The story of Fidelity China Special Situations has been endlessly told. Britain’s finest stockpicker comes out of semi-retirement, raises the thick end of £600 million for a new investment trust specialising in Chinese stocks, moves to the Far East . . . and stubs his toes.
Certainly, the 80,000 small investors who followed Anthony Bolton into the People’s Republic in 2010 had a rocky first couple of years. But Mr Bolton, who retired in April 2014, was prematurely rubbished. Investors merely needed to be patient.
The latest interim report for the six months to September under his successor Dale Nicholls, who has left the underlying philosophy of tapping into Chinese consumption growth largely unchanged, show it in good shape, outperforming its benchmark.
China came back