Bolton fully invested and tips bull market to resume later in year

Anthony Bolton's Fidelity China Special Situations trust is now fully invested as the manager expects a resumption of the bull market later in the year.

Bolton says the sharp recent falls for equities is a normal consolidation phase that follows the first leg of a bull run and believes China could lead the global markets as it did during the recovery from the 2008/09 lows. While the trust's share price and NAV have fallen to 98.5p and 90.5p respectively, Bolton remains upbeat on the prospects in the region. "It is disappointing that the net asset value and share price are in the short term below the offer price but I believe the longer term case is strong," Bolton says. He says the trust, which had 24% cash at the end of April, is ...