Fidelity's Wright: Barclays turnaround has only just begun

Fidelity's Alex Wright is backing Barclays to begin its turnaround in earnest following last week's dismissal of chief executive Antony Jenkins.

Wright (pictured) manages the £3bn Special Situations fund and the £282m Fidelity UK Smaller Companies fund, as well as the £567m Special Values investment trust. The financials sectors is one of his top allocations across all three funds and he describes banks as the most attractive area within this from a valuation perspective. He currently holds 2.1% in Barclays in the Special Sits fund and 2% in the Special Values trust, alongside Lloyds Banking Group and HSBC, the latter being the largest holding in the £3bn fund at 6.1%. However, he admitted he is taking on additional risk wi...