There will be "attractive opportunities" to buy Alex Wright's £522m Fidelity Special Values (FSV) in the future, but "that time is not now", according to analysts at Stifel.
The analysts said that while they believed Wright was "a good manager", it noted that due to the possibility of further stockmarket falls, the continued underperformance of the value style and subsequent disappointing performance, combined with the trust trading close to net asset value (NAV), it would continue to rate FSV as "negative". Performance has been weak for some time, the analysts noted, with FSV's NAV having underperformed the FTSE All-Share by 6% in the 12 months leading up to the Covid-19 crisis. Since the start of the market sell-off in March, however, that gap has widen...
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