FSV : Fidelity Special Values maintains run of outperformance
Fidelity Special Values managed to beat the FTSE All-Share Index over the year to the end of August 2014, the third successive year that it has done so, delivering a total return of 10.7% on net assets vs. a return of 10.3% for the index. The fund’s discount widened a little however and so the return to shareholders was 9.2%. The dividend was upped to 16.5p from 16.25p.
The managers report picks out a number of stocks that contributed to performance during the period including distribution group DCC; Williams Medical, a UK medical and pharmaceutical business; Photo-Me International; video game maker Electronic Arts; NMC Health, a hospital operator in Dubai and Abu Dhabi; Wolfson Microelectronics, which agreed to be taken over by US based semiconductor supplier Cirrus Logic; and Max Property, which was sold to private equity group Blackstone. On the downside, retailer Mothercare was hurt by a profit warning owing to weak trading conditions around key trading periods, primarily in the struggling UK estate and a failed takeover bid.
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