to take an interest in the dynamics of the Chinese market. He regularly visited Chinese companies to get a clear view of the key supply and demand chains of the industries he covered. In 2003, he was promoted to portfolio manager of the Fidelity Pacific Fund and retains management of that portfolio today. In his current role, Dale spends much of his time traveling within China to meet with the management teams and competitors of companies in which he may, or already does, invest, visiting well over 100 companies a year.
Prior to joining Fidelity, Dale worked at Bankers Trust Asia Securities in Tokyo and as a Market/Business Analyst at Sony Corporation, also in Tokyo. He graduated from the Queensland University of Technology in Australia.
AGM 2024 - Portfolio Manager Review
Your Board of Directors
Mike Balfour
Chairman
Vanessa Donegan
Senior Independent Director
Alastair Bruce
Chairman of the Audit Committee
Georgina Field
Non-Executive Director
Dr Edward Tse
Non-Executive Director
Gordon Orr
Non-Executive Director
Reports & Literature
Latest monthly factsheet
Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.
Annual report
The latest annual report includes an update on the trust’s strategy, governance and financial performance.
Half-yearly report
The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.
Key Information Document
This document provides you with key information about this investment product. It is not marketing material.
Additional Information
23 July 2024 |
|
31 March 2024 |
|
January 2011 |
|
Combination with abrdn China Investment Company Limited - Prospectus & related documents |
28 November 2023 |
February 2010 |
Annual Reports
31 March 2024 |
|
31 March 2023 |
|
31 March 2022 |
|
31 March 2021 |
|
31 March 2020 |
|
31 March 2019 |
|
31 March 2018 |
|
31 March 2017 |
|
31 March 2016 |
|
31 March 2015 |
|
31 March 2014 |
|
31 March 2013 |
|
31 March 2012 |
|
31 March 2011 |
Half Yearly Reports
30 September 2024 |
|
30 September 2023 |
|
30 September 2022 |
|
30 September 2021 |
|
30 September 2020 |
|
30 September 2019 |
|
30 September 2018 |
|
30 September 2017 |
|
30 September 2016 |
|
30 September 2015 |
|
30 September 2014 |
|
30 September 2013 |
|
30 September 2012 |
|
30 September 2011 |
|
30 September 2010 |
June 2024 |
Ready to invest?
Tell us whether you are a personal investor or an investment professional, and we will show you the different ways you can invest in our trusts.
Sign up
To receive a free paper copy of the trust's annual and half-yearly reports
News & Insights - China Special Situations PLC
Why we see real opportunity for active investors in China now
Amid escalating US-China trade tensions, Dale Nicholls, portfolio manager of …
Fidelity China Special Situations maintains its place on AJ Bell Se…
Fidelity China Special Situations PLC retains its place as one of just 16 inv…
Why we are cautiously optimistic on China
China's economic landscape presents a mix of challenges and opportunities for…
*The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Important information
Overseas investments are subject to currency fluctuations. This Investment Trust invests in emerging markets which can be more volatile than other more developed markets. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.