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Stock Analysis & ValuationFidelity Investment Trust - Fidelity Special Values PLC (FSV.L)

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£438.00
Sector Valuation Confidence Level
High
Valuation methodValue, £Upside, %
Artificial intelligence (AI)168.76-61
Intrinsic value (DCF)123.44-72
Graham-Dodd Method5.55-99
Graham Formula150.33-66

Strategic Investment Analysis

Company Overview

Fidelity Special Values PLC (FSV.L) is a UK-based open-ended equity mutual fund managed by FIL Investment Services (UK) Limited, focusing on value stocks across diversified sectors in the UK public equity markets. Launched in 1994, the fund targets special situations investments and companies with unrecognized growth potential, capitalizing on market volatility and uncertainty. It benchmarks its performance against the FTSE All Share TR Index, offering investors exposure to undervalued opportunities across all market capitalizations. As part of the broader Fidelity Investment Trust, the fund benefits from the expertise and resources of one of the world's leading asset managers. With a market cap of over £1.13 billion, Fidelity Special Values PLC is a significant player in the UK financial services sector, appealing to investors seeking long-term capital appreciation through value-driven strategies.

Investment Summary

Fidelity Special Values PLC presents an attractive investment opportunity for those seeking exposure to undervalued UK equities with growth potential. The fund's focus on special situations and unrecognized growth aligns well with value investing principles, offering potential upside in volatile markets. However, its high beta of 1.58 indicates higher volatility compared to the broader market, which may not suit risk-averse investors. The fund's strong net income of £223.3 million and a dividend yield of 9.66 GBp per share enhance its appeal, but investors should be mindful of the inherent risks in value investing, including prolonged undervaluation periods. The absence of debt and solid operating cash flow of £36.9 million provide financial stability, making it a compelling option for diversified portfolios.

Competitive Analysis

Fidelity Special Values PLC competes in the crowded UK equity mutual fund space, differentiating itself through a specialized focus on value stocks and special situations. Its competitive advantage lies in the deep analytical resources and global reach of Fidelity Investments, allowing it to identify undervalued opportunities that smaller funds might overlook. The fund's performance is closely tied to the UK market, which can be both a strength and a weakness—benefiting from localized expertise but exposed to regional economic fluctuations. Unlike growth-focused funds, Fidelity Special Values thrives in uncertain markets, leveraging volatility to uncover mispriced assets. However, its niche strategy may underperform in bull markets dominated by growth stocks. The fund's lack of leverage (zero debt) provides stability but may limit returns in favorable market conditions. Its benchmark, the FTSE All Share TR Index, ensures transparency and accountability, appealing to institutional and retail investors alike.

Major Competitors

  • Scottish Mortgage Investment Trust PLC (SMT.L): Scottish Mortgage Investment Trust PLC is a growth-oriented fund investing in global equities, contrasting sharply with Fidelity Special Values' value focus. Its portfolio includes high-growth tech companies like Tesla and Amazon, offering higher potential returns but with greater volatility. While Scottish Mortgage has outperformed in bull markets, it lacks the defensive positioning of Fidelity Special Values during downturns.
  • Mid Wynd International Investment Trust PLC (MWY.L): Mid Wynd International invests globally across sectors, providing diversification beyond the UK-centric Fidelity Special Values. Its flexible mandate allows for both growth and value investments, but it lacks the concentrated value focus that defines Fidelity Special Values. Mid Wynd's lower beta may appeal to more conservative investors.
  • Bankers Investment Trust PLC (BNKR.L): Bankers Investment Trust offers a balanced approach with global equity exposure, differing from Fidelity Special Values' UK value specialization. Its long track record and consistent dividends are strengths, but it may not capitalize as effectively on UK-specific undervalued opportunities as Fidelity Special Values.
  • F&C Investment Trust PLC (FCIT.L): As one of the oldest investment trusts, F&C provides global diversification but lacks the targeted value approach of Fidelity Special Values. Its larger size offers stability but may limit agility in exploiting special situations. F&C's broader mandate appeals to those seeking less concentrated UK exposure.
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