Fidelity Special Values


£691.6m market cap

253p 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) aims to achieve long-term capital growth from a special situations portfolio of primarily UK equities. The manager has a contrarian approach, looking for unloved stocks and opportunities created by share price volatility and market uncertainty. Although market volatility has been unhelpful to shorter-term performance, FSV’s NAV total return has outperformed its benchmark FTSE All-Share index over five and 10 years. While seeing broadly negative sentiment towards UK equities, FSV’s manager is increasingly positive on the UK stock market outlook, irrespective of the outcome of Brexit negotiations, and has been adding to portfolio holdings by increasing FSV’s net gearing.

Share price graph
Price performance
Actual (0.8) 12.0 (0.8)
Relative* (0.9) 4.2 (3.2)
52-week high/low 280.0p/220.0p
*% relative to local index
Key management
Claire Dwyer Associate Director, Investment Trusts