Edison issues review on Fidelity Special Values

RNS Number : 4293G

Fidelity Special Values PLC

23 July 2019

 

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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