Fidelity China Special Situations investment trust managed by Anthony Bolton has gone from a healthy premium to discount in the space of weeks.

At the end of June, the trust's shares were trading at a 2.71 per cent premium but had swung out to a 5.08 per cent discount by 18 August.

The manager has replaced two companies in his top ten holdings in a rejig of the portfolio.

Bolton has sold out of Softbank and United Laboratory International in the three months to 30 June, compared with the portfolio at 30 March, taking new positions in TVB and Brilliance China Automative.

The changes were revealed in the latest management statement for the investment trust.

Previously, Softbank had accounted for 2.2 per cent as a percentage of the portfolio's total assets, with the stake in United Laboratory International at 2.1 per cent.

Hong Kong broadcaster TVB now represents 2.6 per cent of the total portfolio, while car maker Brilliance China Automative accounts for 2.4 per cent.

The trust's holding in Ping An Insurance increased by 2 per cent to 4.2 per cent. Bank holdings in Bank of China (Hong Kong) and HSBC have, conversely, been reduced.

The Chinese equity investment trust has seen its consumer discretionary weighting increased from 20.9 per cent at 30 March to 25.7 per cent - the largest sector weighting.

Sector reductions were seen in the telecom services, materials, industrials and energy sectors. It's cash level as a percentage of total assets was also reduced from 3.2 per cent at 30 March to 2.1 per cent at 30 June.

To receive more relevant articles like this one, why not sign up to our weekly newsletters, click here