This is Fidelity's flagship investment trust. It celebrated its 20th anniversary at the end of 2014 and since Alex Wright took over the management of this trust in September 2012, there has been a marked improvement in its performance.
Wright takes a contrarian approach, looking for out-of-favour stocks he believes are mispriced. Although he can invest across the size spectrum, he tends to find most opportunities and ideas at the small-company end of the spectrum.
He points out that there are two key elements to his approach. He seeks to avoid risk by considering the possibility of losing money before he invests in a company. He looks for businesses where this risk is limited.
He then looks at the potential for events that could significantly improve a company's earning power, such as changes in its management or market. He takes advantage of the flexibility to invest up to 20 per cent of the trust outside the UK.