Bolton Sees China Turnaround

Top U.K. fund manager Anthony Bolton says he’s expecting a rebound in Chinese growth next year. Bolton tells Investment Week that he thinks China’s growth has actually been slower than the official 7.5% figure being cited this year. “The headline figure is not reliable and I think growth has come down below that this year,” he says. But he sees better growth in 2013, and says that economic improvements and the fact that China’s elections are over should help spur Chinese stocks next year. “The bear market will change soon in the A share market,” he said. “The economic cycle […]

Bolton on the Contrarian Case for China

While many investors are fleeing Chinese equities, Fidelity’s Anthony Bolton remains bullish. “People are generally cautious and are taking money out of China which, as a contrarian, I see as positive,” Bolton says, according to Investment Week. Bolton, who compiled an exceptional fund management track record in the U.K. before moving on to a China fund a couple years back, says that local, private Asian investors generally have most of their money in cash on deposit, and little in bonds and equities. “It is this money that will drive the market when the market turns,” he said. “People are not […]

What Bolton Likes In China

Top U.K. fund manager Anthony Bolton thinks that China’s economy is better than many realize, and is particularly high on the country’s consumption and services sectors. “We have been through an extraordinarily volatile year but I believe that when the dust settles and things calm down, investors will focus on relative growth rates they can get in different parts of the world,” Bolton tells FTAdviser.com. “I feel very strongly that this will result in money flowing out of developed markets that have sovereign debt problems and very mediocre prospects over the next few years into the faster growing emerging markets […]

Valuations Have Bolton Bullish

Fidelity’s Anthony Bolton says he’s optimistic about global equities, and valuations are a big reason. “I am still a bull of world equity markets,” Bolton, who produced an exceptional track record in the U.K. and now oversees a China-focused fund, said at an Investment Week conference. “I think in this business you have got to look at what is discounted in valuations, not at the outlook. A very cautious view is discounted in valuations at the moment. But I do not think we ever got into [the phase of] overvaluation in the bull cycle.” Bolton sees a bifurcated world in […]

Bolton: It’s a Buying Opportunity

Top U.K. fund manager Anthony Bolton says the recent tumult in global markets has created a buying opportunity in Asian markets. “I believe the recent stock market volatility reflects a familiar pattern during this bull market of short, but often very sharp set backs, within a bull trend,” Bolton says, according to the Financial Times. He says he thinks a bull market will resume shortly in Asia. Bolton also says the declines make many developing markets even more attractive for investors. “This makes the case for exposure to developing markets and particularly those of Asia even more compelling where growth rates […]

Bolton Remains Confident in China

While his China-focused fund has struggled in its first year, top U.K. fund manager Anthony Bolton says he’s sticking to his general approach — with some modifications — and continues to think Chinese stocks are packed with potential. “I am pretty confident in the general approach,” Bolton tells The Telegraph. “I said before the fund was launched that I think the drivers of Chinese growth are changing and the areas of future growth will be different from those of the past. I’ve tried to focus on those areas which are domestic consumption and services orientated. I feel even more strongly […]

Bolton Sees Multi-Year Bull; Favors Growth Stocks

Anthony Bolton, one of the U.K.’s top fund managers, says he thinks the bull market in equities has a ways to go, and says the bull is now in a phase in which growth stocks should fare well. “I think we are in a multi-year bull market,” Bolton told InvestorDaily, an Australian subsidiary of Morningstar. “The first phase of that finished earlier this year and we then had a decent consolidation like many bull markets have.” Bolton says the first phase saw cyclical, low-quality companies — which were hit hardest during the financial crisis — fare best. Back around the end […]

Bolton on China: Small Firms, Big Opportunities

Anthony Bolton, the highly successful U.K. fund manager who came out of retirement this year to take over a new China-focused fund for Fidelity, is particularly keen on smaller Chinese firms. Bolton recently told Dow Jones Newswires that small- and medium-sized businesses (those with market caps under $5 billion) tend to be under-researched in China. “[Their] balance sheets are much stronger than I expected with many companies having net cash positions,” Bolton adds, saying that such firms often have reasonable growth potential and are cheaper than their Western counterparts. Bolton likes Chinese consumer stocks, including those in the retail, hotel, […]

Bolton on Why China Lured Him Back

Top U.K. manager Anthony Bolton of Fidelity is managing a new China-focused fund, and he recently told London’s Telegraph why the opportunity lured him out of retirement. “This may be the biggest economic and investment story of our generation,” Bolton says. “I believe that China’s economy could expand at nearly 8% a year between 2011 and 2020, and by more than 5% a year over the subsequent 10 years. The sheer scale of China, with its population of more than 1.3 billion, means the world may never have seen anything like the economic transformation of China that lies ahead.” While […]

Bolton Eyes China

Fidelity’s Anthony Bolton, one of the U.K.’s most successful fund managers before retiring in early 2008, is putting retirement on hold as he tries to take advantage of what he says is the “opportunity of a generation” in China. Bolton is starting a new fund focused on companies exposed to Chinese consumer growth, The Wall Street Journal reports. “He points to studies that show consumers in emerging economies launch into a new phase of purchasing when per-capita gross domestic product hits $4,000 to $5,000,” a level China is expected to hit in 2011, the Journal reports. “As average incomes pass […]

Bolton Likes Value Stocks, Techs, Financials

Earlier this month we highlighted U.K. mutual fund guru Anthony Bolton’s call about a multi-year bull market being in the works, with developing nations leading the way. Today, speaking at a conference in Korea, Bolton expanded a bit on those comments, saying that he doesn’t think we’ll see a double-dip global recession. “We are in a very strong recovery phase,” Bolton said, according to the Korea Times. “Next year, it will lose steam, but it is not going to be in double dip,” Bolton also reiterated his bullishness on emerging market stocks, particularly Chinese stocks. He also said the best […]

Fidelity’s Bolton: Multi-Year Bull in the Works

Fidelity’s Anthony Bolton, one of the U.K.’s top fund managers, says that we’re embarking on a multi-year bull market for global equities, with developing nations leading the way. “Low growth means low interest rates, and actually that’s one of the best environments for stock-market investing,” Bolton, whose Special Situations Fund beat the FTSE All-Share Index by 6 percentage points per year from 1979 through 2007 (he stepped down in early ’08), told Bloomberg television. “Anything that can show growth in this low-growth environment is going to be bid up by investors. It’s very pro the emerging-market world versus the developed […]