Overview
Fidelity Special Values PLC (UK)
Last Deal Price (p)
171.20Net Change (%) ↑↓
+1.18Estimated NAV (p)
195.36Prem/Disc (%)
-12.37Source: 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.
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.
Finding the hidden value in UK equities
Alex Wright, portfolio manager of Fidelity Special Situations and Fidelity Special Values PLC, discusses the current environment for UK equity investors. Although the broader market does not appear to be particularly cheap, he reviews a large opportunity set among unfashionable stocks and sectors and reveals how he is balancing positioning as the UK emerges from lockdown.
Find out moreWhat’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 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.
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.
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.
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.
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.
Additional Information
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News & Insights - Special Values PLC
Finding the hidden value in UK equities
Alex Wright discusses the current environment for UK equity investors. Alth...
Alex Wright reflects on the investor impact of COVID
Alex Wright, Portfolio Manager of Fidelity Special Values PLC gives his lat...
A new age for UK equities
We are living in extraordinary times. Alex Wright, portfolio manager of the...
*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.
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 Irvine 1, 2, 3 is Non-Executive Chairman of Jones Lang La Salle Scotland, and has over 30 years’ experience in the field of commercial property development and investment. He’s also Chairman of Montanaro European Smaller Companies PLC, a Non-Executive Director of BlackRock North American Income Trust PLC, and a Director of Securities Trust of Scotland PLC.
Mr. Irvine is a former Chairman of Celtic Rugby, a past Chairman of the British and Irish Lions Limited, and a past President of the Scottish Rugby Union.
Appointed on 15 April 2010
Appointed as Chairman on 5 July 2016
All of the Directors are Non-Executive Directors and (with the exception of Ms McCabe) are independent.
1 Member of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee
Dean Buckley 1,2,3 is a Non-executive Director of JPMorgan Asian Investment Trust plc. He was previously Chief Executive Officer at Scottish Widows Investment Partnership. Prior to this appointment 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 Senior Independent Director on 12 December 2019
All of the Directors are Non-Executive Directors and (with the exception of Ms McCabe) are independent.
1 Member of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee
Nigel Foster 1,2,3 has over 35 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. Nigel 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
All of the Directors are Non-Executive Directors and (with the exception of Ms McCabe) are independent.
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 qualified as a chartered accountant with Coopers & Lybrand in 1993 and has over 17 years’ experience working in finance and equity investment management running portfolios over a wide range of sectors for international corporate, Government, State and retail clients, including unit and investment trusts. She was a Partner at Oxburgh Partners LLP with responsibility for their European Equity Hedge Fund. Prior to that she was a European Equity Fund Manager at American Express Asset Management, where her role included both portfolio management and business development. She started her investment career with Robert Fleming Investment Management. Claire is a non-executive director and Chair of the Audit Committee of Aberdeen Japan Investment Trust Plc.
Appointed as Chair of the Audit Committee on 12 December 2019
All of the Directors are Non-Executive Directors and (with the exception of Ms McCabe) are independent.
1 Member 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 of the Confederation of British Industries, Scottish Power Energy Networks Holdings and Beatson Cancer Charity and is an Advisor to the Board at Glasgow University Adam Smith Business School. She is also Co-Chair of the Scottish Apprenticeship Advisory Board.
In 2018, Alison 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. Previously, Alison was the CEO of HSBC Scotland from 2014 to December 2018, the Chair of CBI Scotland and a Non-Executive Director of Scottish Enterprise.
Appointed on 01 January 2020
All of the Directors are Non-Executive Directors and (with the exception of Ms McCabe) are independent.
1 Member of the Audit Committee
2 Member of the Management Engagement Committee
3 Member of the Nomination Committee