Fidelity Special Values PLC - ‘contrarian’ investment trust that aims for capital growth by investing in ‘out-of-favour’ companies primarily listed in the UK - Net asset value per share at August 31 falls 6.6% to 284.67 pence from 304.79p a year ago. NAV total return for the year that ended August 31 turns to negative 4.4%, from positive 56% a year prior and underperforming against the FTSE All-Share Index, which returned positive 1.0%. The company raises its total dividend by 16% to 7.75 pence per share from 6.67p a year ago.

Looking ahead, Fidelity Special touts its ‘contrarian, value-style approach’ and a ‘well-diversified portfolio’. However, it cautions: ‘There will doubtless be further periods of heightened volatility in the share price and shareholders would do well to take a long term view of the investment horizon. The investment strategy of the company remains resolute.’

Current stock price: 268.50 pence, up 0.9% on Friday

12-month change: down 12%

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