1st Nov 2018 13:18
LONDON (Alliance News) - Special situation investor Fidelity Special Values PLC on Thursday said it has outperformed its benchmark in its most recent year as a result of good stock selection.
In its financial year ended August 31, the investment trust posted an 8.7% net asset value total return, near-doubling the 4.7% return of its FTSE All-Share Index benchmark.
Net asset value per share stood at 271.98 pence on August 31, growing from 254.63p.
Fidelity SV's holding in betting company Ladbrokes Coral Group PLC, which was acquired by GVC Holdings PLC during the year, drove performance. Its holding in pharmaceutical company Shire PLC, for which it has received a bid from Takeda Pharmaceutical Co Ltd, was also a key contributor.
Rising oil prices during Fidelity SV's year were also strongly beneficial to its Royal Dutch Shell PLC holding.
A final dividend of 3.15p per share takes Fidelity SV's total dividend for the the year to 5.00p per share, up 8.7% year-on-year.
"Given this environment, a more discriminating approach will be required to separate the best opportunities from those that could disappoint. [Portfolio Manger Alex Wright] will continue to focus on strong stock picking opportunities and risk management and aims to deliver a positive relative performance of the company's net asset value," said Fidelity SV Chairman Andy Irvine.
Shares in Fidelity Values were up 0.85 at 259.00 pence on Thursday.
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