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Fidelity Special Values PLC — Fund Information / Factsheet 2011
Aug 31, 2011
4736_rns_2011-08-31_68734b90-4935-48a7-b8d0-c50bb40c1a8d.pdf
Fund Information / Factsheet
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FIDELITY INVESTMENT TRUSTS 31 AUGUST 2011
FIDELITY SPECIAL VALUES PLC AIMS TO PROFIT FROM STOCKS UNLOVED BY THE MARKET
Fidelity Special Values PLC invests mainly in UK-listed companies. The portfolio is likely to have a bias towards medium-sized and smaller companies. The portfolio manager is a value investor, naturally seeking out stocks that are often unloved and unfashionable at the current time.
FIDELITY SPECIAL VALUES PLC DETAILS TO 31.08.11
| Share price: | 494p | |||
|---|---|---|---|---|
| NAV: | 552.87p | |||
| Discount: | 10.65% | |||
| Gearing Exposure: | 110.90% | |||
| Ordinary shares in | 56,528,896 | |||
| issue: | ||||
| Launch date: | 17/11/1994 | |||
| Portfolio Manager: | Sanjeev Shah | |||
| Appointed to trust: | 01/01/2008 | |||
| Years at Fidelity: | 15 | |||
| Investment available via ISA and Share Plan |
SINGLE YEAR PERFORMANCE (5 YEARS ENDING AUGUST)
| Aug 06- Aug 07- Aug 08- Aug 09- Aug 10- Aug 07 Aug 08 Aug 09 Aug 10 Aug 11 |
|||||
|---|---|---|---|---|---|
| Share Price | 14.3% | -17.6% | 19.4% | -2.1% | -5.0% |
| Price Record | Aug 07 |
Aug 08 |
Aug 09 |
Aug 10 |
Aug 11 |
| Share Price (pence) | 592.00 | 481.50 | 550.00 530.00 | 494.00 | |
| NAV (pence) | 630.75 | 562.13 | 587.50 586.21 | 552.87 |
PERFORMANCE RECORD
PORTFOLIO MANAGER
The current difficult period for world markets should not come as a surprise. We should expect to see further cycles of market recovery followed by sharp reversals as part of the aftermath of events in 2008. The current market turbulence has not changed my long term thesis on UK banks. These stocks will be volatile but long term potential remains despite recent poor performance. I am happy to continue my long-term underweight in mining stocks which are at historic valuation highs. The view I have held consistently this year is that global growth is fragile and therefore these valuations are unsustainable in anything other than the very short term.
Sanjeev Shah, Portfolio Manager
INVESTMENT HIGHLIGHTS
The NAV fell by 9.6%, compared to its benchmark which fell by 6.9%. The markets witnessed high levels of volatility as concerns about the outlook for global economic growth intensified following the US rating downgrade by S&P and continuing sovereign debt problems in Europe. The problems in Europe were reflected in the poor performance of banking stocks, where the portfolio has an overweight stance. Some the key technology holdings, notably Logica, also fell. The holding in military research company QinetiQ was the top contributor; the company reiterated its outlook for the current financial year, saying that its cost reduction plan is offsetting ongoing budget pressures in the US and the UK.
FIVE YEAR PERFORMANCE COMPARISON
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 17.11.94 |
|---|---|---|---|---|---|---|---|---|
| Share Price | -14.1% | -8.7% | -14.8% | -5.0% | 11.1% | 4.6% | 93.5% | 530.8% |
| NAV | -12.2% | -9.6% | -14.2% | -4.1% | 6.0% | 10.9% | 115.8% | 593.2% |
| FTSE All Share Index | -6.2% | -6.9% | -7.9% | 7.3% | 8.9% | 11.2% | 51.8% | 207.0% |
| Ranking within UK Capital Growth Inv. Trust Sector (Share Price) | ||||||||
| Position of the company | 21 | 16 | 21 | 21 | 15 | 12 | 8 | 4 |
| Total number of companies | 23 | 23 | 23 | 23 | 21 | 19 | 17 | 14 |
| Quartile Ranking | 4 | 3 | 4 | 4 | 3 | 3 | 2 | 2 |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 August 2011. bid-bid with net income reinvested. These figures do not include an initial charge. Rankings: Morningstar. Quartile rank refers to performance over time rated on a scale of 1-4. A ranking of 1 indicates that the item being ranked is in the top 25% of the sample; a quartile of 2 indicates it's in the top 50% and so on.
Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount you invested. As this fund can invest up to 20% in overseas companies this fund may be subject to currency fluctuations. Please remember the eligibility to invest in an ISA depends on individual circumstances and tax rules may be subject to change.
TOP 10 SECURITY HOLDINGS AS AT 31.08.11
| % of total net assets | ||
|---|---|---|
| HSBC HOLDINGS (UK REG) | 5.5 | |
| GLAXOSMITHKLINE | 5.4 | |
| BRITISH SKY BROADCAST (BSKYB) | 4.7 | |
| VODAFONE GROUP | 4.7 | |
| LLOYDS BANKING GROUP | 4.4 | |
| BP | 3.8 | |
| ERICSSON | 3.3 | |
| PEARSON | 2.8 | |
| WOLSELEY | 2.4 | |
| J SAINSBURY | 2.4 | |
| Source: FIL Limited, 31 August 2011 | Source: FIL Limited, 31 August 2011 | |
INDUSTRY BREAKDOWN AS AT 31.08.11
Includes present exposure of cash and equities (other). Source: FIL Limited, 31 August 2011
DEALING INFORMATION
SEAQ Code: 51079
Listed: London Stock Exchange Quoted: London Stock Exchange Financial Times The Times The Daily Telegraph The Independent Reuters Code: FSV.L
GLOSSARY
NAV
The total value of a company's assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.
DISCOUNT
If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.
GEARING EXPOSURE
Investment trusts have the ability to borrow additional money to invest, known as gearing. The trust has the ability to use bank loans, bank overdrafts and Contracts for Difference (CFDs) to increase its exposure to stocks. CFDs are used as a way of gaining exposure to the price movements of shares without buying the underlying shares directly.
OVERWEIGHT/UNDERWEIGHT
If a stock is deemed "overweight" this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed "underweight" this indicates that portfolio has a lower exposure to a stock compared to its benchmark.
TOP 10 SECURITY HOLDINGS
The ten largest holdings are shown as a percentage based on total exposure which is the fixed asset investments plus the fair value of the underlying securities within the derivative instruments.
SECTOR/GEOGRAPHICAL BREAKDOWNS
These are expressed as a percentage of total portfolio and cash.
FAIR VALUE
Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity. This information does not constitute investment advice and should not be used as the basis for any investment decision nor should it be treated as a recommendation for any investment. If you are unsure of the suitability of an investment, please contact a financial adviser.