Bolton Fidelity China trust discount shrinks
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Fund manager Anthony Bolton has seen the discount on his Fidelity China Special Situations investment trust shrink to 0.54% since the beginning of the year.
Its discount to net asset value stood at 3.93% at the end of 2011, but had decreased to 0.54% by February 15, according to the closed-end fund’s interim management statement.
During the three months to December 31 2011, Bolton refuced his exposure to financials stocks from 26.1% of the portfolio (at September 30) to 25.4%. He achieved this by selling down holdings in HSBC and Bank of China.
He also took lower positions in the healthcare and IT sectors, while boosting the consumer discretionary holdings of the trust to 28.4% of the portfolio. (article continues below)
Bolton also took new positions in HKT Trust and HKT Limited, China Construction Bank and Zhaojin Mining Industry Company.
The fund manager also reduced gearing in the investment trust, reducing from more than 126% to 120.1% at February 15.
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