Fidelity's Bolton: Trust 'not where I hoped' after NAV tumbles

Fidelity's legendary fund manager Anthony Bolton has admitted his China Special Situations trust is 'not where I had hoped to be' after the NAV fell 18.5% for the year ended 31 March 2012.

Bolton, one of the most widely-respected fund managers of his generation, has faced a difficult market since returning to run the Fidelity China Special Situations investment trust. He said gearing had magnified the impact of market movements on the trust, which has seen the share price fall by 26.3%. Its NAV was also 6% below the benchmark MSCI China index. Bolton said: "As outlined in the interim financial report, the fund has suffered from its ability to employ bank borrowings, which has magnified the impact of market movements, and from a relatively high exposure to more volatile ...