Opportunities abound in cheap UK market
Important information: The value of investments and the income from them, can go down as well as up, so you may get back less than you invest.
Portfolio manager Alex Wright’s contrarian approach to the trust thrives on volatile and uncertain markets – when there’s more chance of stocks being misjudged and undervalued. Investing mainly in the UK, and supported by Fidelity’s extensive research team, Alex looks to invest in out-of-favour companies, having spotted a potential trigger for positive change that he believes has been missed by others.
It’s a consistent and disciplined approach that has worked well; the trust has outperformed the FTSE All Share Index over the long term both since Alex took over in September 2012 and from launch 26 years ago.*
|Past Performance||Oct 16 – Oct 17||Oct 17 – Oct 18||Oct 18 – Oct 19||Oct 19 – Oct 20||Oct 20 – Oct 21|
|Net Asset Value||19.0%||-1.8%||4.7%||-24.0%||59.8%|
|FTSE All Share Index||13.4%||-1.5%||6.8%||-18.6%||35.4%|
Past performance is not a reliable indicator of future returns.
Source: Morningstar as at 31.10.2021, bid-bid, net income reinvested. ©2021 Morningstar Inc. All rights reserved.
Watch Alex’s recent broadcast with Citywire
In his conversation with Citywire’s Gavin Lumsden, Alex explains his investment philosophy, why he still has the investment trust highly geared to a further rally in the UK stock market and why he is confident that ‘value’ stocks will close their historic valuation gap with ‘growth’ shares.
The ‘Big Broadcast’ with Alex Wright is produced, recorded and distributed by Citywire.
Why the UK stock market should be much higher (3min)
UK vs US: are British stocks too cheap?
So how does a contrarian investor do ESG? (3min)
Why did Alex Wright cut Imperial Brands? (3min)
Citywire ‘Big Broadcast’ (60min)
* Source: Morningstar as at 31 August 2021. Net return in GBP terms, dividends reinvested. Comparative index: FTSE All Share. ©2021 Morningstar Inc. All rights reserved. Graph performance shown since Alex Wright took over management of Fidelity Special Values on 01/09/2012.
This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Overseas investments are subject to currency fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. The trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. This trust uses financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. Investors should note that the views expressed may no longer be current and may have already been acted upon. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only.
The latest annual reports, key information documents (KID) and factsheets can be obtained from our website at www.fidelity.co.uk/its or by calling 0800 41 41 10. The full prospectus may also be obtained from Fidelity. Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. The Alternative Investment Fund Manager (AIFM) of Fidelity Investment Trusts is FIL Investment Services (UK) Limited.