Fidelity's Wright backs troubled Sports Direct

Retailer subject to independent inquiry

Fidelity's Alex Wright has increased his weighting to retailer Sports Direct on the £2.8bn Special Situations fund, despite the firm coming under scrutiny from the government and shareholders.

Sports Direct has hit the headlines this year after a backlash against the firm's corporate practices and treatment of employees.  Chief executive Mike Ashley appeared in front of the Business, Skills & Innovation parliamentary committee in June to discuss the firm's working conditions, which were later described by MP Iain Wright as "closer to that of a Victorian workhouse than that of a modern, reputable High Street retailer".  Year to date to 28 September, shares in Sports Direct are down 50% and have fallen 61% over the past 12 months. They are currently trading at 287p, down from...