Trust Issues: Investing in China with FCSS's Dale Nicholls

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.