Fidelity Special Values PLC (LON:FSV) has published its monthly factsheet for January 2024.
Portfolio Manager Commentary
UK equities declined in January after two consecutive months of gains. This shift was underpinned by investors recalibrating their expectations for imminent and substantial interest rate cuts from major central banks. A desire for firmer evidence that inflation is under control and lack of commitment on the timing of rate adjustments by central banks contributed to an atmosphere of uncertainty among market participants. Despite optimistic forecasts, inflation is proving stubborn in the UK, with December’s CPI rising from 3.9% to 4.0%. From a style perspective, growth stocks outperformed value stocks during the month.