ANTHONY BOLTON\’S NEW CHINA INVESTMENT TRUST UNVEILED
By Kate Burgess and Alice Ross 2010-02-10

Anthony Bolton, one of the best-known names in fund management, is
launching one of the biggest-ever investment trusts for private
investors and hopes to raise £630m ($1bn) from private investors to
pump into China.

Shares in the new fund, to be called Fidelity China Special Situations
in an echo of the fund which made Mr Bolton’s name as a star fund
manager, will start trading on the London Stock Exchange in April.

Mr Bolton became one of the UK’s top fund managers after Fidelity
Special Situations trust returned 19.5 per cent a year on average for
28 years from December 1979 to 2007.

Analysts have heralded the launch as a boost to the investment trust
sector, which has fallen out of favour in recent years as shares have
fallen to wide discounts to assets held by trusts.

Investment trusts have struggled to raise money as bank funding has
dried up, with barely any new companies being launched, in spite of a
wave of investor interest in China. Jupiter was last year forced to
withdraw the launch of an investment company focusing on China after
it failed to attract funding, while Invesco Perpetual is still seeking
backing for a new split capital investment trust that was mooted to
launch in December 2009.

Unusually, the new fund will pay commission on launch to financial
advisers who recommend the fund to clients in a nod to Mr Bolton’s
core fan base of advisers. Advisers often shun investment trusts,
which rarely pay commission.

But Charles Cade, analyst at Numis, warned: “$1bn is an awful lot of
money to invest in Chinese stocks. And historically the most hyped
retail issues end up disappointing investors’ high expectations”.

Mr Bolton was inspired last year by a visit to Hong Kong to return to
money management. He has yet to receive a licence from the Chinese
authorities to invest directly in Chinese companies but moves
permanently to the region next month and expects to start investing
the money raised by the initial public offer in April.

Mr Bolton said: “I am very confident that there will be very many
stock-picking opportunities in China in the years to come. I see many
similarities with investing in Europe in the early part of my career.
Then, my longer-term, research-led approach was considered unusual in
a market more used to short-term trading but it proved to be
successful. I think the same will be the case in China and I expect
that my experience in Europe will be helpful as I see the composition
of the market shifting from an emphasis on manufacturing and
financials to include more service-oriented companies.”

He said China “is in the investment ‘sweet spot’ where incomes per
head of population rise steadily and levels of consumption increase at
an accelerating rate for a period of time. … Never before has this
kind of development happened in a country of over 1.3bn people.”

The structure of the fund as a closed-end investment company will
enable Fidelity to limit the size of the fund, controlling the money
flowing into the fund and stopping it becoming unmanageable.

It remains unclear who will be assisting Mr Bolton in Hong Kong after
Fidelity last month suspended two of its portfolio managers – one of
whom had been expected to work alongside Mr Bolton – over a potential
breach of its code of ethics

分析:安东尼·波顿中国基金揭秘
作者:英国《金融时报》 凯特•伯吉斯,艾丽丝•罗斯 2010-02-10

基金管理业最著名的人物之一安东尼•波顿(Anthony
Bolton)将面对私人投资者推出一个迄今规模最大的投资信托,希望从私人投资者手中募资6.3亿英镑(合10亿美元),用于大举投资中国。

新基金将命名为富达中国特殊情况基金(Fidelity China Special Situations),将于今年4月开始在伦敦证券交易所(LSE)交易。

新基金的名称源自让波顿成为明星基金经理的那只基金:从1979年12月至2007年的28年中,富达特殊情况基金(Fidelity
Special Situations)年均回报率达到19.5%,让波顿成为英国的顶级基金经理之一。

分析人士预言,新基金的推出将提振投资信托业。该行业近年来已经失宠,价格较信托持有的资产价值出现了很大的折扣。

由于银行融资渠道枯竭,投资信托业一直难以募集到资金,尽管投资者对中国兴趣猛增,却几乎没有任何一家新公司成立。Jupiter原计划成立一家聚焦于中国的投资公司,但由于未能吸引到融资,去年被迫取消;而景顺基金(Invesco
Perpetual)仍在为一个新分拆出来的资本投资信托基金寻求资金支持,该基金原计划在2009年12月正式推出。

不同寻常的是,在推出之际,波顿的新基金将支付佣金给向客户推介该基金的金融顾问,以答谢波顿的核心支持者。金融顾问一般不会推介投资信托基金,因为后者很少支付佣金。

但野村证券(Numis)分析师查尔斯·凯德(Charles
Cade)警告说:“投资中国的股票,10亿美元是一笔惊人数字,而且宣传声势最浩大的零售项目历来总是会让投资者的高期望值落空。”

波顿在去年造访香港后,才动了重回投资管理行业的心思。他还没有从中国政府拿到直接投资中国公司的执照,但他从下月起将常驻该地区,预计将开始动用4月份公开发售募集来的资金。

波顿说:“我坚信,未来几年中国会有很多选股机会。我发现了很多类似我职业生涯早期在欧洲投资的情形。当时,人们曾认为,对于一个更习惯短期交易的市场,我以研究为主导、着眼更长远的策略是反常的,但事实证明它是成功的。我认为,在中国也会是这样,我认为我在欧洲的经历会有所帮助,因为我看到市场格局正从以制造业和金融公司为主,转向包括更多的服务型公司。”

他说,中国“正处于投资的‘甜蜜点’,人均收入稳步增加,消费水平在一段时间内加速上升……在拥有逾13亿人口的中国,这种发展前所未有。”

该基金为封闭式投资公司结构,这使富达可以限制基金的规模,控制资金流入,以免规模变得无法控制。

目前还不清楚谁将在香港协助波顿。上个月,富达以可能违反道德准则为由,将两名投资组合经理停职,其中一人曾被认为将配合波顿的工作。

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