Chinese 危険s may equal 適切な時期

伝説の 基金 経営者／支配人 Anthony Bolton has until 11am on Tuesday to raise an extra £162m for his Fidelity 中国 Special 状況／情勢s 投資 信用.

Anthony Bolton: Many small 投資家s will be 説得するd to commit more of their cash to his Chinese 復帰

The 投資 house is 問題／発行するing a その上の 166,250,000 'C-class' 株 at £1 per 株. These will then be 変えるd into ordinary 株.

Many small 投資家s will be 説得するd to commit more of their cash to Bolton's Chinese 復帰.

But, にもかかわらず solid 業績／成果, 専門家s are divided as to whether this is a good idea.

There was some scepticism when Bolton 発表するd 早期に last year that he was coming out of 退職 to 開始する，打ち上げる a 中国 投資 信用.

As 経営者／支配人 of Fidelity's 旗艦 Special 状況／情勢s 基金 from 1979 to 2007, he returned 19.5pc a year on 普通の／平均（する） for more than a ４半期/4分の1 of a century. Someone who 投資するd £10,000 in 1979 would have pocketed £1.43m by the time he stepped 負かす／撃墜する.

For all his success as a UK 基金 経営者／支配人, critics argued he had little experience 取引，協定ing with the 広大な, unknown and loosely-規制するd Chinese market.

There were 関心s that Bolton had only committed to running the 基金 until at least April 2012, although he has now 延長するd this to the に引き続いて year.

The 基金 has 成し遂げるd creditably since 開始する，打ち上げる although it has slipped やめる 劇的な in 最近の months as the Chinese economy has 滞るd.

Having risen 28pc to a 頂点（に達する） of 128p per 株 in November, the 株 price has fallen 支援する 負かす／撃墜する to 107p.

But this still 代表するs a 7pc rise since the 開始する，打ち上げる in April compared with a 1.2pc 減少（する） in the MSCI 中国 索引.

Major holdings 含む Bank of 中国 Hong Kong and 遠隔通信s companies such as 中国 Unicorn.

Bolton has also 投資するd ひどく in 製造業の 会社／堅いs ? such as Brilliance 中国 自動推進の Holdings and Gome Electronic 器具s ? which tap into growing 需要・要求する from 中国's 速く-拡大するing middle class.

Just looking at the car 産業 the 可能性のある for growth in a country with a 全住民 of over 1.3bn people is mind-boggling. There are 700 cars per thousand people in the US, but just 10 cars per thousand in 中国.

But 関心s over an inflationary 泡 ? 原因（となる）d partly by 速く rising 所有物／資産／財産 prices and the growing availability of credit ? make some 専門家s 用心深い of committing more money to the world's second biggest economy.

The Chinese 政府 is 現在／一般に 戦う／戦いing to take the steam out of the economy,raising 利益／興味 率s again this week.

>> Richard Dyson blog: Fidelity 中国 Special 状況／情勢s 投資 信用: another 推論する／理由 not to 投資する その上の

Brian Dennehy from 財政上の 助言者 Dennehy Weller says: 'I would not be surprised if the Chinese 政府 had to raise 利益／興味 率s more quickly. This could 原因（となる） a 是正 in 株 prices in 中国 and around the world.'

Another consideration for 投資家s with all 投資 信用s is that the price of 株 can be higher or lower than the value of the 資産s held in the 信用. This is known as a 賞与金 or a 割引.

The difficulty for 投資家s in these C-class 株 is they don't know whether they will be getting a 割引 or a 賞与金 on the day the 株 are 貿易（する）d.

If the 株 are 貿易（する）ing at a pr emium it could be cheaper to buy them through a stockbroker at a later date.

Tim Cockerill from Rowan & Co 資本／首都 管理／経営 says 存在するing 投資家s should not buy any more. 'I would 勧める 警告を与える. I think long 称する，呼ぶ／期間／用語 the drivers for growth in 中国 are there but there are real problems in the short 称する，呼ぶ／期間／用語.

投資家s will probably be able to buy in more cheaply over the next 12 to 18 months.' Bolton 演説（する）／住所d some of these 関心s during a 最近の ビデオ-会議／協議会.

Beamed in from what 似ているd a BBC broom cupboard in Hong Kong, Bolton confidently 予報するd that the flow of money from West to East would 加速する.

He 追加するd he was 確信して that the Chinese 政府 ? given its centralised, one-party system ? was more 有能な than most of 運動ing 負かす／撃墜する インフレーション.

Bolton said the fact that 中国 is 比較して unknown comes with 危険s 大（公）使館員d. But he argued it also meant there were greater 適切な時期s.

He 特記する／引用するd the example of 部隊d 研究室／実験室s International Holdings which is developing insulin to 供給（する） the underserved 国内の market.

Darius McDermott at 財政上の 助言者 Chelsea 財政上の Services believes 中国 remains a good longterm bet but prefers more 設立するd 基金s such as Jupiter 中国, Gartmore 中国 適切な時期s and Fidelity's own 中国 焦点（を合わせる）.

He argues 基金s 投資するing in a 範囲 of 現れるing markets are a better bet for most people, recommending Ignis Hexam 全世界の 現れるing Markets and Aberdeen 現れるing Markets.

Brian Dennehy argues better 適切な時期s are to be had in India and Korea.

He likes 明らかにするing Korea and Jupiter India.