Fidelity Special Values consistently outperforms index in 2024 (LON:FSV)

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Fidelity Special Values PLC (LON:FSV) has published its monthly factsheet for August 2024.

Portfolio Manager Commentary

UK equities rose in August, recovering from an early bout of volatility that was triggered by fears of a US economic slowdown and the unwinding of the yen carry trade after the Bank of Japan’s decision to raise interest rates to 0.25%. However, market sentiment improved as the month progressed, bolstered by stronger-than-expected US economic data and dovish remarks from Federal Reserve Chair Jerome Powell at Jackson Hole, which calmed investor nerves. In the UK, the Bank of England delivered its first rate cut in over four years, trimming the policy rate by 25 basis points to 5.0%.   

Despite the improved performance of the UK over recent years, UK equities still look cheap relative to other markets, and reasonably valued on an absolute basis. We continue to believe that the combination of attractive valuations and the large divergence in performance between different parts of the market create good opportunities for attractive returns from UK stocks on a three-to-five-year view. Their attractive valuations are being recognised by market participants such as overseas corporates and private equity firms who have been amongst the biggest bidders in the UK market. Our holdings continue to trade at a meaningful discount to the FTSE All Share, despite resilient earnings, superior returns on capital and relatively low levels of debt.  

On a rolling 12-month basis, the Trust recorded NAV and share price returns of 24.1% and 24.3% respectively, compared to 17.0% for the index. 

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