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

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 ...