In the three months to 31 December the funds NAV was up by 3.49%, compared to an 8.36% increase from its benchmark, the MSCI China Index.
The share price decreased 2.65% over the same period and the gearing exposure at the end of the year was 126%, only 4% off the trust’s upper limit.
During the quarter Fidelity said 450,000 shares were repurchased for cancellation and since the start of this year a further 750,000 have been bought back, which means it’s hardly surprising the trust’s discount has narrowed of late.
