It’s certainly a bold mission statement. In its most recent annual results, Fidelity Special Values claimed not only that it was actively managed and sought out the contrarian positions that others pass by, but also that it “thrives on volatility and uncertainty”. Given the markets over the past two years, that feels like a rare and possibly foolhardy boast.
Still, overseen by Alex Wright, 40, the same fund manager since 2012, this investment trust has managed to clock up some impressive historical returns, albeit with some notable exceptions, including last year, when it underperformed relative to its benchmark, the FTSE All-Share index.
The portfolio also has been rejigged recently in order to adopt a more defensive position against a likely weakening economic backdrop. In theory