Fidelity has announced a new tiered pricing structure for the £800m Fidelity Special Values investment trust, run by Alex Wright.
The trust has returned 86 per cent over the past five years to 9 July, compared with 56 per cent for the average trust in the AIC UK All Companies sector in the same time period.
In an announcement to the stock exchange this morning, the company said the annual management fee on the trust will be cut to 0.85 per cent on the first £700m of assets, down from the previous 0.875 per cent.
The fee on assets above £700m will fall to 0.75 per cent.
Fidelity also said the fixed annual administration fee of £500,000 will be cut to £100,000.
Mr Wright (pictured) also runs the £2bn Fidelity Special Situations fund, which had previously been run by Anthony Bolton.
Andy Irvine, chairman of Fidelity Special Values PLC, said: “I am pleased that we can today offer shareholders a new tiered pricing structure. Based on the current size of the Company, this is equivalent to an overall reduction of approximately 9.5 basis points and will represent a useful saving for shareholders.”
The Fidelity Special Values investment trust was among the top ten most bought trusts on the Barclays Smart Investor platform in June 2018.