Fund manager Anthony Bolton describes the two years he has so far spent in Hong Kong as “the most interesting chapter” in his career. There’s only really been one downside – the underperformance of the China fund that he came out of retirement to run.

Fidelity China Special Situations has fallen 22 per cent since launch, and a slight premium to net asset value after launch in 2010 has turned to a 2.25 per cent discount.

Part of the underperformance is down to the lacklustre returns from China shares generally; even after a recent rally, the Shanghai Composite index of Chinese A-shares has fallen 4 per cent so far this year, compared to a 4 per cent rise in the FTSE 100 and a 11 per cent gain in the S&P 500. The trust’s gearing has exaggerated these falls, but it will boost returns if shares rise. Because he is expecting a recovery, Bolton has no plans to degear the fund.