Nicholls ups gearing on China trust to capitalise on opportunities

IT best opportunity

Kathleen Gallagher
clock • 2 min read
Dale Nicholls, manager of the China Special Situations trust
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Dale Nicholls, manager of the China Special Situations trust

Dale Nicholls, portfolio manager of the £2.3bn Fidelity China Special Situations trust, is edging up the gearing on the trust as he take advantage of decent risk/reward opportunities.

"Looking at the net gearing for the trust that is clearly moving up as we capitalise on opportunities," the manager explained in a webinar.   The trust has gearing at 28%, according to the Association of Investment Companies (AIC). The trust's three year low for gearing is 18% and the high is 36%. Nicholls said while there are opportunities across "a range of sectors," the information technology area "is probably presenting the most opportunities right now". At the end of August the trust's largest long positions were Tencent, which made up 10.5% of the trust and Alibaba at 9.2%, t...

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