Fact sheet: Fidelity Special Values IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
UK GROWTH
Sector
IT UK All Companies
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Fidelity Special Values IT

Rated Fund 2013-2018. A good choice for optimistic investors

Last year was another strong year for Alex Wright, manager of Fidelity Special Values since 2012, thanks to his exposure to cyclical areas of the market that have marched ahead as global economic growth continues.

Should the positive momentum continue, his biases towards financials and industrials should bode well for performance in 2018, says stockbroker Cantor Fitzgerald, making this investment trust a strong contender for those optimistic about sustained economic growth.

Wright has turned the fund around after performance faltered following Anthony Bolton's departure in 2007, and has nailed his colours to the mast with his contrarian approach. He looks for companies that are cheap and out of favour, but are showing signs of recovery or restructuring. He fishes predominantly in the UK small companies pool when seeking opportunities. This has generally been an advantage in recent years, but it can lead to short-term fluctuations.

Unlike many UK growth-oriented funds, Fidelity Special Values can hold some international stocks. Currently it has 5.8 per cent of assets in Citigroup and 2 per cent in Alphabet, Google's parent, both of which are listed in the US.

The ongoing charges are a relatively expensive 1.1 per cent, but shares can typically be picked up at a discount to net asset value. They traded at a low to mid single-digit discount through 2017. <\p>

3 Year Performance
Fund Performance46.9%
Average of Rated Funds Group44.3%
Sector Performance28%
Fund information
Fund name
Fidelity Special Values PLC
Fund manager company
Fidelity (FIL Invt Intl)
Fund type
Investment Trust
Fund managers
  • Alex Wrightsince 01/09/2012
Accolades
Fund objective
To achieve long-term capital growth predominately through investments in UK-listed companies.
Benchmark
  • FTSE All Share TR
Investment style
Value
Investment method
No data available.
Quick stats
1 Year return
13%
1 Year rank in sector
6/15
Sector
IT UK All Companies
Yield
1.8%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.07%
Fund size
£684m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
128
Mid price
258
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
266.47
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-3.18
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
108
Top in this sector
Fund name1 Year
Manchester & London IT plc31.5%
JP Morgan Mid Cap IT plc23.6%
Artemis Alpha Tst plc17.1%
Mrtl IT PLC15.2%
Schroder UK Growth plc13.1%
...more in IT UK All Companies

Performance snapshot

Holdings snapshot

  • UK81.5%
    USA10.3%
    Ireland7.3%
    Sweden1.5%
    Canada1.4%
  • Financials38.2%
    Industrials30.6%
    Consumer Services16.9%
    Oil & Gas6.6%
    Consumer Goods4.1%
  • UK Equities81.5%
    US Equities10.3%
    Irish Equities7.3%
    Swedish Equities1.5%
    Canadian Equities1.4%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.8%-2.5%5.6%13%46.9%102%
Sector3.7%-1.5%2.9%7.8%28%56.1%
Rank within sector14 / 159 / 155 / 156 / 154 / 152 / 13
Quartile4th3rd2nd2nd2nd1st
Calendar performance
 YTD - 20182017201620152014
Fund0.8%13.9%16%18.6%-4.6%
Sector0.9%17.5%3.8%9.1%-1.7%
Rank within sector6 / 158 / 153 / 153 / 149 / 13
Quartile2nd3rd1st1st3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
7.61
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.96
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.89
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
12.96
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
8.74
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.78
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.53
Price movement
52 week high273
52 week low230.88
Current bid price256
Current offer price258
Current mid price258
Region
1UK81.5%
2USA10.3%
3Ireland7.3%
4Sweden1.5%
5Canada1.4%
6Germany0.9%
7Japan0.5%
8Portugal0.5%
9France0.2%
Industry sector
1Financials38.2%
2Industrials30.6%
3Consumer Services16.9%
4Oil & Gas6.6%
5Consumer Goods4.1%
6Technology4.1%
7Basic Materials3.9%
8Utilities3.4%
9Health Care1.7%
Asset type
1UK Equities81.5%
2US Equities10.3%
3Irish Equities7.3%
4Swedish Equities1.5%
5Canadian Equities1.4%
6German Equities0.9%
7Japanese Equities0.5%
8Portuguese Equities0.5%
9French Equities0.2%
Individual holdings
1ROYAL DUTCH SHELL5.6%
2CITIGROUP INC5.3%
3LADBROKES CORAL GROUP PLC4.8%
4CRH PLC4.1%
5LLOYDS BANKING GROUP PLC4%
6PEARSON3.2%
7SHIRE PLC3%
8ULTRA ELECTRONICS HLDGS2.9%
9AVIVA2.8%
Management
Fund manager group
Fidelity
Fund manager company
Fidelity (FIL Invt Intl)
Fund type
Investment Trust
Fund objective
To achieve long-term capital growth predominately through investments in UK-listed companies.
Benchmark
  • FTSE All Share TR
Investment style
Value
Investment method
No data available.
Fund managers
NameSinceBiography
Alex Wright01/09/2012Alex Wright has 10 years investment experience. He joined Fidelity as an analyst in 2001 and was promoted to portfolio manager in February 2008. Alex had previously run an internal European financials pilot fund (For 6 months in 2006) and the predecessor to UK Smaller Companies, a UK small cap pilot fund, for 8 months from mid 2007 until March 2008. He also manages a Fidelity pilot fund (AUM $1m) benchmarked vs the FTSE All Share index. Alex graduated from Warwick University with 1st class HoNours degree in EcoNomics in 2001 and a CFA Charterholder.
Compliance
AIC Member, Transparent for Swiss Tax, UCIS
Domicile
No data available.
Fund for sale in
United Kingdom
Fidelity Special Values PLC
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price266.47
CurrencyGBX
Price updated19/04/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNJKK
Data provided by

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