Fidelity Special Values | Winterflood Research

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Contrarian Approach Delivers Outperformance

Background: Fidelity Special Values* (FSV) aims to generate long-term capital growth primarily through investment in UK-listed companies that the managers believe are undervalued, with a potential catalyst for positive change. The fund has been managed by Alex Wright since September 2012, while Jonathan Winton was appointed co-manager in February 2020. They are supported by Fidelity’s 34-strong team of Pan-European Equity analysts.

Portfolio: The portfolio typically contains 80-120 holdings, with the top 10 accounting for 32% of portfolio value as at 31 October. The active share relative to the FTSE All Share was 87% as at 31 October. The fund can invest across the market cap spectrum, although there is an inherent bias towards small and mid-cap companies, with 34% of net assets invested in companies with market caps of less than £1bn at the end of October, versus just 5% of the FTSE All Share.

Performance: Over the last ten years, FSV has generated a NAV and share price total return of +132% (+8.8% p.a.), notably outperforming the +80% (+6.1% p.a.) return of the FTSE All Share. The fund is also the best performer in the 7-member UK All Companies peer group over the last three, five and ten years. Relative performance has been particularly strong since the end of 2020, when the fund’s value style has been more in favour.

*Denotes a corporate broking client of Winterflood Securities

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