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.
