FIDELITY SPECIAL VALUES PLC SEPTEMBER 2018
UK equities recovered in September and ended in positive territory,
but overall investor sentiment remained mixed. Hopes for a softer
Brexit suffered a setback as there was no breakthrough in talks
between the UK and EU at the summit meeting in Austria.
Nevertheless, oil & gas stocks gained significantly, which buoyed
overall market returns.
FIDELITY SPECIAL VALUES PLC AUGUST 2018
The UK stock market declined in August, largely due to a fall in
share prices of large-sized companies amid worries over global
trade frictions. Weakness in the mining sector also had a negative
impact on overall market returns.
A strong run in the market over the longer term has left valuations
above historical averages in some areas, and sentiment relatively
elevated. While this need not be a cause for immediate concern,
we believe it constrains the ability of the overall market to continue
making above average returns in the future, and makes it more
vulnerable to a shock. However, a selective approach, focused on
identifying cheap companies with improving fundamentals, should
stand a good chance of outperforming the market over the coming