Bolton hit as top ten holding GOME falls 21%

GOME Electrical Appliances, one of the top holdings in Anthony Bolton's Fidelity China Special Situations fund as of last month, saw its share price fall 21% overnight after full-year earnings disappointed.

The group, China's second largest electronics manufacturer, saw shares drop 21.6% to HK$1.64 in Hong Kong trading after it reported a 6% fall in net income for 2011, well below analyst estimates. Should the position have remained constant since the end of last month, GOME accounts for 2.1% of Bolton's portfolio, and was his tenth largest position as of 29 February. The dip in profits at the company came despite China seeing retail sales growth of over 20% in areas such as household appliances, AV equipment and communication devices, according to the Chinese National Bureau of Statisti...