Anthony Bolton

Anthony Bolton managed Fidelity Special Situations Fund from 1979 to 2007, generating 19.5% annual returns over 28 years — one of the best long-term records in UK fund management. He is known as the UK's Peter Lynch. Bolton's approach focused on identifying contrarian opportunities in "special situations" including companies with temporary problems, unrecognized assets, or management change. He came out of retirement in 2010 to run the Fidelity China Special Situations Fund, which underperformed, adding nuance to his legacy. He wrote "Investing Against the Tide". The China fund experience highlighted that investment skill built in familiar markets does not always translate seamlessly to unfamiliar regulatory and corporate governance environments — a valuable lesson for both managers and investors about the domain-specificity of long track records and the importance of market-specific knowledge.