Edison Investment Research - Fidelity Special Values PLC (FSV) Fidelity Special Values - Outperforming despite a stylistic headwind

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Edison Investment Research

Mel Jenner

Fidelity Special Values - Outperforming despite a stylistic headwind

Fidelity Special Values (FSV) has been managed by Alex Wright since September 2012. He aims to generate long-term capital growth from a diversified portfolio of primarily UK-listed companies (up to 20% of the fund may be held in companies listed overseas, and two of its top three holdings are ex-UK). The manager has a value, contrarian approach and is currently finding a broad spread of attractively valued investment opportunities across the UK market: in companies with both domestic and international businesses; in cyclical and more defensive areas; and across the market cap spectrum. Given the strength of the UK market so far this year, in spite of a deteriorating macro backdrop, Wright is more cautious on the near-term outlook for UK equities in general, but remains very positive on the opportunity set for a contrarian investor.

23/07/2019 10 EN

Underlying

Fidelity Special Values PLC

Fidelity Special Values PLC is a United Kingdom-based investment trust. The investment objective of the Company is to achieve long term capital growth predominantly through investment in the United Kingdom listed companies. The Company is engaged in the investments in larger, medium and smaller-sized companies. Its investments have the characteristics, including limited downside risk and unrecognized potential for positive change. The Company focuses on investing up to 20% of the portfolio in listed companies on overseas exchanges. The Company may invest directly in the shares of companies or indirectly through equity-related instruments (such as derivative contracts, warrants or convertible bonds) and in debt instruments. The Company may also invest in unquoted securities. It invests in sectors, including financial services, media, support services, and software and computer services. FIL Investment Services (UK) Limited is the Company's alternative investment fund manager.

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GB00BWXC7Y93 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Mel Jenner

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Fidelity Special Values - Outperforming despite a stylistic headwind

Hardman & Co Monthly: April 2023

Fidelity Special Values Plc (FSV): Making a case study for outperformance

Hardman & Co Monthly: March 2023

Arcadium Lithium - When one plus one equals three

ABO Energy - Global growth generates record net profit

Next 15 Group - Baked in AI opportunities

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