Important information: The value of investments and the income from them, can go down as well as up, so you may get back less than you invest.

Portfolio manager Alex Wright’s contrarian approach to the trust thrives on volatile and uncertain markets - when there’s more chance of stocks being misjudged and undervalued. Investing mainly in the UK, and supported by Fidelity’s extensive research team, Alex looks to invest in out-of-favour companies, having spotted a potential trigger for positive change that he believes has been missed by others.

It’s a consistent and disciplined approach that has worked well; the trust has outperformed the FTSE All Share Index over the long term both since Alex took over in September 2012 and from launch 26 years ago.*

Past Performance Oct 16 - Oct 17 Oct 17 - Oct 18 Oct 18 - Oct 19 Oct 19 - Oct 20 Oct 20 - Oct 21
Net Asset Value 19.0% -1.8% 4.7% -24.0% 59.8%
Share Price 26.9% 5.1% 5.5% -32.1% 78.1%
FTSE All Share Index 13.4% -1.5% 6.8% -18.6% 35.4%

Past performance is not a reliable indicator of future returns.
Source: Morningstar as at 31.10.2021, bid-bid, net income reinvested. ©2021 Morningstar Inc. All rights reserved.

Watch Alex’s recent broadcast with Citywire

In his conversation with Citywire's Gavin Lumsden, Alex explains his investment philosophy, why he still has the investment trust highly geared to a further rally in the UK stock market and why he is confident that ‘value’ stocks will close their historic valuation gap with ‘growth’ shares.

The 'Big Broadcast' with Alex Wright is produced, recorded and distributed by Citywire.

Why the UK stock market should be much higher (3min)

UK vs US: are British stocks too cheap?

So how does a contrarian investor do ESG? (3min)

Why did Alex Wright cut Imperial Brands? (3min)

Citywire ‘Big Broadcast’ (60min)

* Source: Morningstar as at 31 August 2021. Net return in GBP terms, dividends reinvested. Comparative index: FTSE All Share. ©2021 Morningstar Inc. All rights reserved. Graph performance shown since Alex Wright took over management of Fidelity Special Values on 01/09/2012.

News & Insights - Special Values PLC

Final Results Announced

Final Results Announced


Special Values

Special Values

Investment Trust Range

Opportunities abound in cheap UK market

Opportunities abound in cheap UK market


Alex Wright

Alex Wright

Portfolio Manager, Fidelity Special Situations Fund and Fidelity Special Values PLC

UK M&A surge highlights undervalued domestic opportunities

UK M&A surge highlights undervalued domestic opportunities


Jonathan Winton

Jonathan Winton

Co-Portfolio Manager, Fidelity Special Values PLC