Monday, 09 July 2012 11:34
New management of Fidelity Special Value investment trust
Alex Wright has been appointed portfolio manager of Fidelity's Special Values investment trust after current manager Sanjeev Shah stepped down to focus on his Special Situations fund.
Mr Shah, who has worked for Fidelity since 1996, will now focus solely on managing the open-ended Fidelity Special Situations fund.
The company hopes Mr Wright's appointment will mean it is able to invest a greater proportion of the portfolio in smaller and mid-cap stocks.
Mr Wright has 10 years experience at Fidelity and has been managing the Fidelity UK Smaller Companies fund since its creation in 2008.
Lynn Ruddick, chairman of Fidelity Special Values plc, said: "The Board is keen to take greater advantage of opportunities for capital growth available from dynamic smaller and mid-cap companies and this is an area where Alex has demonstrated considerable success."
Mr Wright has a contrarian investment style, buying out-of-favour stocks with downside protection and unrecognised growth. This has made him the top performing fund manager in his Investment Management Association UK Smaller Companies peer group.
Ms Ruddick said the investment strategy and company benchmark would remain unchanged.
He said: "We are excited at the opportunity for the Company to broaden its appeal to a wider group of shareholders who are seeking the security of quality large cap stocks as well as the potentially higher growth of carefully-researched companies."
The change will be effective from 1 September.
Mr Shah, who has worked for Fidelity since 1996, will now focus solely on managing the open-ended Fidelity Special Situations fund.
The company hopes Mr Wright's appointment will mean it is able to invest a greater proportion of the portfolio in smaller and mid-cap stocks.
Mr Wright has 10 years experience at Fidelity and has been managing the Fidelity UK Smaller Companies fund since its creation in 2008.
Lynn Ruddick, chairman of Fidelity Special Values plc, said: "The Board is keen to take greater advantage of opportunities for capital growth available from dynamic smaller and mid-cap companies and this is an area where Alex has demonstrated considerable success."
Mr Wright has a contrarian investment style, buying out-of-favour stocks with downside protection and unrecognised growth. This has made him the top performing fund manager in his Investment Management Association UK Smaller Companies peer group.
Ms Ruddick said the investment strategy and company benchmark would remain unchanged.
He said: "We are excited at the opportunity for the Company to broaden its appeal to a wider group of shareholders who are seeking the security of quality large cap stocks as well as the potentially higher growth of carefully-researched companies."
The change will be effective from 1 September.
• Want to receive a free weekly summary of the best news stories from our website? Just go to home page and submit your name and email
address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
address. If you are already logged in you will need to log out to see the e-newsletter sign up. You can then log in again.
This page is available to subscribers. Click here to sign in or get access.