Bolton's China trust trounces index in Q4 as rebound continues

Antony Bolton's £610m Fidelity China Special Situations trust returned 8.42% in the three months to 31 December, compared to the MSCI China return of 1.5%, according to latest figures.

A gearing rate of 20% and a bias toward small-caps helped the trust, which has returned 16% over the past 12 months. That incorporates a fall of 2% in the past month, in line with the index, but the latest quarterly figures continue a rebound that began in earnest last year.  Reviewing performance for December, Bolton said the anti-corruption campaign launched by the Chinese government last year had harmed the mage-cap state-owned companies that dominate the index, while providing a boost to the private sector. "The anti-corruption campaign has proved to be much more sustained and ...