Overview
News and Insights
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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)
331.50Net Change (%) ↑↓
+3.59Estimated NAV (p)
350.21Prem/Disc (%)
-5.34Source: 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
M&A surge highlights the opportunity in UK equities
A recent surge in M&A activity has underscored the compelling opportunity offered by attractively valued UK equities. Alex Wright, portfolio manager of Fidelity Special Values PLC, reviews the current backdrop and highlights the value that savvy investors are finding in the unloved UK market which remains cheap - despite improving relative performance.
Read moreKepler Trust Intelligence - latest research note on the Company
FSV’s wide discount doesn’t reflect strong recent performance.
Read more
Why the UK is a fount of Special Value
Bashing the UK market has become fashionable. After five years of post-Brexit underperformance and a tech surge that left the FTSE 100 behind, some view the UK stock market as a supermarket bargain bin, full of cheap but outdated companies. By rummaging through this bargain bin, Alex Wright, portfolio manager of Fidelity Special Values PLC believes that there are plenty of opportunities in under-research stocks with value to unlock.
Find out moreAlex Wright: Why consider my investment trust for your next ISA
In a recent Fund Ideas for your ISA webinar with AJ Bell, Alex Wright, Portfolio Manager of Fidelity Special Values PLC explains why he believes that value investing has the potential to outperform overtime and how he has positioned the trust for success.
Watch now
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 23 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 (%) | |||||
|---|---|---|---|---|---|
Jun 19 - Jun 20 | Jun 20 - Jun 21 | Jun 21 - Jun 22 | Jun 22 - Jun 23 | Jun 23 - Jun 24 | |
Net Asset Value | -21.1% | 47.7% | -2.1% | 8.2% | 18.1% |
Share Price | -25.9% | 57.6% | -7.1% | 1.7% | 20.1% |
FSTE All-Share Index | -13.0% | 21.5% | 1.6% | 7.9% | 13.0% |
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 2023 - Portfolio Manager Review
Your Board of Directors
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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*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
M&A surge highlights the opportunity in UK equities
In this article Alex Wright reviews the current backdrop and highlights the v…
Alex Wright
Portfolio manager, Fidelity Special Values PLC
08 July 2024
FSV’s wide discount doesn’t reflect strong recent performance.
Fidelity Special Values (FSV) owns a portfolio of predominantly UK equities t…
Kepler
Trust Intelligence
07 June 2024
Fidelity Special Values Half Yearly Results Announcement
The Company has announced its half yearly results for the period ending 29th …
Fidelity
Research team
26 April 2024
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.
Andy Irvine2,3 is a Non-Executive Director of BlackRock North American Income Trust plc. He is a past Chairman of Montanaro European Smaller Companies PLC and of Jones Lang La Salle Scotland and has over 35 years’ experience in commercial property development and investment. He is also a past Non-Executive Director of Securities Trust of Scotland PLC, a past Chairman of Celtic Rugby Limited, a past Chairman of the British and Irish Lions Limited and a past President of the Scottish Rugby Union.
2 Chairman of the Management Engagement Committee
3 Chairman of the Nomination Committee
Dean Buckley 2,3 is a Non-Executive Director of Alliance Trust PLC and Baillie Gifford & Co Limited. He is Chairman of Evelyn Partners Fund Solutions Limited (previously Smith & Williamson Fund Administration Limited). He is also Senior Independent Director, Chairman of the Audit Committee and the Remuneration Committee of JPMorgan Asia Growth & Income plc. He was previously a Non-Executive Director of Saunderson House Ltd and Chief Executive Officer at Scottish Widows Investment Partnership. Prior to this, he held several positions at HSBC Bank plc, including Chief Executive Officer for HSBC Asset Management UK and Middle East and Chief Investment Officer for HSBC Asset Management, European equities, and held a number of senior Fund Manager positions at Prudential Portfolio Managers. He is a Fellow of the Institute of Actuaries.
Appointed on 3 November 2015
Appointed as Chairman 14 December 2022
2 Chair of the Management Engagement Committee
3 Chair of the Nomination Committee
Nigel Foster 1,2,3 has over 42 years’ experience in the investment management industry. Prior to joining the Board, he was a Managing Director at BlackRock where he headed all market facing activities, including trading and capital markets for the EMEA region. He was also Global Head of Derivatives at BlackRock and predecessor firms for 27 years. He has led a number of prominent financial rescues and is the author of “The Derivatives Game”, a book that traces the story of derivatives from ancient times to the present day.
Appointed on 1 September 2015
Appointed as Senior Independent Director on 14 December 2022
1 Member of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee
Nicky McCabe 3 is a Non-Executive Director of Artemis Fund Managers, Aberdeen Income Fund Limited, Bristol University, Vitality Life Limited and Discovery Holdings Europe Limited. She was previously Head of Fidelity’s Investment Trusts, a Director of FIL Investment Services (UK) Limited, FIL Retirement Services Limited and Financial Administration Services Limited, Chief Operating Officer of Eight Roads and of Fidelity’s investment management teams, having joined Fidelity in 1999 as Head of Investment Administration. Prior to this, she worked for HSBC Asset Management and McKinsey & Co.
Appointed on 9 December 2004
All of the Directors are Non-Executive Directors and (with the exception of Ms McCabe) are independent.
3 Member of the Nomination Committee
Claire Boyle1,2,3 is Chair of the Life Science REIT plc and a Non-Executive Director of The Monks Investment Trust PLC and Nippon Active Value Fund plc. She was until recently, a Non-Executive Director and Chair of the Audit Committee of abrdn Japan Investment Trust plc. She was a Partner at Oxburgh Partners LLP with responsibility for the European Equity Hedge Fund and, prior to that, a European Equity Fund Manager at American Express Asset Management. She started her investment career with Robert Fleming Investment Management. She is a Fellow of the Institute of Chartered Accountants, having worked in fraud investigations at Coopers & Lybrand.
Appointed as Chair of the Audit Committee on 12 December 2019
1 Chair of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee
Alison McGregor1,2,3 is a Non-Executive Director and Chair of the Audit Committee of Scottish Power Energy Networks, and Chair of The Malcolm Group. Until December 2019, she was CEO of HSBC Scotland. Prior roles include Managing Director at Corporate Banking North HSBC, Head of Corporate Banking Clydesdale and Yorkshire Bank and 24 years’ experience in various banking roles at Barclays Bank PLC. Prior board roles include Non-Executive Director of Beatson Cancer Charity, Chair of the Scottish Apprenticeship Advisory Board, Non-Executive Director of CBI and Non-Executive Director of Scottish Enterprise. In 2018, she received the Women in Banking and Finance UK award for Achievement and was recognised by Action for Children as Woman of Influence in Business. In 2017, she was awarded the Scotland Corporate Leader of the Year Award at The Scottish Women’s Awards.
Appointed on 01 January 2020
1 Member of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee
Ominder Dhillon1,2,3 is a Non-executive Director of The City of London Investment Trust plc and a Senior Advisor to IC Research. He has 30 years’ experience of asset management covering institutional, wholesale and retail channels. Until June 2023, he was a Trustee to the UK charity, Facing History & Ourselves. Until January 2020, he was Global Head of Institutional Distribution at M&G Investments and prior to that, Managing Director of Global Business Development at sustainable and impact investment specialist Impax Asset Management. Prior to Impax, he was Head of UK & Ireland Institutional Distribution at Fidelity International, Director Institutional Business Development at Scottish Widows Investment Partnership and a Director and Portfolio Manager at John Morrell & Associates Limited.
Appointed on 23 June 2022
1 Member of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee