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Fidelity Special Values (FSV) aims to achieve long-term capital growth from a special situations portfolio of primarily UK equities. The manager has a contrarian approach, looking for unloved stocks and opportunities created by share price volatility and market uncertainty. Although market volatility has been unhelpful to shorter-term performance, FSV’s NAV total return has outperformed its benchmark FTSE All-Share index over five and 10 years. While seeing broadly negative sentiment towards UK equities, FSV’s manager is increasingly positive on the UK stock market outlook, irrespective of the outcome of Brexit negotiations, and has been adding to portfolio holdings by increasing FSV’s net gearing.

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