Bolton's trust underperforms in Q4

Anthony Bolton's Fidelity China Special Situations investment trust lagged its benchmark in the final quarter of 2011.

In an interim management statement, it was revealed the trust's NAV rose 3.49% in the final quarter of 2011, below the return of 8.36% for MSCI China. Across the whole of 2011, Bolton's trust saw its NAV fall 31.5%, compared to the benchmark decline of 17.8%, as markets around the globe sold-off on fears of a eurozone sovereign default crisis. The short update, which contained no comments from Bolton himself, also revealed the trust's recent move to buy back shares has helped bring the discount to NAV in sharply, from 3.93% at the end of 2012, to 0.54% yesterday. A climb in the value ...