Fidelity China Special Situations (FCSS) was launched in 2010 and managed by Anthony Bolton for its first four years. Bolton beat his benchmark over his time in charge, largely thanks to a rally in his final year, before handing over to Dale Nicholls in April 2014. Under Nicholls, FCSS has generated an annualised NAV return of 8.4%, well ahead of the rather anaemic 4.1% a year produced by MSCI China. Like many Fidelity trusts, FCSS uses products such as CFDs to gear up its portfolio, typically to around 20% and also employs market hedges to try and dampen volatility. Its portfolio has a bias b...