Bolton's optimism on China "severely tested" as NAV falls 29%

Legendary investor Anthony Bolton has said his optimism on China has been "severely tested" after the sell-off in September hammered share prices, while his trust saw its NAV fall 29% over the last six months.

Bolton, running the Fidelity China Special Situations trust, said the last few weeks of September were "as difficult a time to be running money as I can remember," and had tested his view on China. "My optimism on markets generally and China specifically has been severely tested. I will argue below why I remain optimistic although many take a much more cautious view. "Over and over again I have asked myself whether I should revise my view in light of the deteriorating position in Europe and potentially also in the US, but I have concluded the world is not in such a bad position as man...