UPDATE (Oct 2026): FCSS returned +31.5% versus +37.5% for its benchmark in the year to March 2025, and +10.7% versus +1.6% to March 2026. The trust has continued to buy back its shares, reducing its share count from 520m to 453m over the last two years. China has continued to be a difficult and volatile market, with the Fidelity and JPMorgan trusts returning just 3% a year over the last decade and Baillie Gifford China Growth down some 20% since its mandate became focused on China in September 2020.

Fidelity China Special Situations (FCSS) was launched in 2010 and managed by Anthony Bolton fo...