Fidelity Special Values trust retains cautious stance

Fidelity's Special Values investment trust is continuing to hold millions in cash as part of a gener...

Fidelity’s Special Values investment trust is continuing to hold millions in cash as part of a generally defensive stance. Manager Sanjeev Shah, who took over from long-term head Anthony Bolton at the start of 2008, said this offset the effect of gearing on the trust’s NAV over six months to end February. This cash position reduced the borrowing from £35m to a net level of £21.5m. Over the six months, the trust’s NAV fell 9.9% and share price 13.5% against a 7.6% drop in the benchmark. Shah said the major reason behind the decline was the weak UK stock market as a consequence of bot...