Fidelity Special Values PLC — Fund Information / Factsheet 2025

Sep 30, 2025

Investment Objective

To achieve long term capital growth primarily through investment in equities (and their related securities) of UK companies which the Investment Manager believes to be undervalued or where the potential has not been recognised by the market

Investment Company Facts

Launch date: 17.11.94 Portfolio manager: Alex Wright, Jonathan Winton Appointed to trust: 01.09.12, 03.02.20 Years at Fidelity: 24, 20 Total Net Assets (TNA): £ 1,267m Ordinary shares in Issue: 323,048,920 Share price: 380.00p NAV: 392.26p Discount: 3.13% Gross Market Gearing: 5.4% Net Market Gearing: 5.4%

Performance comparator

Market Index: FTSE All Share Index

The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.

Cumulative performance in GBP (%)

Performance is shown for the last five years (or since launch for funds launched within that period).

Performance to 31.08.25 in GBP (%)

	1m	3m	YTD	1yr	3yr	5yr	Since 17.11.94*
Share Price Cumulative Growth	0.1	6.6	22.6	21.8	59.9	140.4	3309.3
NAV Cumulative Growth	0.4	5.1	16.3	14.3	50.2	124.3	3291.2
Index Cumulative Growth	0.9	5.4	14.5	12.6	38.6	77.7	803.4
Share Price Annualised Growth	-	-	-	-	16.9	19.2	12.1
NAV Annualised Growth	-	-	-	-	14.5	17.5	12.1
Index Annualised Growth	-	-	-	-	11.5	12.2	7.4

Basis: bid-bid with income reinvested, in GBP, net of fees.

Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar. *Performance commencement date.

Key Risks

The value of investments and the income from them can go down as well as up, so you may get back less than you invest. Overseas investments are subject to currency fluctuations. This 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. This trust uses 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 shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.

Portfolio Manager Commentary

UK equities extended their gains in August, marking the fourth consecutive month of positive performance. This was supported by resilient corporate earnings and expectations surrounding a potential ceasefire in Ukraine. The Bank of England delivered a 0.25 percentage point rate cut, reducing the base rate to 4%, in what was widely seen as muted policy easing. Meanwhile, inflation accelerated unexpectedly to 3.8% in the 12 months to August 2025. At the sector level, telecommunications, healthcare and basic materials outperformed, while technology lagged amid growing investor caution around the disruption and profitability from AI-related investments.

The UK has been performing well over the past five years and remains a fertile hunting ground for contrarian stock pickers. However, the fact that UK shares have performed solidly over the last five years has largely gone unnoticed, particularly among domestic investors who continue to withdraw money to allocate overseas. This created a situation where investors were withdrawing capital precisely when performance improved. Importantly for investors, strong returns are available outside of the US. While there has been some narrowing in regional valuations following the strong year-to-date performance, the UK has room to run further, continuing to trade at a meaningful discount to other regions.

On a rolling 12-month basis, the Trust recorded NAV and share price returns of 14.3% and 21.8% respectively, compared to 12.6% for the index.

■ Share Price ■ NAV ■ Market Index

ret.en.gb.20250831.GB00BWXC7Y93.pdf/905697

31.08.2025 Monthly Factsheet

Equity Exposure % Total Net Assets (% TNA)

	Exposure
	(% TNA)
Gross Market Exposure	105.4
Net Equity	104.6
Other	0.8
Uninvested Cash	0.0
Notes on Portfolio Construction and a description of how data is calculated and

presented are on page 3. Definitions of the terms used in the Equity Exposure table are in the Glossary.

Sector/Industry Exposure (% TNA)

ICB Industry	Fund	Index	Relative
Financials	25.4	22.1	3.4
Industrials	22.1	13.4	8.7
Consumer Staples	14.9	14.9	0.0
Consumer Discretionary	14.3	7.5	6.8
Health Care	7.3	11.3	-3.9
Basic Materials	5.6	5.1	0.5
Energy	5.1	9.2	-4.1
Utilities	3.5	3.8	-0.3
Real Estate	3.3	2.1	1.2
Telecommunications	1.5	1.3	0.2
Technology	1.4	3.6	-2.2
Total Sector Exposure	104.6	94.4
Other Index / Unclassified	0.0	0.0
Total Equity Exposure	104.6	94.4

Top Positions (% TNA)

	ICB Industry
AVIVA PIC	Financials
BRITISH AMFRICAN TOBACCO PIC	Consumer Staples
STANDARD CHARTERED PLC	Financials
DCC PIC	Industrials
NATWEST GROUP PIC	Financials
IMPERIAL BRANDS PIC	Consumer Staples
TOTAL ENERGIES SF	Energy
GI FNVFAGH PROPERTIES PIC	Consumer Discretionary
ASTRAZENECA PIC	Health Care
JUST GROUP PLC	Financials

Top Overweight Positions (% TNA)

	Fund	Index	Relative
AVIVA PLC	4.1	0.8	3.3
DCC PLC	3.4	0.2	3.2
TOTALENERGIES SE	2.9	0.0	2.9
GLENVEAGH PROPERTIES PLC	2.7	0.0	2.7
STANDARD CHARTERED PLC	3.7	1.0	2.6
JUST GROUP PLC	2.4	0.1	2.3
MITIE GROUP PLC	2.4	0.1	2.3
IMPERIAL BRANDS PLC	3.2	0.9	2.2
BAKKAVOR GROUP PLC	2.2	0.0	2.2
CAIRN HOMES PLC	2.1	0.0	2.1
Positions Concentration (% TNA)
	Fund	Index
Top 10	32.5	40.3
Top 20	52.7	57.7
Top 50	85.8	77.1

Market Capitalisation Exposure (% TNA) GBP Fund Index Relative FTSE 100 40.9 87.1 -46.2 FTSE 250 34.0 11.4 22.5 FTSE Smallcap 7.6 1.5 6.1 Non FTSE 22.1 0.0 22.1 Total Market Cap Exposure 104.6 100.0 Index / Unclassified 0.0 0.0 Total Equity Exposure 104.6 100.0

Country Exposure (% TNA)

	Fund	Index	Relative
United Kingdom	88.3	94.4	-6.1
Ireland	6.8	0.0	6.8
France	2.9	0.0	2.9
Greece	1.4	0.0	1.4
Australia	1.2	0.0	1.2
Switzerland	1.1	0.0	1.1
Bermuda	1.1	0.0	1.1
Kazakhstan	0.9	0.0	0.9
Peru	0.5	0.0	0.5
South Africa	0.4	0.0	0.4
Others	0.0	0.0	0.0
Total Geographic Exposure	104.6	94.4
Other Index / Unclassified	0.0	0.0
Total Equity Exposure	104.6	94.4

	ICB Industry			Geographic Location	Fund		Index	Relative
AVIVA PLC	Financials			United Kingdom	4.1	0.8		3.3
BRITISH AMERICAN TOBACCO PLC	Consumer Staples			United Kingdom	4.0	3.1		0.9 2.6
STANDARD CHARTERED PLC	Financials			United Kingdom	3.7		1.0
DCC PLC	Industrials			United Kingdom	3.4		0.2
NATWEST GROUP PLC	Financials			United Kingdom	3.4		1.6
IMPERIAL BRANDS PLC	Consumer Staples			United Kingdom	3.2	0.9		2.2
TOTALENERGIES SE	Energy			France	2.9		0.0	2.9
GLENVEAGH PROPERTIES PLC	Consumer Discretionary			Ireland	2.7		0.0
ASTRAZENECA PLC	Health Care			United Kingdom	2.7		6.9
JUST GROUP PLC	Financials			United Kingdom	2.4		0.1
Top Overweight Positions (% TNA)				Top Underweight Positions (% TNA)
	Fund	Index	Relative			Fund	Index	Relative
AVIVA PLC	4.1	0.8	3.3	HSBC HOLDINGS PLC		0.0	6.5	-6.5
DCC PLC	3.4	0.2	3.2	SHELL PLC		0.0	6.3	-6.3
TOTALENERGIES SE	2.9	0.0	2.9	UNILEVER PLC		0.0	4.5	-4.5
GLENVEAGH PROPERTIES PLC	2.7	0.0	2.7	ASTRAZENECA PLC		2.7	6.9	-4.2
STANDARD CHARTERED PLC	3.7	1.0	2.6	BP PLC		0.0	2.7	-2.7
JUST GROUP PLC	2.4	0.1	2.3	ROLLS-ROYCE HOLDINGS PLC		0.9	3.5	-2.6
MITIE GROUP PLC	2.4	0.1	2.3	RELX PLC		0.0	2.5	-2.5
IMPERIAL BRANDS PLC	3.2	0.9	2.2	GSK PLC		0.0	2.3	-2.3
BAKKAVOR GROUP PLC	2.2	0.0	2.2	BAE SYSTEMS PLC		0.0	2.1	-2.1
CAIRN HOMES PLC	2.1	0.0	2.1	BARCLAYS PLC		0.0	2.0	-2.0

Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts.

Figures may not always sum to totals due to rounding

Approach and Style

There are two key elements to Alex's investment approach:

1. Downside risk management

Alex looks for companies where there is limited downside risk. In other words, he wants to invest in companies that have exceptionally cheap valuations or some kind of asset that should stop their share prices falling below a certain level. This can be anything from inventory to intellectual property.

1. Unrecognised growth potential

Alex looks for events that could significantly improve a company's earning power, but are not currently reflected in the company's share price. These include changes in the company's competitors or market, a new product line or an expansion into new business areas.

What's more, the trust benefits from in-depth company and valuation analysis, drawing on the extensive Fidelity research platform.

Portfolio Construction – Explained

This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.

The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.

The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.

Administrative & Dealing Information

Financial Year End: 31st August Reference currency: UK Sterling (GBP) Company domicile: United Kingdom Company legal structure: Investment Trust Capital guarantee: No ISIN: GB00BWXC7Y93 SEDOL: BWXC7Y9 Bloomberg: FSV LN Distribution frequency: Bi Annual Charges made to income or capital: Income Ongoing Charges: 0.70% Annual Management Charge: 0.60% (net assets)

Independent Assessment

Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results. Morningstar rating™ : *****

How data is calculated and presented

Portfolio composition data has been calculated and presented according to several general principles, which are listed below.

• Aggregation : all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated.

• Categorisation : for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.

• Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.

• "Basket" securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.

31.08.2025 Monthly Factsheet

Glossary / Additional Notes

Equity Exposure notes

GROSS MARKET EXPOSURE

Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).

NET EQUITY

The net positive exposure to the market with short and hedge positions subtracted from long positions.

OTHER

The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.

UNINVESTED CASH

This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.

Investment Company Facts

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.

PREMIUM

If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.

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

Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.

FAIR VALUE

The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and

Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.

General notes

TOTAL NET ASSETS (TNA)

The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.

INDEX

The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.

TOP NET LONG POSITIONS

Those companies in which the largest percentages of the investment company's total net assets are effectively invested (equity positions). Positions in other funds – including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.

TOP OVERWEIGHT & UNDERWEIGHT POSITIONS

Those equity positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.

NET LONG POSITIONS CONCENTRATION

Illustrates the weight of the top 10, 20 and 50 equity positions in the Company and the weight of the top 10, 20 and 50 equity positions in the index. It does not attempt to show the coincidence of security ownership between Company and Index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.

Glossary / Additional Notes

ONGOING CHARGES

Ongoing Charges are taken from the Company's most recent Annual Report and represents the total of investment management fees and other expenses of the Company (excluding transaction costs, interest payments, tax and non-recurring expenses) expressed as a percentage of the average net asset value throughout the financial year.

SECTOR INDUSTRY CLASSIFICATION

GICS: Global Industry Classification Standard (GICS) was developed by Standard & Poor's and MSCI Barra. GICS consists of 11 sectors, 24 industry groups, 68 industries and 157 subindustries.

More information is available at http://www.standardandpoors.com/indices/gics/en/us

ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 10 industries, partitioned into 20 supersectors, which are further divided into 41 sectors, which then contain 114 subsectors. More information is available at http://www.icbenchmark.com/

Legal Information

Fidelity International refers to the group of companies which form the global investment management organisation that provides information on products and services in designated jurisdictions outside of North America.

Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.

This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required.

Unless otherwise stated, all views are those of Fidelity.

Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, 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. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.

Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

This fund is managed by FIL Investments International.

Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.

Issued by FIL Investment Services (UK) Limited, a firm authorised and regulated in the UK by the Financial Conduct Authority. FIL Investment Services (UK) Limited is registered in England and Wales under the company number 2016555. The registered office of the company is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP, United Kingdom.