Last checked at 23 Jul 2019 10:48
London, UK, 23 July 2019
Edison issues review on Fidelity Special Values (FSV)
Fidelity Special Values (FSV) has been managed by Alex Wright since September 2012. He aims to generate long-term capital growth from a diversified portfolio of primarily UK-listed companies (up to 20% of the fund may be held in companies listed overseas, and two of its top three holdings are ex-UK). The manager has a value, contrarian approach and is currently finding a broad spread of attractively valued investment opportunities across the UK market: in companies with both domestic and international businesses; in cyclical and more defensive areas; and across the market cap spectrum. Given the strength of the UK market so far this year, in spite of a deteriorating macro backdrop, Wright is more cautious on the near-term outlook for UK equities in general, but remains very positive on the opportunity set for a contrarian investor.
The board seeks to ensure that FSV's shares trade close to NAV. Since mid-2018, the trust has regularly traded at a premium and the board has been actively issuing shares. FSV's current 0.8% discount to cum-income NAV compares with the 1.1% average premium over the last year and the 2.7% to 6.5% range of average discounts over the last three, five and 10 years. Since 2015, FSV has paid semi-annual dividends in June and January and the current yield is 2.0%.
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