Anthony Bolton, the fabled British stockpicker, is staking his reputation on a £460m ($702m) bet that the Chinese economy is shifting away from exports and towards domestic consumption.
In an interview with the Financial Times, Mr Bolton, whose China Special Situations fund of that value was launched in April amid a blaze of publicity, revealed that his portfolio was heavily weighted towards stocks in the consumer sector.
“The golden era for exports is coming to a conclusion and now it's going to be very much more about the domestic economy, the domestic consumer – that's going to drive the market,” said Mr Bolton, president of investments at Fidelity International.
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