Fidelity Special Values PLC (UK)
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Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount are estimated.
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Fidelity Special Values PLC's aim is to achieve long term capital growth for investors by investing in special situations. It is an actively managed contrarian investment trust that thrives on volatility and uncertainty.
London is one of, if not the, most important of the world’s financial centres. Focused on the UK market but with up to 20% invested in overseas stock markets, this investment trust looks for stocks that are undervalued by the market and whose growth potential isn’t yet appreciated by other investors.
By understanding the downside and identifying the potential for change it allows the trust to invest in unloved stocks with potential for positive change. These 80-120 stocks held in the portfolio provide the trust with diversification and liquidity.
25 years of the Special Values Trust”
25th Anniversary of Fidelity Special Values PLC
05 November 2019
Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may not get back the amount you invested. Fidelity does not give advice. If you’re unsure of the suitability of an investment for you, you should speak to an authorised financial adviser.
Overseas investments are subject to currency fluctuations. This Investment Trust may also invest 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. Investment Trusts can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Their use may lead to higher volatility in the Net Asset Value and Share Price.
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.
Who’s Alex Wright?
Alex Wright has 13 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.
Who’s Jonathan Winton
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.
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.
Highlights from the Fidelity Special Values AGM 2019
12 December 2019
Fidelity Special Values PLC AGM 2019
12 December 2019
Board of Directors
Reports and Literature
Investors should be aware that the content of the Key Information Document (KID), including methodologies for the calculation and presentation of risks, performance scenarios and costs are defined by technical standards under the EU’s PRIIPs Regulation. The forward-looking Performance Scenarios are based on degrees of variation from historic performance, and cannot be guaranteed. The figures in the KID may not reflect the expected returns for the Company and will be higher following periods of strong returns and lower following market falls. Please remember that past performance is not a guide to future performance.
Fidelity Special Values PLC latest news and insights
Next AGM: December 2020
Appointment of Co-Portfolio Manager - January 2020
The Board of Fidelity Special Values PLC has announced, as part of an ongoing programme by Fidelity International to introduce Co-Portfolio Managers, that Jonathan Winton has been appointed as the Company's Co-Portfolio Manager alongside Alex Wright.
Final Results Announced for the year ending 31 August 2019
Final Results for the year ending 31 August 2019 have been announced.
The real value in UK equities - September 2019
While aggregate valuations in the UK look attractive, this picture masks some significant stylistic and sectoral differences.
Jennifer Turton on Fidelity Special Values PLC - FT Adviser, July 2019
Investment trusts have outperformed in 75 per cent of cases, when compared with an equivalent open-ended fund, AJ Bell has found.
The UK’s most shorted stocks… and why I own two of them - May 2019
A high level of short interest is the clearest indication of a company being unloved and out of favour.
Jonathan Jones and Richard Evans on Fidelity Special Values PLC - The Daily Telegraph, May 2019
Investors have an enormous number of funds and potential sources of advice vying for their attention.
David Thorpe on Fidelity Special Values PLC - FT Adviser, May 2019
Alex Wright, who runs the £843m Fidelity Special Values investment trust, is sticking with his strategy of investing in the UK domestic economy, despite the trust performing worse than the market in recent months.
What to look for (and avoid) in UK domestic stocks - February 2019
The deeply unloved status of the UK equity market has created no shortage of contrarian value opportunities.
Edison publish an initiation Research Note: Increasingly positive view on UK market outlook - January 2019
Fidelity Special Values (FSV) aims to achieve long-term capital growth from a special situations portfolio of primarily UK equities.