OREANDA-NEWS. Fidelity China Special Situations (FCSS) is a specialist actively managed fund investing in Chinese equities. The manager focuses on sectors set to benefit from changing consumption trends and the rising middle class where long-term growth is expected to exceed GDP growth. Against a background of market decline and high volatility, FCSS has continued to outperform with NAV total returns ahead of the benchmark MSCI China Index as well as open and closed-ended peers over one, three and five years. The manager continues to find attractive investment opportunities and has recently increased gearing, reflecting a more positive outlook.

Negative sentiment towards China has prevailed over FCSS's strong performance in recent years and the discount has widened to 17.9%. This compares to a 12.0% three-year average, suggesting scope for narrowing as market sentiment improves, supported by a share buyback programme, which restarted in mid-January 2016. 

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