Fidelity Special Values PLC

UK Growth

Rated Fund 2013-19. A good choice for optimistic investors

Alex Wright, manager of Fidelity Special Values since 2012, believes 2019 could be a great year for those brave enough to back UK equities.

“The unrelenting negativity that investors are demonstrating towards UK equities is making me feel more and more positive on their prospects for 2019,” he says. “One thing I have learnt from investing in unloved companies is that you should not necessarily wait for good news to become obvious before investing. And the number of unloved companies available to choose from makes me think 2019 could turn into a surprisingly positive year for investors brave enough to buy UK equities before the good news.”

Wright has turned the fund around after performance faltered when Anthony Bolton departed in 2007, and he has nailed his colours to the mast with his contrarian approach.

He looks for companies that are cheap and out of favour with investors but showing signs of recovery or restructuring. He fishes predominantly in the pool of small UK companies when seeking opportunities. This has generally been an advantage in recent years, but it can lead to short-term fluctuations.

Unlike many UK funds, Fidelity Special Values can hold some international stocks. At present, it has almost 8% in the US through Citigroup, Discover Financial Services, Hewlett Packard and deep-water oil company Kosmos Energy, and more than 4% in Switzerland through pharmaceuticals giant Roche.

The annual cost of this trust is 1.05%. The shares can typically be picked up at a discount to net asset value but currently trade at a small premium.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
Fidelity Special Values PLC
FIL Investments International
Closed Ended Investment Company
UK All Companies
1.05 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2.1 %
Fund Size
£ 735.99 million
Discount Premium
To achieve long term capital growth primarily through investment in equities (and their related financial instruments) of UK companies which the Investment Manager believes to be undervalued or where the potential has not been recognised by the market.
Holding %
FTSE 250 - Stnd Index Future June19 4.93 %
Roche Holding AG Dividend Right Cert. 4.69 %
John Laing Group PLC 4.50 %
Pearson PLC 4.47 %
Citigroup Inc 4.00 %
Royal Dutch Shell PLC Class A 3.91 %
BP PLC 3.86 %
Phoenix Group Holdings PLC 3.68 %
The Royal Bank of Scotland Group PLC 3.44 %
Region %
United Kingdom 71.96 %
United States 11.30 %
Eurozone 9.04 %
Sector %
Industrials 25.22 %
Financial Services 22.54 %
Consumer Cyclical 13.94 %
Energy 11.47 %
Healthcare 7.15 %
Basic materials 6.72 %
Consumer Defensive 5.40 %
FIL Investments International
TN11 9DZ, Tonbridge, United Kingdom
Legal Structure
Closed Ended Investment Company


Alexander Wright
Joined 09/01/2012

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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