Hardman & Co Research: Fidelity Special Values (FSV): Questions for the 2022 AGM on 14 December
In this note, we ask the questions we would ask the FSV board at the forthcoming AGM, on 14 December 2022. To offer a perspective, we also give the answers that we would give if we were asked the same questions. We believe the questions fall into three key areas: i) why the trust has outperformed over the long term, (which has a bearing on how it may perform in the future), ii) how the recent economic news has affected the manager’s perspective and positioning, and iii) how the trust is managed in terms of its discount/buyback, the large dividend increase and its approach to gearing.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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