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

FTSE 100 rises as banks gain and oil falls

The FTSE 100 rises as banking shares gain and oil prices ease, while investors monitor Middle East tensions, UK economic data and the outlook for interest rates.

UK Investment Trusts: Latest News and Fund Manager Interviews – LWDB, FGT, RICA, BIOG, FSV

Across these five interviews, several common investment themes emerge: opportunities created by undervalued UK equities, the potential benefits and risks of artificial intelligence, increasing corporate takeover activity and the importance of selecting businesses with strong long-term prospects.

FTSE 100 extends recovery as global markets strengthen

The FTSE 100 is extending its recovery with a third consecutive gain in sight as stronger global markets, healthcare stocks and miners support London shares.

Fidelity Special Values delivers 27.8% 1-year return as UK mid-caps outperform

Fidelity Special Values reported a 23.4% NAV return over the 12 months to August 2026, ahead of the 21.3% index return, with the manager continuing to identify opportunities among undervalued UK mid-cap and smaller companies.

FTSE 100 gains as housebuilders take centre stage and oil prices rise

UK markets are being shaped by a combination of housing policy, energy prices and geopolitical developments, with the forthcoming Budget likely to provide further detail on measures affecting the economy and listed companies.

Top UK investment opportunities are hiding in plain sight

UK market leadership is broadening, giving Fidelity Special Values more scope to find mispriced companies across recruitment, banking, resources and defensive sectors.

Search