A fundraising target of US$984 million has been set for Fidelity International’s new China fund, to be run by well-respected manager Anthony Bolton, Bloomberg reported. Shares in the close-end fund, called Fidelity China Special Situations, will be priced at £1 (US$1.57) and issued via an initial public offering. Bolton has said he favors stocks that are tied to China’s domestic economy and that this may take him to bourses in Shanghai, Hong Kong and New York. Bolton stepped down as a day-to-day portfolio manager in 2007 after 28 years with the Fidelity Special Situations Fund, but has been drawn back into the fray by investment opportunities in China. “I see many similarities with investing in Europe in the early part of my career,” Bolton said. On the other hand, he believes the economic recovery in the US and Europe will “run out of steam” in the first half of 2010.
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