Bolton's trust buys back another 750,000 shares

The board of Anthony Bolton's Fidelity China Special Situations fund has bought back a further 750,000 shares in a bid to narrow its discount.

The trust, which is currently trading at a discount of 4.4% according to Winterflood, purchased the shares for cancellation yesterday at a price of 72.33p per share. The repurchase is the trust's third such buyback in the past four months. The fund bought back 100,000 shares at a price of 83.25p per share on 6 September last year, when the trust's discount stood at around 4.3%. A second buyback soon followed on 8 September, when the trust's board announced an additional buyback of 350,000 shares priced at 85.63p per share. China Special Situations saw its NAV fall by some 31.2% in ...