Overview
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News and Insights
News and Insights
Fidelity Asian Values PLC latest News and Insights Fidelity China Special Situations PLC latest News and Insights Fidelity Emerging Markets Ltd latest News & Insights Fidelity European Trust PLC latest News and Insights Fidelity Japan Trust PLC latest News and Insights Fidelity Special Values PLC latest News and Insights
Fidelity Special Values PLC (UK)
Last Deal Price (p)
336.50Net Change (%) ↑↓
+1.82Estimated NAV (p)
350.95Prem/Disc (%)
-5.83Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.*
Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.
What sets us apart
Contrarian stock-picking approach
Investing in unloved companies with the potential for positive change.
Due diligence
The process relies on extensive due diligence and leveraging the breadth and depth of Fidelity’s investment resources.
Three-stage investment cycle
Individual investments are considered in three distinct stages, from unloved to recovery.
- Contrarian stock-picking approach
Portfolio managers Alex Wright and Jonathan Winton look for unloved companies that are entering a period of positive change that the market has not yet recognised. They follow a highly disciplined investment process that focuses first on evaluating downside risk and then on identifying positive change and potential upside. The focus is first and foremost on downside protection.
Since the trust launched in 1994, its portfolio managers have consistently applied this contrarian style investment approach. Alex’s philosophy is to base investment decisions on company fundamentals rather than top-down factors (market or macroeconomic drivers).
- Leveraging Fidelity’s global research platform
This contrarian approach is research intensive in order to identify and gain conviction in opportunities that are out of favour with other investors. The depth of Fidelity’s research ensures that there is a sufficient number of strong investment ideas to build a diversified portfolio at all points of the market cycle. Company research and the insight and expertise of our large team of analysts have been central to the long-term success of our approach.
- Three-stage investment cycle
Individual investments are considered in three distinct stages. On average, it takes around 18 months for a company to move through this cycle, but this can vary significantly depending on the speed of a company’s recovery.
Stage one: An initial position in a stock is taken. The holding will be gradually increased as and when the team’s conviction increases. Once the operational change takes effect, and an improvement in growth is evident, the company moves to stage two.
Stage two: Start of perception change by the wider market, leading to a re-rating of stocks. At this point, the managers will allow the position to increase in size.
Stage three: The company’s recovery process is well underway and the share price is close to the portfolio managers’ upside target; other investors are buying into the growth story. There is now less downside protection and less upside potential. At this point, the managers will reduce the position and recycle the proceeds into stage one companies.
News & Insights - Special Values PLC
Alex Wright, portfolio manager of Fidelity Special Values shares his perspectives on the recent tariffs-related market volatility. Against a backdrop of global uncertainty, he highlights why the UK market with its low valuations, strong earnings growth and high dividends remains an attractive environment for contrarian stock pickers, and well positioned to weather the tariff storm.
In an article written by Charles Cade at The Daily Telegraph newspaper, he explains why Alex Wright’s Fidelity Special Values trust is well placed to benefit from a UK market that remains firmly out of favour.
The unpopularity of the UK market in recent years has made it an attractive hunting ground for contrarian value investors. While investors continue to be seduced by the charms of the US technology sector, we believe the UK market has an underappreciated richness of opportunity, combining strong earnings growth, high dividend yields and low valuations.
Fidelity Special Values PLC continues to retain its place as one of just 16 investment trusts on AJ Bell’s Select List. The investment specialists at what is one of the UK’s leading investment platforms analyse the investment trust market, looking at factors including price, performance and size to create their list of preferred investment trusts. Fidelity European Trust PLC and Fidelity China Special Situations PLC also feature in the shortlist.
In an article written by Patrick Hosking at The Times newspaper, Alex Wright, Portfolio Manager of Fidelity Special Values trust explains why he believes that good returns can still be squeezed from the London market.
In a recent webinar with AJ Bell, Alex Wright discusses the trust's investment process, the importance of valuation, and the performance of the trust over the years. He also highlights the current opportunities in the UK market, the impact of value investing, and the potential for continued M&A activity.
30 years on since he wrote an article specifically on the launch of the Fidelity Special Values trust, Jeff Prestridge at The Mail on Sunday spoke to Anthony Bolton and Alex Wright about why they believe there is still compelling investment opportunities for contrarian investors.
Despite UK equities improved performance over recent years, UK equities still look cheap relative to other markets, and reasonable on an absolute basis. Alex Wright, portfolio manager of Fidelity Special Values, shares his outlook for 2025 and provides an insight into how he is looking to position the portfolio against an evolving macro backdrop.
Alex Wright, the manager of Fidelity Special Values (FSV), which celebrates its 30th anniversary this year, takes a contrarian investment approach, focusing on finding overlooked and undervalued opportunities across the whole UK market-cap spectrum. This approach drives Alex to seek investment opportunities in areas of the market that are often ignored by his peers.
What’s our approach?
Lead Portfolio Manager, Alex Wright, approach is very much in keeping with Fidelity Special Values’ heritage and history - that of contrarian investing, looking for unloved companies whose potential for recovery has been overlooked by the market.
Alex’s value-contrarian philosophy centres on buying unloved companies undergoing positive change and holding them until their potential value is recognised by the wider market. He looks to only invest in companies where he understands the potential downside risk to limit the possibility of losses. Ideally, he wants to invest in companies that have exceptionally cheap valuations or some kind of asset that should prevent their share prices falling below a certain level.
Alex seeks companies where he believes perception by the wider market may shift due to changes in the company’s competitors or market, a new product line or an expansion into new business areas. He also imposes a strict sell discipline once the recovery has taken place.
The trust’s structure affords Alex the ability to invest right across the market, in terms of size (market capitalisation) of underlying investments, although there is an inherent bias towards small and mid-cap companies.
The aim is to position the Company as the investment of choice for those seeking exposure to UK listed companies but with the benefit of investing up to 20% of the portfolio in listed companies on overseas exchanges in order to enhance Shareholder returns.
Alex Wright, Portfolio Manager
Alex Wright has 24 years of investment experience. He joined Fidelity in 2001 as a European equity research analyst, successively covering building materials, alcoholic beverages, leisure, emerging European and African banks and UK small-cap stocks. He became portfolio manager of the Fidelity UK Smaller Companies Fund in 2008. He continues to manage this fund alongside the Fidelity Special Situations Fund and the Fidelity Special Values PLC, which he started managing in 2012.
Jonathan Winton, Co-portfolio Manager
Jonathan Winton joined Fidelity as an analyst in 2005, and has since covered pan European Support Services, Small Cap Technology and Beverages & Tobacco. He is the Lead Portfolio Manager of Fidelity UK Smaller Companies Fund and has worked alongside Alex Wright in the Fidelity UK equities team since 2013. He became co-portfolio manager on the Trust in February 2020.
Past Performance (%) | |||||
Feb 20 - Feb 21 | Feb 21 - Feb 22 | Feb 22 - Feb 23 | Feb 23 - Feb 24 | Feb 24 - Feb 25 | |
Net Asset Value | 7.9% | 20.0% | 10.6% | -0.2% | 21.4% |
Share Price | 9.1% | 21.4% | 2.7% | -2.1% | 24.8% |
FSTE All-Share Index | 3.5% | 16.0% | 7.3% | 0.6% | 18.4% |
Past performance is not a reliable indicator of future returns. | |||||
Investment objective
The investment objective of Fidelity Special Values PLC is to achieve long term capital growth primarily through investment in equities (and their related securities) of UK companies which the Investment Manager believes to be undervalued or where the potential has not been recognised by the market.
Summary of the key aspects of the Investment policy
The investment approach is flexible, with positions in large, medium and smaller sized companies, across all industries.
The Company may make limited investments in companies outside of the UK.
The Company may also invest into other transferable securities, collective investment schemes, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management and investment purposes.
The Company is able to gear the portfolio and the Board takes the view that long term returns for Shareholders can be enhanced by the use of gearing in a carefully considered and monitored way.
AGM 2024 - Portfolio Manager Review
Your Board of Directors
Dean Buckley
Chairman
Claire Boyle
Chair of the Audit Committee
Alison McGregor
Non-Executive Director
Ominder Dhillon
Non-Executive Director
Christopher Casey
Non-Executive Director
Reports and Literature
Latest monthly factsheet
Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.
Annual report
The latest annual report includes an update on the trust’s strategy, governance and financial performance.
Half-yearly report
The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.
Key Information Document
This document provides you with key information about this investment product. It is not marketing material.
Additional Information
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November 1994 |
Annual Reports
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31 August 2024 |
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31 August 2023 |
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31 August 2022 |
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31 August 2021 |
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31 August 2020 |
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31 August 2019 |
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31 August 2017 |
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31 August 2016 |
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31 August 2015 |
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31 August 2014 |
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31 August 2013 |
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31 August 2012 |
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31 August 2011 |
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31 August 2010 |
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31 August 2009 |
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31 August 2008 |
Half Yearly Reports
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28 February 2025 |
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29 February 2024 |
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28 February 2023 |
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28 February 2022 |
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28 February 2021 |
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29 February 2020 |
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28 February 2019 |
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28 February 2018 |
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28 February 2017 |
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28 February 2016 |
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28 February 2015 |
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28 February 2014 |
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28 February 2009 |
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31 January 2008 |
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June 2024 |
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*The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
News & Insights - Special Values PLC
Why the UK market is well-positioned to withstand the US tariff sto…
Alex Wright, portfolio manager of Fidelity Special Values shares his perspect…
Alex Wright
Portfolio manager, Fidelity Special Values PLC
28 April 2025
Half-Yearly Results for the six months ended 28 February 2025
The Board of Fidelity Special Values PLC (the “Company”) declares an interim …
Fidelity
Research team
28 April 2025
Fidelity Special Values maintains its AJ Bell Select List status
The Fidelity Special Values has maintained its spot among only 18 investment …
Alex Wright
Portfolio manager, Fidelity Special Values PLC
25 February 2025
Important information
Overseas investments are subject to currency fluctuations. This trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.