Fidelity Regulatory News (FSV)

London, UK, 20 April 2020

Edison issues review on Fidelity Special Values (FSV)

Fidelity Special Values (FSV) was launched in November 1994 and is run by Alex Wright (lead manager since January 2014) and Jonathan Winton (co-manager since February 2020). They have a value-based investment style, aiming to generate long-term capital growth - while limiting downside risk - from a diversified portfolio of UK equities, although up to 20% of the fund may be invested in companies listed overseas. FSV's positive long-term relative performance record has been negatively affected by the coronavirus pandemic; however, the managers are taking advantage of what they consider to be mispriced opportunities and are selectively adding to the trust's holdings. FSV currently offers a 3.2% dividend yield.

FSV is currently trading at a 3.9% premium to cum-income NAV, which compares with a range of an average 0.7% premium to a 2.5% discount over the last one, three and five years. Based on its current share price, the trust offers a 3.2% yield.

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Mel Jenner, +44 (0)20 3077 5720

Sarah Godfrey, +44 (0)20 3681 2519

investmenttrusts@edisongroup.com

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