Fidelity Special Values


£742.9m market cap

265.5p last close

Fidelity Special Values’ investment objective is to achieve long-term capital growth, predominantly through investment in UK-listed companies. The approach is value contrarian investing, looking for companies with potential for share price growth or recovery that has been overlooked by other investors, and holding these companies until their potential value is recognised by the wider market. Investments are only made in companies where the potential downside risk is understood, to limit the possibility of losses.

Investment summary

Fidelity Special Values (FSV) has been managed by Alex Wright since September 2012. He aims to generate long-term capital growth from a diversified portfolio of primarily UK-listed companies (up to 20% of the fund may be held in companies listed overseas, and two of its top three holdings are ex-UK). The manager has a value, contrarian approach and is currently finding a broad spread of attractively valued investment opportunities across the UK market: in companies with both domestic and international businesses; in cyclical and more defensive areas; and across the market cap spectrum. Given the strength of the UK market so far this year, in spite of a deteriorating macro backdrop, Wright is more cautious on the near-term outlook for UK equities in general, but remains very positive on the opportunity set for a contrarian investor.

Share price graph
Price performance
Actual 0.4 10.4 6.2
Relative* (0.8) 7.2 2.0
52-week high/low 270.0p/220.0p
*% relative to local index
Key management
Claire Dwyer Associate Director, Investment Trusts

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