Fidelity Special Values PLC An AJ Bell Select List Investment Trust

Portfolio manager Alex Wright’s contrarian approach to the trust thrives on volatile and uncertain markets, when he believes stocks are most likely to be misjudged and undervalued.

Investing mainly in the UK, and supported by Fidelity’s extensive research team, Alex looks to invest in out-of-favour companies, having spotted a potential trigger for positive change that he believes has been missed by others.

Turning insight into opportunity

Equity markets at both home and abroad have experienced significant volatility in recent months. While lower valuations could represent a great buying opportunity, it’s also essential to recognise that not every undervalued situation is special. Some unloved stocks are cheap for good reason.

Special situations investing requires rigorous analysis and due diligence to back each position and this kind of proprietary research has long been the cornerstone of our investment approach. Our network of over 400 investment professionals around the world place significant emphasis on questioning management teams to fully understand

Past performance

their corporate strategy. They also take time to speak to clients and suppliers of companies in order to build conviction in a stock.

It’s a consistent and disciplined approach that has worked well; the trust has significantly outperformed the FTSE All Share Index over the long term both since Alex took over in September 2012 and from launch over 28 years ago.

To find out more visit www.fidelity.co.uk/specialvalues

Past performance is not a reliable indicator of future returns

Past performance is not a reliable indicator of future returns.

Source: Morningstar as at 28.02.2023, bid-bid, net income reinvested. ©2023 Morningstar Inc. All rights reserved. The FTSE All Share Index is a comparative index of the investment trust

Source: Morningstar as at 31.03.2023, bid-bid, net income reinvested. ©2023 Morningstar Inc. All rights reserved. The FTSE All Share Index is a comparative index of the investment trust.

Important information

The value of investments can go down as well as up and you may not get back the amount you invested. Overseas investments are subject to currency fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The Trust can use financial derivative instruments for investment purposes, which may expose it to a higher degree of risk and can cause investments to experience larger than average price fluctuations. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility. The trust invests more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies and the securities are often less liquid. Investors should note that the views expressed may no longer be current and may have already been acted upon. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.