Anthony Bolton, the star fund manager at Fidelity International, has revealed that his flagship China fund suffered losses from investments in two small US-listed Chinese companies accused of fraud.
In an interview with the Financial Times, Mr Bolton said he had underestimated the risks of investing in China and that he was now spending even more time on due diligence.
“You learn from your mistakes and move on,” said Mr Bolton, whose China Special Situations fund raised £460m ($743m) when it launched with much fanfare on the London Stock Exchange in April 2010.
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