JPM Cazenove downgrades Bolton China trust

clock

Analysts at J.P. Morgan Cazenove have downgraded Anthony Bolton's Fidelity China Special Situations trust due to its "weak" NAV performance since launch.

The group has downgraded the trust from 'neutral' to 'underweight' after it delivered a NAV total return of -3.7% fifteen months from inception, lagging the MSCI China's (£) index, which returned 4.9%. The analysts said until there is meaningful recovery in relative performance, the trust will not be upgraded from its underweight recommendation. Matthew Hose, an analyst at the group, said he is also concerned about the discount risk of the trust when Bolton's tenure ends in April 2013. "The shares currently trade on a 1% discount to cum-income NAV, although has de-rated from the 8%...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

The Year of the Fire Horse – will China gallop ahead?

The Year of the Fire Horse – will China gallop ahead?

'Beneath the volatility, structural trends emerge'

Janet Mui
clock 26 February 2026 • 3 min read
Watch Professional Adviser's Working Lunch with Baillie Gifford - Simply balanced: supporting client goals through growth and diversification

Watch Professional Adviser's Working Lunch with Baillie Gifford - Simply balanced: supporting client goals through growth and diversification

Catch up on the discussion

Professional Adviser
clock 26 February 2026 • 1 min read
Should advisers now be actively considering private markets?

Should advisers now be actively considering private markets?

Rethinking accessibility and diversification

Grant Callaghan
clock 26 February 2026 • 4 min read