Fidelity UK Smaller Companies

Introduction to the fund

Lead manager Jonathan has run the fund since 2013, two years after its launch. He is supported by Jac as deputy manager. This is an out-and-out value fund, with the managers focusing on out-of-favour companies that have gone through a period of underperformance but where there are unrecognised growth opportunities. They find many candidates in the smaller companies space, where a combination of lack of research and market scepticism can leave many companies trading below their true value. The managers place strong emphasis on understanding the downside risk of each potential investment. They choose stocks where the potential for future upside in the price far exceeds the prospect for further declines. The fund will invest at least 60% in smaller sized UK companies. Performance will be good when the fund’s value style is in favour.

Fund manager

Jonanthan Winton

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 fund has an outstanding long-term track record. The fund is stylistic and its outperformance tends to come in periods when value stocks are doing well. However, performance has also held up remarkably well when value investing has been out of favour. We like the strength of the internal Fidelity research team. The evidence suggests that Jonathan and the team have been able to add a lot of value from their stock picking and we believe this can continue.

Fund performance

Documents

Key facts

  • Fund size

    £706.5m

  • Chelsea rating

    Buy

  • Core Selection

    No

  • Chelsea Risk Rating

    8

  • AMC

    0.75%

  • OCF

    0.91%

  • Unit Type

    Acc

  • Yield

    2.22%

  • FundCalibre rating

    Elite Rated

How to invest

Once you know where you want to invest, there are a number of ways you can invest:

  • Log in here and process your instruction
  • Call us on 020 7384 7300 to buy over the phone or request an application form
  • Download an application form and post it to us, along with a cheque
Find out more
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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.