UK investment trust FSV beats index as NAV rises 10.6% over 12 months

Fidelity

UK investment trust, Fidelity Special Values PLC (LON:FSV) monthly factsheet for the period ended 28 February 2023 

Portfolio Manager Commentary 

UK equities started the month on a strong footing before giving back some of their gains in the latter half of the month. Investors became increasingly concerned rates may have further to rise after a string of economic reports and company results showed that many Western economies were performing better than expected. The Bank of England was relatively dovish in its commentary as it announced a 0.50% rate hike early in the month. In this environment, weaker areas of the market such as leisure remained under pressure. Conversely, the ongoing conflict in Ukraine supported the performance of energy and defence companies. 

Whilst inflation pressures may have started to decelerate, the environment is likely to remain uncertain over the coming year. However, the relative attractiveness of UK valuations compared to other markets and the large divergence in performance between different parts of the market continue to create good opportunities. The value on offer was underlined again this month by news that one of our holdings, John Wood Group, had received a number of unsolicited bids from New York-based private equity group Apollo. While rising rates have dulled the ability of private equity groups to borrow, we may continue to see bids from US and North American corporates. 

On a rolling 12-month basis, the Trust recorded NAV and share price returns of 10.6% and 2.7% respectively, compared to 7.3% 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.

Share on:
Find more news, interviews, share price & company profile here for:

Latest Company News

UK stocks rise as investors look through leadership change

UK stocks rose as investors looked through the leadership change and focused on banks, fiscal signals, gilt yields and selective company strength.

FTSE 100 forecast puts UK value shares in focus

FTSE 100 strength is putting UK value shares back in focus, with Marks & Spencer and British Land offering clear but different investor cases.

Fidelity Special Values reports April rebound and 32% annual share growth (LON:FSV)

Fidelity Special Values said UK equities rebounded in April as markets stabilised after March’s sell-off, with the Trust delivering 12-month NAV and share price returns of 24.1% and 31.8%.

Fidelity Investment Companies Forum 21 July 2026 – Hear all Portfolio Managers live!

Join Fidelity’s Investment Companies Forum online on 21 July to hear live market insights from portfolio managers across Europe, Asia, China and Emerging Markets, with opportunities to ask questions directly.

Fidelity Special Values delivers 28% one-year return, reinforcing conviction in value contrarian approach

Fidelity Special Values reports strong 12-month NAV and share price returns, while noting that recent UK market volatility is creating attractive opportunities for its contrarian value strategy.

Fidelity Special Values posts strong share price performance and dividend growth

Fidelity Special Values PLC delivered a 23.1% share price total return and 17.1% NAV total return for the six months to 28 February 2026, supported by gains in financials, defence and resources.

Search