Fidelity Special Situations

Introduction to the fund

Alex and Jonathan run this truly multi-cap fund with a value bias. With an unconstrained approach, the portfolio can have significant off -benchmark and overseas investments. The managers favour companies which are likely to have already gone through a sustained period of underperformance, but where further downside is limited and their potential for recovery has been overlooked. This is one of the most famous funds in the market, having been run by Anthony Bolton for many years. The fund’s performance has been strong, particularly as the value style has come back into favour.

Fund manager

Alex Wright, Jonathan Winton

Alex Wright joined Fidelity in 2001 as a research analyst and has since covered a broad range of sectors and market capitalizations. He has managed the Fidelity Special Situations Fund since January 2014 and the Fidelity Special Values PLC since September 2012. Alex holds a BSc in Economics from Warwick University, graduating with First Class Honours, and is a CFA Charterholder.

Jonathan joined Fidelity as a research analyst in 2005. Over eight years in the pan European team, he covered such diverse sectors as support services, small cap technology, beverages and tobacco. He was promoted to the role of co- portfolio manager of the Fidelity UK Smaller Companies Fund in February 2013. Jonathan holds a BA (Hons) degree in Politics from the University of Nottingham.

Opinion on fund

This famous old fund has now been managed for over ten years by Alex Wright. Wright has continued to write the next chapter of this extraordinary fund with excellent performance under his tenure. It remains a high-conviction stock-picking fund with a value style tilt. It is multi-cap with a significant weight to mid and small-cap stocks. Wright’s strong performance is all the more remarkable given how the mid and small-cap part of the market has struggled in the UK in recent years. The fund also has up to 20% invested outside the UK.

Fund performance

Documents

Key facts

  • Fund size

    £4,204.4m

  • Chelsea rating

    Buy

  • Core Selection

    No

  • Chelsea Risk Rating

    6.5

  • AMC

    0.75%

  • OCF

    0.91%

  • Unit Type

    Acc

  • Yield

    –

  • FundCalibre rating

    –

How to invest

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  • Download an application form and post it to us, along with a cheque
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.