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ret.en.xx.20210831.GB00BWXC7Y93.pdf FIDELITY INVESTMENT TRUSTS MONTHLY FACTSHEET FIDELITY SPECIAL VALUES PLC 31 AUGUST 2021 Investment Objective Portfolio Manager Commentary To achieve long term capital growth primarily through investment in UK equities recorded a seventh straight monthly gain in August. equities (and their related securities) of UK companies which the Sentiment remained buoyant, propelled by M&A activity, alongside Investment Manager believes to be undervalued or where the expectations for continued earnings strength. potential has not been recognised by the market It is encouraging to see the underlying stock picking coming through despite the recent underperformance of value stocks. This is partly down to the Trust benefiting from a number of M&A bids, Investment Trust Facts the latest being Meggitt, but is also a reflection of improving corporate fundamentals. Launch date: 17.11.94 Portfolio manager: Alex Wright, Jonathan Winton UK equities remain significantly undervalued compared to global 01.09.12, 03.02.20 markets, and reasonably valued in absolute terms on 13x 2022 Appointed to trust: estimates. While the UK market has looked cheap over the past Years at Fidelity: 20, 16 five years, the key differentiator in 2021 is that fundamentals on the Total Net Assets (TNA): £ 954m ground look very good. UK stocks are well positioned not only to Ordinary shares in Issue: 313,028,920 benefit from a recovery from the COVID pandemic, but also from Share price: 308.50p the lifting of the Brexit uncertainty. 304.79p NAV: We remain comfortable with how the portfolio looks from a Premium 1.22% valuations, returns on capital and risk perspective, and continue to Gross Market Gearing: 14.6% see meaningful upside potential for our holdings. Having said that, Net Market Gearing: 14.6% we are also increasingly conscious that equity markets have had a strong run. With this in mind, the Trust’s gearing has come down somewhat so as to leave room to take advantage of potential Performance Comparator pullbacks. Market Index: FTSE All Share Index On a rolling 12-month basis, the Trust recorded NAV and share price returns of 56.2% and 73.8% respectively, compared to 26.9%for the 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 for 12 month periods in GBP (%) Share Price NAV Market Index Performance is shown for the last five years (or since launch for Share Price NAV Market Index funds launched within that period). Performance is shown against a hybrid benchmark as calculated by Fidelity. MSCI Asia Pacific Ex Japan Small Cap Index replaced MSCI Asia Pacific Ex Performance to 31.08.21 in GBP (%) Japan as official benchmark from 1 February 2020. Since 1m 3m YTD 1yr 3yr 5yr 17.11.94* Share Price Cumulative Growth 8.2 4.2 27.7 73.8 20.8 76.5 2,365.0 NAV Cumulative Growth 6.5 4.7 28.6 56.2 21.0 56.7 2,261.4 Index Cumulative Growth 2.7 3.4 14.7 26.9 11.4 33.3 545.3 Share Price Annualised Growth - - - 73.8 6.5 12.0 12.7 NAV Annualised Growth - - - 56.2 6.6 9.4 12.5 Index Annualised Growth - - - 26.9 3.7 5.9 7.2 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 can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. 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. 1 ret.en.xx.20210831.GB00BWXC7Y93.pdf FIDELITY INVESTMENT TRUSTS MONTHLY FACTSHEET FIDELITY SPECIAL VALUES PLC 31 AUGUST 2021 Equity Exposure % Total Net Assets (% TNA) Market Capitalisation Exposure (% TNA) Exposure GBP Net Index Relative (% TNA) FTSE 100 30.2 78.8 -48.6 Gross Market Exposure 114.6 FTSE 250 39.0 17.8 21.2 Net Equity 114.6 FTSE Smallcap 11.5 3.4 8.1 Other 0.0 Non FTSE 33.9 0.0 33.9 Uninvested Cash 0.0 Total Market Cap Exposure 114.6 100.0 Notes on Portfolio Construction and a description of how data is Other Index / Unclassified 0.0 0.0 calculated and presented are on page 3. Definitions of the terms Total Equity Exposure 114.6 100.0 used in the Equity Exposure table are in the Glossary. Sector/Industry Exposure (% TNA) Country Exposure (% TNA) ICB Industry Net Index Relative Net Index Relative Financials 27.9 22.5 5.4 United Kingdom 92.4 100.0 -7.6 Industrials 26.2 13.3 12.9 Ireland 6.5 0.0 6.5 Consumer Discretionary 24.3 12.4 11.9 France 2.4 0.0 2.4 Health Care 7.7 9.7 -2.1 Switzerland 2.3 0.0 2.3 Energy 6.5 7.2 -0.7 Greece 2.1 0.0 2.1 Telecommunications 5.9 2.2 3.7 Sweden 1.5 0.0 1.5 Consumer Staples 5.1 15.0 -9.9 Australia 1.5 0.0 1.5 Basic Materials 4.2 9.3 -5.1 USA 1.0 0.0 1.0 Real Estate 2.6 3.3 -0.7 Germany 1.0 0.0 1.0 Utilities 2.5 3.0 -0.5 Kazakhstan 0.9 0.0 0.9 Technology 1.0 2.0 -1.1 Others 3.0 0.0 3.0 Total Sector Exposure 113.8 100.0 Total Country Exposure 114.6 100.0 Other Index / Unclassified 0.7 0.0 Other Index / Unclassified 0.0 0.0 Total Equity Exposure 114.6 100.0 Total Equity Exposure 114.6 100.0 Top Net Long Positions (% TNA) ICB Industry Country Net Index Relative LEGAL AND GENERAL GROUP PLC Financials United Kingdom 4.9 0.7 4.2 AVIVA PLC Financials United Kingdom 3.7 0.6 3.0 ROYAL DUTCH SHELL PLC Energy United Kingdom 3.4 4.6 -1.1 INCHCAPE PLC Industrials United Kingdom 3.3 0.1 3.2 AIB GROUP PLC Financials Ireland 2.8 0.0 2.8 HALFORDS GROUP PLC Consumer Discretionary United Kingdom 2.6 0.0 2.6 MITIE GROUP PLC Industrials United Kingdom 2.6 0.0 2.6 SANOFI Health Care France 2.4 0.0 2.4 DCC PLC Industrials United Kingdom 2.4 0.2 2.1 SERCO GROUP PLC Industrials United Kingdom 2.4 0.1 2.3 Top Overweight Positions (% TNA) Top Underweight Positions (% TNA) Net Index Relative Net Index Relative LEGAL AND GENERAL GROUP PLC 4.9 0.7 4.2 ASTRAZENECA PLC 0.0 5.4 -5.4 INCHCAPE PLC 3.3 0.1 3.2 UNILEVER PLC 0.0 4.3 -4.3 AVIVA PLC 3.7 0.6 3.0 DIAGEO PLC 0.0 3.3 -3.3 AIB GROUP PLC 2.8 0.0 2.8 HSBC HOLDINGS PLC 0.0 3.2 -3.2 HALFORDS GROUP PLC 2.6 0.0 2.6 GLAXOSMITHKLINE PLC 0.0 2.9 -2.9 MITIE GROUP PLC 2.6 0.0 2.6 BRITISH AMERICAN TOBACCO PLC 0.0 2.5 -2.5 SANOFI 2.4 0.0 2.4 BP PLC 0.0 2.4 -2.4 SERCO GROUP PLC 2.4 0.1 2.3 RIO TINTO PLC 0.0 2.4 -2.4 ROCHE HOLDING AG 2.3 0.0 2.3 BHP GROUP PLC 0.0 1.9 -1.9 VISTRY GROUP PLC 2.3 0.1 2.2 RELX PLC 0.0 1.7 -1.7 Net Long Positions Concentration (% TNA) Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts. Fund Index Top 10 30.5 32.9 Top 20 51.3 47.2 Top 50 88.4 66.7 2 ret.en.xx.20210831.GB00BWXC7Y93.pdf FIDELITY INVESTMENT TRUSTS MONTHLY FACTSHEET FIDELITY SPECIAL VALUES PLC 31 AUGUST 2021 Approach and Style Administrative & Dealing Information There are two key elements to Alex's investment approach: Financial Year End: 31st August Reference currency: UK Sterling (GBP) 1. Downside risk management Company domicile: United Kingdom Alex looks for companies where there is limited downside risk. In Company legal structure: Investment Trust other words, he wants to invest in companies that have Capital guarantee: No exceptionally cheap valuations or some kind of asset that should ISIN: GB00BWXC7Y93 stop their share prices falling below a certain level. This can be SEDOL: BWXC7Y9 anything from inventory to intellectual property. Bloomberg: FSV LN Distribution frequency: Bi Annual 2. Unrecognised growth potential Charges made to income or capital: Income Alex looks for events that could significantly improve a company’s Other Ongoing Costs (including earning power, but are not currently reflected in the company’s AMC/excluding Portfolio transaction costs): 0.97% share price. These include changes in the company’s competitors Portfolio Transaction Costs: 0.10% or market, a new product line or an expansion into new business Annual Management Charge: 0.60% (net) areas. What's more, the trust benefits from in-depth company and valuation analysis, drawing on the extensive Fidelity research platform.
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