Three bets on a bounceback

Professional stock picker Alex Wright tips three beaten up and unloved London-listed stocks to buy now.

Each week, a professional investor tells MoneyWeek where he'd put his money now.This week:Alex Wright, portfolio manager, Fidelity Special Values.

Our aim is to invest in value stocks with downside protection and unrecognised potential for change. This typically means investing in companies that have already underperformed and where there is little or no value ascribed to any recovery potential. The companies I invest in tend to have very low valuations, or a balance sheet "moat" that should stop their share prices falling below a certain level (for example, high inventory and cash levels, intellectual property, etc).

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Alex Wright

Alex Wright has honed his distinctive contrarian value investment approach over a career spanning 23 years with Fidelity International.  He followed the traditional Fidelity approach to becoming a Portfolio Manager beginning his career as an analyst and rotating across a number of sectors. In 2008, he started managing the Fidelity UK Smaller Companies Fund, which he managed until 2014. In 2010, he broadened his remit to the full market cap spectrum, began working more closely with Sanjeev Shah, before taking over the management of Fidelity Special Values PLC from Sanjeev in September 2012 and Fidelity Special Situations Fund in January 2014.