Fidelity Special Values PLC
Rated Fund 2013-2018. A good choice for optimistic investors
Last year was another strong year for Alex Wright, manager of Fidelity Special Values since 2012, thanks to his exposure to cyclical areas of the market that have marched ahead as global economic growth continues.
Should the positive momentum continue, his biases towards financials and industrials should bode well for performance in 2018, says stockbroker Cantor Fitzgerald, making this investment trust a strong contender for those optimistic about sustained economic growth.
Wright has turned the fund around after performance faltered following Anthony Bolton's departure in 2007, and has nailed his colours to the mast with his contrarian approach. He looks for companies that are cheap and out of favour, but are showing signs of recovery or restructuring. He fishes predominantly in the UK small companies pool when seeking opportunities. This has generally been an advantage in recent years, but it can lead to short-term fluctuations.
Unlike many UK growth-oriented funds, Fidelity Special Values can hold some international stocks. Currently it has 5.8 per cent of assets in Citigroup and 2 per cent in Alphabet, Google's parent, both of which are listed in the US.
The ongoing charges are a relatively expensive 1.1 per cent, but shares can typically be picked up at a discount to net asset value. They traded at a low to mid single-digit discount through 2017.
Narrative and ratings content all as of 01 January 2018.See all Money Observer rated funds
|Ftse 250 Index_fut||5.89 %|
|Citigroup Inc||5.42 %|
|CRH PLCCFD||4.49 %|
|Lloyds Banking Group PLC||4.01 %|
|BP PLC||3.99 %|
|Shire PLC||3.96 %|
|Pearson PLC||3.83 %|
|Phoenix Group Holdings||3.26 %|
|Royal Dutch Shell PLC Class A||2.71 %|
|Ultra Electronics Holdings PLC||2.61 %|
|United Kingdom||69.00 %|
|United States||16.62 %|
|Financial Services||25.05 %|
|Consumer Cyclical||15.01 %|
|Consumer Defensive||7.78 %|
|Basic materials||5.12 %|
Alex Wright has 13 years of investment experience. He joined Fidelity in 2001 as a European equity research analyst, successively covering building materials, alcoholic beverages, leisure, emerging European and African banks and UK small-cap stocks. He became portfolio manager of the Fidelity UK Smaller Companies Fund in 2008. He continues to manage this fund alongside the Fidelity Special Situations Fund and the Fidelity Special Values PLC, which he started managing in 2012.
Data provided by Morningstar.
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