Title: 242648381.pdf URL Source: https://documentscdn.financialexpress.net/Literature/3C09DD6557BDF8AFBB86C4BC8E1D9162/242648381.pdf Number of Pages: 5 Markdown Content: > ret.en.gb.20260430.GB00B62Z3C74.pdf/1068610 ## FIDELITY INVESTMENT COMPANIES # Fidelity China Special Situations PLC ## 30.04.2026 Monthly Factsheet ## Investment Objective To achieve long-term capital growth from an actively managed portfolio made up primarily of securities issued by companies in China, both listed and unlisted, as well as Chinese companies listed elsewhere. The Company may also invest in companies with significant interests in China. ## Investment Company Facts Launch date: 19.04.10 Portfolio manager: Dale Nicholls Appointed to trust: 01.04.14 Years at Fidelity: 30 Total Net Assets (TNA): £ 1,452m Ordinary shares in Issue: 459,995,952 Share price: 292.50p NAV: 315.57p Discount: 7.31% Gross Market Gearing: 27.9% Net Market Gearing: 21.8% ## Performance comparator Market Index: MSCI China Index (Net) The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested. ## Portfolio Manager Commentary Over the past 12 months, Chinese equities experienced volatility amid trade frictions before rebounding on renewed optimism around innovation-led growth. A temporary US-China tariff truce and increased global interest in China’s technology ecosystem supported sentiment. More recently, volatility has risen again due to US-Iran tensions; however, the impact on Chinese equities has remained relatively contained. While indirect channels such as energy prices and consumer confidence warrant monitoring, transmission to equity markets has remained limited. Looking ahead, structural reforms, continued policy support, a recovery in domestic consumption, and a gradual policy-led stabilisation in the real estate sector are likely to provide further support for equities. At a stock level, Zhongji Innolight advanced on rising demand for optical connectivity solutions linked to artificial intelligence applications, while Impro Precision Industries benefited from strong earnings momentum driven by accelerating data centre demand. Conversely, HashKey Holdings detracted amid investor concerns over profitability and earnings visibility. Elsewhere, the absence of China Construction Bank weighed on relative returns as investors rotated into the perceived defensiveness of banking assets during periods of heightened market volatility. Over the 12 months to 30 April 2026, the Trust’s NAV increased by 25.5%, outperforming the index return of 10.5%. The Trust’s share price increased by 29.0%. ## Cumulative performance in GBP (%) > 04-21 > 12-21 > 08-22 > 04-23 > 12-23 > 08-24 > 04-25 > 12-25 > 40 > 50 > 60 > 70 > 80 > 90 > 100 ## ■ Share Price ■ NAV ■ Market Index Performance is shown for the last five years (or since launch for funds launched within that period). ## Performance for 12 month periods in GBP (%) ## ■ Share Price ■ NAV ■ Market Index ## Performance to 30.04.26 in GBP (%) 1m 3m YTD 1yr 3yr 5yr Since 16.04.10* Share Price Cumulative Growth 4.5 -9.4 -3.0 29.0 37.3 -23.5 273.0 NAV Cumulative Growth 3.1 -9.7 -4.9 25.5 32.5 -19.6 297.3 Index Cumulative Growth 0.6 -9.0 -6.6 10.5 22.3 -19.0 97.9 Share Price Annualised Growth - - - - 11.2 -5.2 8.5 NAV Annualised Growth - - - - 9.8 -4.3 9.0 Index Annualised Growth - - - - 6.9 -4.1 4.3 Basis: bid-bid with income reinvested, in GBP, net of fees. Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar. *Performance commencement date. ## Key Risks The value of investments and the income from them can go down as well as up, so you may get back less than you invest. Overseas investments are subject to currency fluctuations. This investment trust invests in emerging markets which can be more volatile than other more developed markets. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. 2 > ret.en.gb.20260430.GB00B62Z3C74.pdf/1068610 ## FIDELITY INVESTMENT COMPANIES # Fidelity China Special Situations PLC ## 30.04.2026 Monthly Factsheet ## Equity Exposure % Total Net Assets (% TNA) Exposure (% TNA) Gross Market Exposure 127.9 Net Equity 120.1 Other 1.7 Uninvested Cash 0.0 Notes on Portfolio Construction and a description of how data is calculated and presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary. ## Market Capitalisation Exposure (% TNA) GBP Fund Index Relative >10bn 41.2 77.7 -36.5 5-10bn 7.2 12.9 -5.7 1-5bn 31.4 6.3 25.1 0-1bn 33.3 0.0 33.3 Total Market Cap Exposure 113.1 97.0 Index / Unclassified 6.9 3.0 Total Equity Exposure 120.1 100.0 ## Sector/Industry Exposure (% TNA) GICS Sector Fund Index Relative Consumer Discretionary 35.5 26.4 9.0 Industrials 26.4 5.5 20.9 Communication Services 22.9 18.6 4.2 Information Technology 12.1 9.7 2.5 Consumer Staples 11.2 3.1 8.1 Financials 7.6 19.1 -11.6 Health Care 7.2 5.0 2.2 Real Estate 5.4 1.5 3.8 Materials 4.3 5.6 -1.3 Utilities 0.8 1.9 -1.1 Energy 0.0 3.6 -3.6 Total Sector Exposure 133.2 100.0 Other Index / Unclassified -13.2 0.0 Total Equity Exposure 120.1 100.0 ## Country Exposure (% TNA) Net Index Relative China A-Shares 14.8 16.4 -1.6 China B-Shares 0.0 0.1 -0.1 China H-Shares* 19.2 28.2 -9.0 Red Chips* 12.9 4.3 8.6 OTHER STOCKS LISTED IN HK** 46.5 47.2 -0.7 CHINA STOCKS LISTED IN US 14.7 1.1 13.6 Listed in TAIWAN 0.0 0.0 0.0 Listed in SINGAPORE 0.0 0.0 0.0 Listed in UNITED KINGDOM 0.7 0.0 0.7 Listed in CANADA 0.0 0.0 0.0 Listed in GERMANY 0.9 0.0 0.9 Listed in JAPAN 0.8 0.0 0.8 US ADRs, NON-CHINA 0.7 2.7 -2.0 UNLISTED 10.4 0.0 10.4 Other 0.2 0.0 0.2 Grand Total 121.8 100.0 21.8 *As classified on Bloomberg **Non-H-share and non-Red-Chip companies listed in Hong Kong, held by the fund or as part of MSCI China. ## Top Positions (% TNA) GICS Sector Geographic Location Fund Index Relative TENCENT HLDGS LTD Communication Services China 11.4 14.2 -2.8 ALIBABA GROUP HOLDING LTD Consumer Discretionary China 7.6 10.3 -2.7 DOUYIN CO LTD Communication Services China 4.9 0.0 4.9 PDD HOLDINGS INC Consumer Discretionary China 4.4 2.6 1.8 CONTEMPORARY AMPEREX TECHNOLOGY CO LTD Industrials China 2.9 0.9 2.0 PING AN INS GROUP CO CHINA LTD Financials China 2.9 2.2 0.6 CHINA RES LD LTD Real Estate China 1.9 0.5 1.4 VENTUROUS HOLDINGS LIMITED Financials Grand Cayman (UK Overseas Ter) 1.8 0.0 1.8 NETEASE INC Communication Services China 1.8 1.5 0.3 ZIJIN MNG GROUP CO LTD Materials China 1.7 1.2 0.5 ## Top Overweight Positions (% TNA) Fund Index Relative DOUYIN CO LTD 4.9 0.0 4.9 CONTEMPORARY AMPEREX TECHNOLOGY CO LTD 2.9 0.9 2.0 VENTUROUS HOLDINGS LIMITED 1.8 0.0 1.8 PDD HOLDINGS INC 4.4 2.6 1.8 FULL TRUCK ALLIANCE CO LTD 1.6 0.0 1.6 HISENSE HOME APPLIANCES GROUP CO LTD 1.5 0.0 1.5 IMPRO PRECISION INDUSTRIES LTD 1.5 0.0 1.5 HESAI GROUP 1.6 0.1 1.5 YADEA GROUP HOLDINGS LIMITED 1.5 0.1 1.4 DJI INTERNATIONAL COMPANY LIMITED 1.4 0.0 1.4 ## Top Underweight Positions (% TNA) Fund Index Relative CHINA CONSTRUCTION BANK 0.0 4.1 -4.1 TENCENT HLDGS LTD 11.4 14.2 -2.8 ALIBABA GROUP HOLDING LTD 7.6 10.3 -2.7 XIAOMI CORP 0.0 2.4 -2.4 INDUSTRIAL & COML BK CHINA 0.0 2.3 -2.3 BYD CO LTD 0.0 2.0 -2.0 MEITUAN 0.0 2.0 -2.0 BANK OF CHINA LTD 0.0 1.8 -1.8 JD.COM INC 0.0 1.3 -1.3 PETROCHINA CO LTD 0.0 1.3 -1.3 ## Positions Concentration (% TNA) Fund Index Top 10 41.2 43.8 Top 20 56.2 55.6 Top 50 87.7 70.3 Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts. Figures may not always sum to totals due to rounding 3 > ret.en.gb.20260430.GB00B62Z3C74.pdf/1068610 ## FIDELITY INVESTMENT COMPANIES # Fidelity China Special Situations PLC ## 30.04.2026 Monthly Factsheet ## Approach and Style The manager has a disciplined, bottom-up security selection approach. The fund seeks out investments in companies with good long-term prospects, cash generative businesses and companies controlled by strong management teams. Ideally these factors are not well understood by the market, and are therefore not reflected in valuations. The manager also focuses on smaller companies as these tend to be less well researched and, therefore, more mispriced. However, smaller companies tend to be higher risk, so risk management is key and meeting company management teams is essential in order to understand them and monitor their progress. On the long side, the manager looks for undervalued companies where returns are expected to go up over time. ## Administrative & Dealing Information Portfolio Construction – Explained This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund’s objectives. The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared. The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund’s investments. Financial Year End: 31st March Reference currency: UK Sterling (GBP) Company domicile: United Kingdom Company legal structure: Investment Trust Capital guarantee: No ISIN: GB00B62Z3C74 SEDOL: B62Z3C7 Bloomberg: FCSS LN Distribution frequency: Annual Charges made to income or capital: 25/75 Ongoing Charges: 0.89% Annual Management Charge: 0.85% (net assets) on the first £1.5bn of assets and 0.65% (net) on funds in excess of £1.5bn. +/- 0.20% (based on performance relative to the Market Index) Last VMF adjustment (+/- 0.2%) applied at month end: 0.20% ## How data is calculated and presented Portfolio composition data has been calculated and presented according to several general principles, which are listed below. - Aggregation : all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated. - Categorisation : for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area. - Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return. - “Basket” securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the “Other Index / Unclassified” category. 4 > ret.en.gb.20260430.GB00B62Z3C74.pdf/1068610 ## FIDELITY INVESTMENT COMPANIES # Fidelity China Special Situations PLC ## 30.04.2026 Monthly Factsheet ## Glossary / Additional Notes Equity Exposure notes GROSS MARKET EXPOSURE Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets). NET EQUITY The net positive exposure to the market with short and hedge positions subtracted from long positions. OTHER The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA. UNINVESTED CASH This is 100% minus the fund’s Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives. Investment Company Facts NAV The total value of a company’s assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market. PREMIUM If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV. DISCOUNT If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV. GEARING Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds. FAIR VALUE The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors’ best estimate of fair value and take account of the cost of the investment, recent arm’s length transactions in the same or similar investments and financial performance of the investment since purchase. General notes TOTAL NET ASSETS (TNA) The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares. INDEX The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1. TOP NET LONG POSITIONS Those companies in which the largest percentages of the investment company's total net assets are effectively invested (equity positions). Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. TOP OVERWEIGHT & UNDERWEIGHT POSITIONS Those equity positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity’s disclosure policy. NET LONG POSITIONS CONCENTRATION Illustrates the weight of the top 10, 20 and 50 equity positions in the Company and the weight of the top 10, 20 and 50 equity positions in the index. It does not attempt to show the coincidence of security ownership between Company and Index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below. 5 > ret.en.gb.20260430.GB00B62Z3C74.pdf/1068610 ## FIDELITY INVESTMENT COMPANIES # Fidelity China Special Situations PLC ## 30.04.2026 Monthly Factsheet ## Glossary / Additional Notes ONGOING CHARGES Ongoing Charges are taken from the Company's most recent Annual Report and represents the total of investment management fees and other expenses of the Company (excluding transaction costs, interest payments, tax and non-recurring expenses) expressed as a percentage of the average net asset value throughout the financial year. SECTOR INDUSTRY CLASSIFICATION GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 sub-industries. More information is available at http://www.standardandpoors.com/indices/gics/en/us ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/ ## Legal Information Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Unless otherwise stated, all views are those of Fidelity. Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. This fund is managed by FIL Investments International. Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its. Issued by FIL Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom.