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LONDON (Alliance News) - Fidelity Special Values PLC on Wednesday said it underperformed its benchmark in the first half amid mixed market conditions, but is confident sentiment on its holdings will pick up.
The fund said its net asset value per share declined 2.7% in the half to the end of February, compared to a 1.2% decline in its benchmark, the FTSE All-Share. Its net asset value per share at the end of February was 193.93 pence, down from 201.61p at the end of August.
The fund said markets remained challenging in the half amid slowing growth in emerging economies and sluggish growth in the US. The resources sector remained volatile, but while UK GDP growth has weakened, consumer confidence remains solid.
Fidelity Special Values said it has number of investments in specialty retailers and travel and leisure stocks, which should benefit from strong consumer confidence.
The fund said it believes markets will re-appraise these stocks amid a more benign macroeconomic environment and the valuations should become more favourable.
The fund will pay a 1.00p interim dividend, up from 0.95p a year earlier.
Shares in the fund were down 1.0% to 193.25p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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