Fidelity Special Values Plc (FSV): Making a case study for outperformance
With FSV having recently reached a decade of outperformance under fund manager Alex Wright’s stewardship, we look at what has made this happen. We outline the investment process, and then provide a couple of detailed case studies to illustrate how it works in practice. The approach is essentially a contrarian one, using Fidelity’s experienced team of analysts to look for unappreciated companies where there is a catalyst for change. This is underpinned by low valuations, which are used to provide downside protection, rather than being the source of outperformance that a conventional value approach might take.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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