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Fidelity Special Values PLC — Fund Information / Factsheet 2012
Feb 29, 2012
4736_rns_2012-02-29_88c41c02-07e6-4451-8f80-626fcb3157df.pdf
Fund Information / Factsheet
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FIDELITY INVESTMENT TRUSTS 29 FEBRUARY 2012
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 29.02.12
| Share price: | 526p | |
|---|---|---|
| NAV: | 600.28p | |
| Discount: | 12.37% | |
| Gearing Exposure: | 110.25% | |
| Ordinary shares in | 55,343,896 | |
| issue: | ||
| Launch date: | 17/11/1994 | |
| Portfolio Manager: | Sanjeev Shah | |
| Appointed to trust: | 01/01/2008 | |
| Years at Fidelity: | 16 | |
| Investment available via ISA and Share Plan | ||
PORTFOLIO MANAGER
I don't think equities will go up in a straight line, but I would use any corrections in the short term to add money. Everything I see so far suggests a significant market sell-off is not likely in the short term. Although our contrarian value style has been out of favour in the recent past, I am content to keep holding stocks such as Lloyds Banking Group for the longer term, in anticipation of gains to come. Lloyds was one of the biggest detractors to performance last year but we see significant upside for the company. I believe it is a good investment case for the next 2-3 years.
Sanjeev Shah, Portfolio Manager
INVESTMENT HIGHLIGHTS
The Trust NAV rose by 6.2% compared to the index, which rose by 4.3%. Strong stock selection was the primary driver of fund returns as some of our high-conviction ideas in the banking, aerospace & defence and support services sectors proved rewarding. Holdings in the banking sector, such as Lloyds Banking Group, continued their recovery as investors took advantage of attractive stock valuations amidst growing expectations of a resolution to the European debt crisis. Several of our key holdings made notable contributions to returns. In particular, the position in defence contractor QinetiQ rose after it issued an encouraging earnings guidance despite the challenging market in the US and UK, its main customer bases.
FIVE YEAR PERFORMANCE COMPARISON
SINGLE YEAR PERFORMANCE (5 YEARS ENDING FEBRUARY)
| Feb 07- Feb 08- Feb 09- Feb 10- Feb 11- Feb 08 Feb 09 Feb 10 Feb 11 Feb 12 |
|||||
|---|---|---|---|---|---|
| Share Price | -7.5% | -29.6% | 54.1% | 13.0% | -7.2% |
| Price Record | Feb 08 |
Feb 09 |
Feb 10 |
Feb 11 |
Feb 12 |
| Share Price (pence) | 512.00 | 345.00 | 523.00 580.00 | 526.00 | |
| NAV (pence) | 568.00 | 375.54 | 570.23 644.14 | 600.28 |
PERFORMANCE RECORD
| Cumulative Growth | YTD | 1mth | 6mths | 1 yr | 3 yrs | 5 yrs | 10 yrs | Since 17.11.94 | |
|---|---|---|---|---|---|---|---|---|---|
| Share Price | 11.4% | 8.4% | 9.0% | -7.2% | 61.7% | 5.3% | 119.5% | 587.4% | |
| NAV | 11.2% | 6.2% | 10.8% | -4.9% | 68.6% | 13.0% | 151.9% | 668.3% | |
| FTSE All Share Index | 7.1% | 4.3% | 10.3% | 1.5% | 75.0% | 14.2% | 74.1% | 238.6% | |
| Ranking within UK Capital Growth Inv. Trust Sector (Share Price) | |||||||||
| Position of the company | 11 | 6 | 4 | 13 | 12 | 10 | 9 | 3 | |
| Total number of companies | 19 | 19 | 19 | 19 | 19 | 18 | 17 | 12 | |
| Quartile Ranking | 3 | 2 | 1 | 3 | 3 | 3 | 3 | 1 |
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 29 February 2012. 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.
FIDELITY SPECIAL VALUES PLC
TOP 10 POSITIONS AS AT 29.02.12
| % | ||
|---|---|---|
| HSBC HOLDINGS (UK REG) | 6.6 | |
| GLAXOSMITHKLINE | 5.1 | |
| BP | 4.9 | |
| LLOYDS BANKING GROUP | 4.6 | |
| ERICSSON | 3.2 | |
| VODAFONE | 3.1 | |
| ITV | 2.9 | |
| WOLSELEY | 2.9 | |
| CENTRICA | 2.8 | |
| LADBROKES | 2.8 | |
| All data in the above includes any derivative exposures as an economically equivalent position | Source: FIL Limited, 29 February 2012 |
in the underlying asset. Source: FIL Limited, 29 February 2012
INDUSTRY BREAKDOWN AS AT 29.02.12
Includes present exposure of cash and equities (other). Source: FIL Limited, 29 February 2012
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
GEOGRAPHIC BREAKDOWN AS AT 29.02.12
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 POSITIONS
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
The fair value of the listed investments is measured at bid prices or last prices quoted, depending on the convention of the exchange on which they are listed. Where permitted, unlisted investments, where there is not an active market, are valued using an appropriate valuation technique so as to establish what the transaction price would have been and derivative instruments are valued at the quoted trade price for the contract.
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.