Fidelity Special Values PLC (LON:FSV) has published its monthly factsheet for November 2025.
Portfolio Manager Commentary
UK equities modestly advanced in November, as they recorded the seventh consecutive monthly gain against a backdrop of fiscal uncertainty and a cautious risk appetite. For most of the month, investor focus centred on the potential tax increases ahead of the Chancellor’s Autumn Budget, with concerns over the fiscal gap possibly leading to volatility in both equities and government bonds. Markets ultimately experienced some relief as the Budget delivered a more constructive outlook of the government’s finances and tax measures than expected. Sector performance was broadly defensive, with healthcare, utilities and consumer staples leading the gains as investors favoured earnings stability. Technology, industrials, and consumer discretionary lagged, reflecting slower domestic momentum and a rotation away from more cyclical areas of the market.
While the market’s optimism and rise in valuations should warrant caution, we believe the UK market continues to offer relative value against other regions – including the US, Europe, Japan and Asia Pacific ex-Japan – both on a forward P/E basis and when adjusting for sectoral differences. We remain excited by the prospects of our holdings and the deep and attractive investment universe that the UK offers, along with the ability to generate long term performance.
On a rolling 12-month basis, the Trust recorded NAV and share price returns of 24.4% and 32.7% respectively, compared to 20.0% for the index.
Fidelity Special Values PLC (LON:FSV) aims to seek out underappreciated companies primarily listed in the UK and is an actively managed contrarian Investment Trust that thrives on volatility and uncertainty.
