Managing China funds: A lesson for legends like Anthony Bolton

Sucheta Dalal 24 Jun 2013

Anthony Bolton, the legendary money manager failed in China, a country where the rules regarding fraud are hardly relevant since the government has a monopoly on information. Mr Bolton not only violated his own rules of investment but he failed to learn the Chinese ones

William Gamble

Anthony Bolton is a legendary money manager. He managed Fidelity International Special Situations Fund for 28 years. During that time the fund managed to deliver an incredible annualized return of 19%. Among Mr Bolton’s many accomplishments was to predict both the collapse of the market and the beginning of the bull market. In both cases he was a bit early. He warned that the bull market was overstretched in November of 2006, a year before it hit its top, and he predicted a turnaround in the markets in October of 2008, five months before it hit the bottom. Still if you had followed these recommendations you would have missed out on the top 15% and lost about 25%, but only for seven months. Over time you would done very, very well.

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