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. The Trust is fairly unusual among Investment Trusts in paying a commission (0.5%) to financial advisers, paid out of its 1.5% annual management charge, a feature standard with Unit Trusts such as the Fidelity Special Situations fund Bolton had previously managed, but uncommon in the Investment Trust world. Another unusual feature is that the Trust charges a performance fee if the fund's cumulative performance exceeds its benchmark, the MSCI China Index, by more than 2%, which is charged at 15% of any outperformance, to a maximum fee of 1.5% per year.