London, UK, 4 April 2017

Edison issues review on Fidelity China Special Situations (FCSS)

Fidelity China Special Situations (FCSS) was launched in April 2010 aiming to generate long-term capital growth from investing in Chinese companies or companies that generate the majority of their revenues in China. Manager Dale Nicholls invests for the long term, seeking companies with long-term growth potential that are trading at reasonable valuations. FCSS's NAV and share price absolute total returns have been very strong over the last 12 months, and the trust has meaningfully outperformed the index over one, three and five years and since the fund's inception. FCSS has also outperformed the majority of its open- and closed-ended peers over one, three and five years.

FCSS's current 12.7% share price discount to cum-income NAV is narrower than the 15.6% average of the last 12 months and compares to the averages of the last three and five years and since the trust's inception of 14.3%, 11.1% and 7.3%. The discount has been in a narrowing trend since mid-2016 and there is scope for it to narrow further if investor sentiment towards Chinese equities continues to improve or the manager is able to build on his positive relative performance track record. While managed for capital return, FCSS has increased its annual dividend at an average compound rate of c 25% over the last four years; the current yield is 0.9%.

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