Launched in 1994, Fidelity Special Values is a portfolio of unloved UK companies. Manager Alex Wright is a contrarian investor. He looks for stocks that are out-of-favour, but that must meet two strict criteria: have a cheap valuation or an asset (such as intellectual property or inventory), which has the potential to limit share price falls, and a catalyst for significant earnings growth. Although his approach often puts him on the opposite side of consensus, he is a patient investor and is prepared to wait for his stocks to deliver.
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