Fidelity China boosted by Alibaba

FCSS : Fidelity China boosted by Alibaba

Fidelity China Special Situations beat the MSCI China Index by 6.7% over the six months ended 30 September 2014, returning 16.8% vs. 10.1% for the Index. The company’s shares returned 14.3% as the discount widened a little – from 9.6% to 11.7%. Fairly high levels of gearing boosted the return in the period (gearing was 22.9% at the start of the period and 20.6% by the end). Part of the reason for the strong return was the fund’s holding in Alibaba – the Chinese internet giant that floated in September. Fidelity China Special Situations held an unquoted position in the stock that it had made two years ago – this made them over 4x their money. another strong contributor was BitAuto, an online platform for car sales.


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