Fact sheet: Fidelity Special Values IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK GROWTH
Sector
IT UK All Companies
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Fidelity Special Values IT

This is Fidelity's flagship investment trust which was launched in 1994 under the management of the legendary Anthony Bolton. After he stepped down in 2007, the trust's performance faltered. However, since Alex Wright took over the management in September 2012, there has been a marked improvement in this trust's performance.

Wright takes a contrarian approach, looking for out-of-favour stocks which he believes are mispriced. Although he can invest across the size spectrum, he tends to find most opportunities and ideas among small and medium-sized companies. This has been to his advantage in recent years, as has his use of gearing.

He says there are two key elements to his investment approach. One is his management of risk. He looks for companies where there is limited risk of price falls. In other words, he wants to invest in companies that have exceptionally cheap valuations or some kind of asset that should stop their share prices falling below a certain level.

Secondly he looks for unrecognised growth potential. So he tries to spot events that could significantly improve a company's earning power, but are not currently reflected in its share price.

Wright also manages the Fidelity Special Situations fund. He takes the same investment approach with both and there is an overlap in their holdings of about 80 per cent. However, he says that because the trust is closed-ended, it gives him confidence to include some smaller and more illiquid holdings in the portfolio.

3 Year Performance
Fund Performance21.8%
Average of Rated Funds Group32.6%
Sector Performance16.2%
Fund information
Fund name
Fidelity Special Values PLC
Fund manager company
Fidelity (FIL Invt Intl)
Fund type
Investment Trust
Fund managers
  • Alex Wrightsince 09/01/2012
Accolades
Fund objective
This fund invests mainly in UK-listed companies. The portfolio is likely to have a bias towards medium-sized and smaller companies. The portfolio manager is a value investor, naturally seeking out stocks that are often unloved and unfashionable at the current time.
Benchmark
  • FTSE All Share TR
Investment style
Value
Investment method
No data available.
Quick stats
1 Year return
-1.6%
1 Year rank in sector
13/17
Sector
IT UK All Companies
Yield
1.7%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.12%
Fund size
£520m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
122
Mid price
194.5
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
218.42
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-10.49
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
122
Top in this sector
Fund name1 Year
Manchester & London IT plc31.7%
Crystal Amber12.8%
Invesco Perp Sel UK Eq plc12%
Abrden UK Tkr Tst plc11%
Aurora Investment Trust plc9.2%
...more in IT UK All Companies

Performance snapshot

Holdings snapshot

  • UK92.4%
    USA12.1%
    Austria2.2%
    Canada1.4%
    Ireland1.4%
  • Financials35.1%
    Industrials32.7%
    Consumer Services14.9%
    Oil & Gas9.2%
    Technology7.6%
  • UK Equities93.8%
    US Equities13.5%
    Austrian Equities2.3%
    Irish Equities1.6%
    Canadian Equities1.5%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3.6%1.3%6%-1.6%21.8%125.4%
Sector5%3.2%9%2.1%16.2%62.3%
Rank within sector9 / 179 / 1710 / 1713 / 177 / 154 / 15
Quartile3rd3rd3rd4th2nd2nd
Calendar performance
 YTD - 20162015201420132012
Fund-2.7%18.6%-4.6%55.3%31%
Sector-0.1%9.1%-1.7%31.3%20.3%
Rank within sector10 / 173 / 1611 / 154 / 157 / 15
Quartile3rd1st3rd2nd2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
2.31
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.06
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.25
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
12.04
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
6.97
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.33
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.66
Price movement
52 week high203
52 week low170
Current bid price193.5
Current offer price194.75
Current mid price194.5
Region
1UK92.4%
2USA12.1%
3Austria2.2%
4Canada1.4%
5Ireland1.4%
6Germany0.8%
7Brazil0.3%
8Hong Kong0.3%
9South Africa-0.3%
Industry sector
1Financials35.1%
2Industrials32.7%
3Consumer Services14.9%
4Oil & Gas9.2%
5Technology7.6%
6Health Care6.3%
7Consumer Goods4.4%
8Basic Materials3.6%
9Telecommunications2.6%
Asset type
1UK Equities93.8%
2US Equities13.5%
3Austrian Equities2.3%
4Irish Equities1.6%
5Canadian Equities1.5%
6German Equities0.9%
7Brazilian Equities0.3%
8Hong Kong Equities0.2%
9International Equities-2.4%
Individual holdings
1ROYAL DUTCH SHELL7.4%
2CITIGROUP INC5.4%
3CRH PLC5.1%
4HOMESERVE4.2%
5ROYAL MAIL PLC4%
6SHIRE PLC3.8%
7WOLSELEY PLC3.6%
8ULTRA ELECTRONICS HLDGS PLC3.5%
9LADBROKES PLC3.2%
Management
Fund manager group
Fidelity
Fund manager company
Fidelity (FIL Invt Intl)
Fund type
Investment Trust
Fund objective
This fund invests mainly in UK-listed companies. The portfolio is likely to have a bias towards medium-sized and smaller companies. The portfolio manager is a value investor, naturally seeking out stocks that are often unloved and unfashionable at the current time.
Benchmark
  • FTSE All Share TR
Investment style
Value
Investment method
No data available.
Fund managers
NameSinceBiography
Alex Wright09/01/2012Alex Wright has over 14 years of investment experience in UK and European equity markets. He joined Fidelity in 2001 as a research analyst and has covered a number of sectors across the market capitalisation spectrum. He has managed the Fidelity Special Situations Fund since January 2014 and has been portfolio manager of the Fidelity UK Smaller Companies Fund since its launch in February 2008. He has also been responsible for managing Fidelity Special Values PLC since September 2012. Alex has a BSc (Economics) from Warwick University, where he graduated with First Class Honours, and he is also a CFA Charterholder.
Compliance
AIC Member, Transparent for Swiss Tax, UCIS
Domicile
No data available.
Fund for sale in
United Kingdom
Fidelity Special Values PLC
Initial charge-
Annual charge0.88%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.12%
Total expense ratio (TER)1.1%
Bid price193.5
Offer price194.75
Mid price194.5
CurrencyGBX
Price updated25/08/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFI12
Data provided by

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