Morningstar Fund Report  | 03/04/2025Print

Fidelity Special Situations Fund W-Accumulation

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
Fidelity Special Situations Fund W-Accumulation
Fund23.7-0.56.316.41.2
+/-Cat7.411.2-1.78.61.8
+/-B’mrk---1.46.6-3.9
 
Category: UK Flex-Cap Equity
Category Benchmark: Morningstar UK All Cap TME ...
Key Stats
NAV
02/04/2025		 GBX 5342.00
Day Change -0.63%
Morningstar Category™ UK Flex-Cap Equity
IA (formerly IMA) Sector UK All Companies
ISIN GB00B88V3X40
Fund Size (Mil)
02/04/2025		 GBP 3227.99
Share Class Size (Mil)
02/04/2025		 GBP 2407.64
Max Initial Charge -
Ongoing Charge
29/02/2024		  0.92%
Morningstar Research
Analyst Report31/07/2024
Michael Born, Analyst
Morningstar, Inc

Fidelity Special Situations’ experienced manager continues to impress with his insight and approach to portfolio construction. Fidelity’s broad analyst ranks and a well-defined and rigourous investment process contribute to the strategy retaining...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People25
Parent24
Process25
Performance
Price
Investment Objective: Fidelity Special Situations Fund W-Accumulation
The Fund aims to increase the value of investor's investment over a period of 5 years or more. The Fund will invest at least 70% in equities (and their related securities) of UK companies (those domiciled, incorporated or having significant business in UK and those which are listed in the UK). The Investment Manager will focus on companies it believes to be undervalued and whose recovery potential is not recognised by the market. It is not restricted in terms of size or industry. The Fund is actively managed without reference to a benchmark.
Returns
Trailing Returns (GBP)02/04/2025
YTD1.64
3 Years Annualised9.04
5 Years Annualised16.23
10 Years Annualised6.99
12 Month Yield 3.09
Management
Manager Name
Start Date
Alexander Wright
01/01/2014
Jonathan Winton
03/02/2020
Inception Date
15/10/2012

Category Benchmark
Fund BenchmarkMorningstar Benchmark
FTSE AllSh TR GBPMorningstar UK All Cap TME NR GBP
Portfolio Profile for  Fidelity Special Situations Fund W-Accumulation28/02/2025
Morningstar Style Box®
Equity Style
Asset Allocation
  % Long% Short% Net Assets
Stock94.155.9888.17
Bond0.180.000.18
Property0.000.000.00
Cash10.530.4110.12
Other1.530.001.52
Top 5 Regions%
United Kingdom82.86
Eurozone10.50
Europe - ex Euro2.18
United States2.12
Australasia1.21
Top 5 Sectors%
Financial Services26.14
Consumer Defensive15.55
Industrials14.69
Consumer Cyclical11.71
Healthcare8.09
Top 5 HoldingsSector%
Standard Chartered PLCFinancial ServicesFinancial Services4.22
Imperial Brands PLCConsumer DefensiveConsumer Defensive3.98
DCC PLCEnergyEnergy3.54
Reckitt Benckiser Group PLCConsumer DefensiveConsumer Defensive3.48
CFD on AIB Group PLC3.19
Increase Decrease New since last portfolio
Fidelity Special Situations Fund W-Accumulation
Growth Of 1000 (GBP) 31/03/2025
Fund:  Fidelity Special Situations Fund W-Accumulation
Category:  UK Flex-Cap Equity
Category Index:  Morningstar UK All Cap TME NR GBP
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-13.5021.69-11.9923.70-0.476.2616.411.22
+/- Category-1.32-2.05-6.977.3711.22-1.748.551.81
+/- Category Index------1.366.59-3.94
% Rank in Category59688371266630
Trailing Returns (GBP)02/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.63   -1.52-1.25
1 Week-1.89   -0.44-1.61
1 Month-2.46   0.53-0.97
3 Months1.67   1.37-4.13
6 Months3.99   4.17-1.32
YTD1.64   1.33-4.17
1 Year12.80   7.220.45
3 Years Annualised9.04   5.121.40
5 Years Annualised16.23   5.323.26
10 Years Annualised6.99   2.060.91
 
Category: UK Flex-Cap Equity
Category Index: Morningstar UK All Cap TME NR GBP
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.22---
20244.725.604.231.00
2023-0.16-1.163.723.82
2022-3.51-3.71-4.2411.87
20219.776.314.271.67
2020-34.1214.63-3.5120.79
 
 
 
Morningstar Rating™(Relative to Category)28/02/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearHighAverage5 star
5-YearHighAbove Average5 star
10-YearHighAverage4 star
Overall*HighAverage5 star
 
Category :  UK Flex-Cap EquityClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev12.44 %
3-Yr Mean Return9.72 %
 
3-Yr Sharpe Ratio0.43
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar UK All Cap TME NR GBP  FTSE AllSh TR GBP
3-Yr Beta1.011.03
3-Yr Alpha1.342.07
 
Investment Style Details28/02/2025
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)GBP 5017-
Market Capitalisation% of Equity
Giant8.41
Large31.35
Medium17.23
Small35.99
Micro7.03
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings9.460.78
Price/Book1.390.83
Price/Sales0.670.70
Price/Cash Flow6.370.78
Dividend-Yield Factor4.751.34
 
Long-Term Projected Earnings Growth10.081.08
Historical Earnings Growth4.31-18.44
Sales Growth5.721.28
Cash-Flow Growth11.678.40
Book-Value Growth0.690.23
 
Category: UK Flex-Cap Equity
Asset Allocation28/02/2025
Asset Allocation
 % Long% Short% Net Assets
Stock94.155.9888.17
Bond0.180.000.18
Property0.000.000.00
Cash10.530.4110.12
Other1.530.001.52
World Regions28/02/2025
 % of EquityRelative to Category
United States2.121.11
Canada0.000.00
Latin America0.000.00
United Kingdom82.860.89
Eurozone10.503.77
Europe - ex Euro2.181.87
Europe - Emerging0.000.00
Africa0.111.07
Middle East0.000.00
Japan0.000.00
Australasia1.216.53
Asia - Developed0.000.00
Asia - Emerging1.015.52
 
Category: UK Flex-Cap Equity
Sector Weightings28/02/2025
 % of EquityRelative to Category
Basic MaterialsBasic Materials5.971.21
Consumer CyclicalConsumer Cyclical11.710.90
Financial ServicesFinancial Services26.141.12
Real EstateReal Estate0.830.34
Consumer DefensiveConsumer Defensive15.551.39
HealthcareHealthcare8.090.99
UtilitiesUtilities5.111.66
Communication ServicesCommunication Services4.340.86
EnergyEnergy6.450.96
IndustrialsIndustrials14.690.84
TechnologyTechnology1.130.24
 
Category: UK Flex-Cap Equity
Top 10 Holdings28/02/2025
 Portfolio NEW
Total Number of Equity Holdings128
Total Number of Bond Holdings7
Assets in Top 10 Holdings32.44
NameSectorCountry% of Assets
Standard Chartered PLC103United Kingdom4.22
Imperial Brands PLC205United Kingdom3.98
DCC PLC309United Kingdom3.54
Reckitt Benckiser Group PLC205United Kingdom3.48
CFD on AIB Group PLCIreland3.19
Direct Line Insurance Group PLC103United Kingdom3.00
British American Tobacco PLC205United Kingdom2.80
Just Group PLC103United Kingdom2.77
National Grid PLC207United Kingdom2.75
Cairn Homes PLC102Ireland2.70
 
Increase Decrease New since last portfolio
Category: UK Flex-Cap Equity
 
Management
Name of CompanyFIL Investment Services (UK) Ltd
Phone(+44) 08003686868
Websitehttps://professionals.fidelity.co.uk/about-fidelity/contact-us
AddressBeech Gate, Millfield Lane, Lower Kingswood, Tadworth
 Surrey   KT20 6RP
 United Kingdom
DomicileUnited Kingdom
Legal StructureOpen Ended Investment Company
UCITSYes
Inception Date15/10/2012
Fund Advisor(s)
FIL Investment Services (UK) Ltd
Fund ManagerAlexander Wright
Manager Start Date01/01/2014
 
Biography
Alex Wright has 13 years of investment experience. He joined Fidelity in 2001 as a European equity research analyst, successively covering building materials, alcoholic beverages, leisure, emerging European and African banks and UK small-cap stocks. He became portfolio manager of the Fidelity UK Smaller Companies Fund in 2008. He continues to manage this fund alongside the Fidelity Special Situations Fund and the Fidelity Special Values PLC, which he started managing in 2012.
Fund ManagerJonathan Winton
Manager Start Date03/02/2020
Education
University of Nottingham, B.A.
 
Biography
Jonathan joined Fidelity as a research analyst in 2005. Over eight years in the pan European team, he covered such diverse sectors as support services, small cap technology, beverages and tobacco. He was promoted to the role of co- portfolio manager of the Fidelity UK Smaller Companies Fund in February 2013. Jonathan holds a BA (Hons) degree in Politics from the University of Nottingham.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Chargen/a
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge0.75%
Ongoing Charge0.92%
Purchase Details
Minimum Investments
Initial1000  GBP
Additional250  GBP
Savings50  GBP
Tax Free Savings Schemes
ISAsYes