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Trust Issues: Investing in China with FCSS's Dale Nicholls
Description
In this episode of Trust Issues, Dale Nicholls, manager of Fidelity China Special Situations (FCSS), discusses the technological innovation coming out of China, potential improvements to come in consumer confidence and investing in Chinese private companies.
00:00 Introduction
01:14 FCSS's investment philosophy
03:24 How investors are underestimating Chinese technological innovation
06:06 How Dale assesses the risk of political governance in China
08:32 Is sentiment towards the property market starting to improve?
11:48 Why tariffs are less of a risk today
14:02 The opportunities Dale is seeing in private companies
15:47 How corporate governance is improving in China
18:27 The kinds of companies FCSS wouldn't invest in
19:56 The level of gearing FCSS has in the portfolio
21:00 Where Dale sees the best opportunities today
23:03 Further information
23:23 Risk warning
Our latest note on FCSS - https://www.trustintelligence.co.uk/investor/articles?fund_id=73
FCSS website - https://investment-trusts.fidelity.co.uk/fidelity-china-special-situations
Please note that this podcast was recorded on 18 September 2026.