What's Special about Special Situations Funds?

The name is nearly meaningless. Investors would do better to focus on actual asset exposures of the offerings instead of the Special Sits label.

Christopher J. Traulsen, CFA 12 February, 2008 | 10:36AM
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In the wake of Anthony Bolton's tremendous success at Fidelity Special Situations, the "Special Situations" label has been applied to a raft of UK Equity funds. The problem, of course is that as more funds have picked it up, the term has become more of a marketing badge than a meaningful descriptor.

Indeed, beyond the name itself, just what constitutes a special situations fund is open to broad interpretation. Even Anthony Bolton has said that when he started his fund, hardly anyone knew what the term meant.* It's fair to say that the term carries connotations of looking beyond the usual suspects and being willing to invest in companies undergoing a turnaround or some other change that

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About Author

Christopher J. Traulsen, CFA  is director of fund research, Europe and Asia, Morningstar.

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