The £2.6bn Fidelity’s Special Situations fund and £106m Special Values trust have been up-rated from Neutral to Bronze.
Simon Dorricott, senior manager research analyst for Morningstar, said: “We have seen sufficient evidence of his ability to adapt his investment approach to this mandate, and to make effective use of the significant resources at his disposal.”
Mr Wright has been at the helm of the Fidelity Special Values trust for more than three years, and the Special Situations fund for approximately 18 months.
Mr Dorricott said that when Mr Wright took over Special Situations in January 2014, and Special Values in September 2012, Morningstar did not have the confidence to award the all-cap mandates with a positive rating.
“He had a successful track record as the manager of the Fidelity Smaller Companies fund, but had limited experience with larger-cap stocks,” he added.
Ben Willis, head of research for Bristol-based Whitechurch Securities, said: “Mr Wright is a good manager, and has done a good job with these funds. He has changed the focus according to his skill at going down the cap scale, which has provided much benefit and proven that he has talent.”