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Anthony Bolton

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Anthony Bolton (born 7 March 1950) is one of the UK's best known investment fund managers and most successful investors, having managed the Fidelity Special Situations fund from December 1979 to December 2007. Over this 28-year period the fund achieved annualised growth of 19.5%, far in excess of the 13.5% growth of the wider stock exchange, turning a £1,000 investment into £147,000. [1] Mr Bolton now manages Fidelity China Special Situations PLC, a London Stock Exchange listed investment trust.

Education and career

Educated at Cambridge University, Bolton left with a degree in engineering and business studies. He pursued a career in the city where, age 29, he was recruited by Fidelity as one of their first London based investment managers. He is now President of Investments at Fidelity International [2] and manager of Fidelity China Special Situations PLC.

Mr Bolton began managing Special Situations (a UK equity OEIC) when he joined Fidelity in 1979 and continued until 2007. He managed other funds alongside Special Situations during this time. From November 1985 to December 2002, he managed the Fidelity European Fund (a European equity OEIC). He managed Fidelity European Growth fund (a European equity SICAV) from 1990 to 2003, Fidelity European Values PLC (a UK-listed investment trust) from 1991 to 2001 and Fidelity Special Values PLC (also a UK-listed investment trust) from 1994 to 2007.

In 2006 his Special Situations Fund was split. The success of the fund had brought in so much money from investors, it had become the UK's largest open ended fund (OEIC) and it was feared that the fund was becoming too big to manage successfully. [3] The fund was split into UK and Global Special Situations funds, with the Global fund passed to Jorma Korhornen and the UK fund continuing under Bolton's stewardship until the end of 2007. [4] With Bolton's step back from fund management, many questioned whether the fund could continue to outperform the market in future. [5] Sanjeev Shah succeeded Anthony Bolton as the manager of the UK Special Situations Fund in January 2008. The fund remained in the first decile over the first two years of Shah's tenure. [6] Bolton's former funds suffered amongst the worst redemptions in 2007. Investors withdrew £335m from the Special Situations fund and £508m from Global Special Situations. However, redemptions in both funds slowed significantly in 2008 and in March 2010, at £3 billion, the UK fund is almost back to the same size as when Mr Bolton stepped down.[7] [8]

When he ceased managing funds in 2007, he took a full-time role mentoring and developing newer investment managers. In 2009 he announced his return to fund management and in April 2010 moved to Hong Kong to begin managing the newly launched Fidelity China Special Situations PLC, an investment trust listed on the London Stock Exchange. [9]

Private life

Mr Bolton lives in Hong Kong and has three children. In his spare time he relaxes by composing music and cites Benjamin Britten as his biggest influence. His compositions have been performed at St Paul's Cathedral. He is a keen traveller and has a holiday home in Antigua.[10]

In September 2009 he was a guest on Private Passions, the biographical music discussion programme on BBC Radio 3.[11]

Bibliography

  • Bolton, Anthony (1 November 2006). Investing with Anthony Bolton (2nd ed.). Petersfield, Hampshire: Harriman House. ISBN 9781905641116. {{cite book}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  • Bolton, Anthony (2 April 2009). Investing Against the Tide: Lessons from a Life Running Money. Financial Times/ Prentice Hall. ISBN 0273723766.

References

  1. ^ Farrow, Paul (12 December 2007). "Who will take over Anthony Bolton's Crown?". London: The Daily Telegraph. Retrieved 25 April 2010.
  2. ^ "Anthony Bolton". Authors. Harriman House.
  3. ^ "Fidelity Special Situations - A new era dawns". Fidelity International.
  4. ^ "Farewell to the Harry Potter of investment". Independent Investor. 2006-07-30.
  5. ^ "Check out special situations funds". The Scotsman. 2006-04-27.
  6. ^ Connon, Heather (2009-12-14). "Fidelity's Shah sits near top of tree". London: The Guardian. Retrieved 25 April 2010.
  7. ^ http://www.citywire.co.uk/adviser/-/selection/profiles/content.aspx?ID=385194
  8. ^ "The Most Dumped Funds of 2008". bestinvest. 24 January 2008.
  9. ^ Thisismoney.co.uk - Bolton's China fund opens in February, 9 February 2010
  10. ^ "Business big shot: Anthony Bolton". London: The Times. 15 December 2007.
  11. ^ BBC Radio 3

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