Fidelity Special Values: 22.1% NAV and 26.5% share price annual returns at 31 July 2024

Fidelity Special Values PLC (LON:FSV) has published its monthly factsheet for July 2024.

Portfolio Manager Commentary 

After a brief pause in June, UK equities resumed their upward trajectory in July. The conclusion of the UK elections, resulting in a widely anticipated Labour majority, had little immediate market impact, as investors had already priced in this outcome. Labour’s landslide victory is expected to result in improved political stability. The new government has indicated it would uphold fiscal discipline and work towards improved relations with the European Union, fostering a positive market sentiment. The domestically-biased FTSE 250 and FTSE Small Cap indices posted strong gains in July.  

Despite the improved performance of the UK over recent years, UK equities still look cheap relative to other markets, and reasonable on an absolute basis. We continue to believe that the combination of attractive valuations and the large divergence in performance between different parts of the market create good opportunities for attractive returns from UK stocks on a three-to-five-year view. Their attractive valuations are being recognised by market participants such as overseas corporates and private equity firms who have been amongst the biggest bidders in the UK market. Our holdings continue to trade at a meaningful discount to the FTSE All Share, despite resilient earnings, superior returns on capital and relatively low levels of debt.  

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
Fidelity International

More articles like this

Fidelity Special Values

UK stocks rally as market confidence rebounds

The FTSE 100 saw an upward movement on Monday, continuing its recovery from the previous week’s volatility. Building on Friday’s gains, the index opened higher, reflecting renewed market confidence. Across Europe, Germany’s DAX and France’s CAC

Fidelity Special Values

UK stock markets rally as investors await economic data

Britain’s main stock markets saw gains on Monday, mirroring a widespread rally across European markets as investors looked ahead to key economic indicators due this week, hoping to find clues about future moves in U.S. and

Fidelity Special Values

FTSE 100 rises amid budget concerns and market gains

The UK’s FTSE 100 managed a slight increase on Friday, bouncing back from a recent near-three-month low as a positive shift in some sectors helped counteract inflation concerns sparked by Britain’s latest budget announcement. By 9:54

Fidelity Special Values

UK markets rise as investment focus grows

The FTSE 100 saw gains on Monday, closing up by 39.01 points, or 0.5%, at 8,292.66, while the FTSE 250 rose 52.26 points, or 0.3%, to 20,817.19. Despite these positive moves, the AIM All-Share dropped slightly,

Fidelity Special Values

FTSE 100 edges higher as UK jobs market cools

The FTSE 100 made a modest gain of 0.1% this morning, supported by gains in the industrial sector and signs of a cooling UK jobs market, providing a positive outlook for UK equities. This small rise

Fidelity Special Values

Investor sentiment shifts in favour of UK equities

For the first time in over three years, investors who are optimistic about UK equities now outnumber those who are more pessimistic. This shift is a significant development, reflecting a more favourable outlook for British stocks.

Fidelity Special Values

UK inflation hits 2% target boosting market confidence

UK inflation reached the Bank of England’s 2% target for the first time in nearly three years, offering some relief to markets. The Office for National Statistics (ONS) reported that the Consumer Prices Index (CPI) fell

Fidelity Special Values

FTSE 100 holds strong after a week of gains

On Friday, the UK’s FTSE 100 experienced a slight dip, declining by 0.2% by 0716 GMT. This drop followed five consecutive days of gains, setting the stage for a solid weekly performance. Despite the minor setback,