Friday, 15 March 2013 10:40
Fidelity cuts annual charge on China Special Situation
Fidelity Worldwide Investment has lowered its annual management charge from 1 April for its China Special Situations Plc.
The charge on the fund will be reduced from 1.5 per cent to 1.2 per cent per annum. It hopes this rate cut will attract new investors to the fund.
China Special Situation is managed by Anthony Bolton who is based in Hong Kong and he will remain as portfolio manager until April 2014. Mr Bolton has worked at Fidelity since 1979 and as manager of the China Special Situations fund since 2010.
Fidelity has 19 years experience investing in China and has nine portfolio managers and 16 researchers based in Hong Kong and Shangai.
John Owen, chairman of the Fidelity China Special Situations Plc, said: "Both the Board and Fidelity believe this competitive pricing will be attractive to new investors considering Fidelity China Special Situations Plc and this will be to the benefit of investors in the company overall."
Writing his 2013 outlook for Fidelity in December 2012, Mr Bolton said: "China is at a very interesting juncture. We are now one year into a slow easing of policy and starting to see evidence that activity has stabilised after a period of substantial slowdown.
"Indeed, some areas such as fixed asset investment are expanding again. An increased supply of credit (although nothing like the scale of credit expansion after the global financial crisis) is definitely helping."
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