Stephen Cranston Associate editor

After moving house I uncovered a book I had been given on probably the UK’s best fund manager, Anthony Bolton. It was given to me by Stanlib when it still had a close relationship with Bolton’s employer, Fidelity. Fidelity is an ace marketing machine so I approached it with several buckets full of salt. It was designed to celebrate Bolton’s first 25 years managing the Fidelity Special Situations fund back in 2004. It is a fund that is unlikely to have much appeal to the SA market as it is focused on the UK equity market and its status as a UK domestic unit trust makes it hard for foreign investors to access. But the fund’s track record seems to show that skill can emerge in active management. Special Situations is an unusual name for a mainstream long-only general equity fund. It is better suited to a merger arbitrage hedge fund, for example. But Bolton had previously run an equity fund called Special Situations for, of all people, the Schlesinger family from SA, founders of Killar...

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