When things are going right, they often go very right. And there can be few investment trusts for which this is more true than Fidelity Special Values.
The near-£700 million fund has plenty to celebrate as the year draws to an end after Ladbroke Coral, its fourth largest holding, recorded a more than 30 per cent jump in its shares last week amid confirmation that it was in talks with GVC about a £3.9 billion takeover. Not for nothing did the fund mention in its most recent half-year report that mergers and acquisitions were a “key driver of portfolio returns”.
Of course, there is more than the serendipity of M&A to account for Fidelity’s success. Since its 1994 launch, the fund has delivered a