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Fidelity European Trust PLC

Last Deal Price (p)

350.50

Net Change (%) ↑↓

+0.57

Estimated NAV (p)

387.13

Prem/Disc (%)

-9.46

Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount/premium are estimated.*

Important information: please keep in mind that the value of investments can go down as well as up, so you may get back less than you invest. Past performance is not a reliable indicator of future results. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

" Investing in companies built to stand the test of time"

Fidelity European Trust PLC aims to be the cornerstone long-term investment of choice for those seeking European exposure across different market, economic and business environments.

The Trust invests predominantly in continental European equities (and their related securities) but up to 20% of its assets may be invested in companies outside of the continent. It follows a consistent stock-picking approach, seeking to identify companies able to grow dividends over a three to five-year horizon.

Viewed as a whole, the European Union is the world’s third largest economy and home to some of the strongest, most stable and resilient companies. Aiming to capture the diversity of Europe, across a range of countries and sectors, this Investment Trust looks beyond the noise of market sentiment and concentrates on the real-life progress of European businesses. It researches and selects stocks that can grow their dividends consistently, irrespective of the economic environment.

The portfolio is fairly concentrated at between 40 to 50 diversified stocks with no bias to a particular sector or company size.

What sets us apart

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Dividend growth drives long-term returns

Our stock-picking approach helps us identify companies that we believe can grow their dividends consistently over time.

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Long-term focus

Taking a long-term view means we can benefit from compounded returns over time, improving performance whilst lower trading reduces costs.

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A cautious approach

Our focus on managing downside risk creates a strong foundation for the potential of long-term outperformance.

News & Insights - European Trust PLC

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The case for European Equities

Teaser: Excessive government debt, low productivity, weakening demographics and heightened geopolitical uncertainty. It’s not hard to find reasons to be pessimistic about Europe. But the crucial thing for investors to remember is that whatever the fortunes of the continental European economy, this is very different from the outlook for companies in the region. Marcel Stötzel, co-portfolio manager of Fidelity European Trust PLC, presents the case for European equities.

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Why quality matters in Europe

Sam Morse and Marcel Stötzel, portfolio managers of Fidelity European Trust PLC, share their outlook for European markets. Despite an uncertain macroeconomic backdrop , they explain why they believe a focus on high quality companies with strong balance sheets and sustainable dividend growth can continue to drive attractive long-term returns for investors in the region.

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Will French luxury win gold at the Olympics?

With visitors heading to Paris for this summer’s Olympics, which French companies stand to benefit? Marcel Stötzel, co-portfolio manager of Fidelity European Trust PLC, examines the changing dynamics of the luxury goods market. He highlights why he continues to favour companies with strong pricing power, which will be well-placed to grow in an uncertain market environment.

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Kepler Trust Intelligence - latest research note on the Company

Fidelity European Trust (FEV) is a £1.5bn FTSE 250 investment trust providing investors with a core European equity strategy.

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The Granolas and beyond: Europe’s driving force

Like the US’s ‘Magnificent Seven’ or the FAANGs before them, Europe has its very own collection of super stocks: the Granolas. These are a handful of companies that have led European markets in 2023. The worry is that the market has become excessively reliant on their success or failure, but we believe many of these titans have longevity.

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What’s our approach?

Sam Morse, the Portfolio Manager, aims to research and select stocks that can grow their dividends consistently, irrespective of the economic environment, believing that these companies will outperform the market over the longer term.

Sam uses a consistent process to select companies that have solid fundamentals and are able to grow their dividends over a three to five-year horizon. He focuses on attractively-valued companies, with strong balance sheets and a track record in cash generation, which have the potential to grow dividends consistently on a three to five year view. These types of companies offer a good combination of fundamental value and therefore downside protection, as well as good growth prospects which are likely to be identified by the market in the future and therefore lead to a rerating of their share price. Data shows that companies of this nature tend to outperform, however the trick is to identify those future dividend growers before they have done so and before the rest of the market. This requires patience and discipline from Sam and our extensive analyst team in London and throughout Europe.

The Trust is permitted to invest up to 20% in UK listed stocks or other stocks outside of continental Europe. This flexibility allows the trust to invest in a wider range of stocks, which meet the investment criteria.

Sam Morse, Lead Portfolio Manager

Sam Morse assumed responsibility for Fidelity European Fund on 1 January 2010 and the portfolio of Fidelity European Trust on 1 January 2011. Prior to becoming a portfolio manager, Sam spent two years as a research analyst with Fidelity, covering a range of sectors, then six years as an equity income fund manager at Fidelity. He also worked as Head of Equities and Head of UK Equities at M&G from 1997 to 2003.

Marcel Stotzel, Co-Portfolio Manager

Marcel joined Fidelity as an analyst in 2014. In addition to his analyst responsibilities Marcel was also promoted to head the cyclicals segment of the European analysts ‘best ideas’ fund in 2018.

He first joined the Fidelity equities team as an MBA intern (covering US tech) before being hired fulltime to cover European Software and IT services and thereafter European Aerospace, Defence and Airlines. Prior to joining Fidelity, Marcel worked as an investment banker at Barclays. Marcel holds an MBA (INSEAD), is a CFA charter holder and graduated with a Business Science (Hons) in Finance from the University of Cape Town.

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Past Performance (%)

Oct 2018 -
Oct 2019

Oct 2019 -
Oct 2020

Oct 2020 -
Oct 2021

Oct 2021 -
Oct 2022

Oct 2022 -
Oct 2023

Net Asset Value

6.8

7.9

22.9

3.3

13.6

Share Price

13.1

8.2

23.8

1.9

17.5

FTSE World Europe ex-UK Total Return Index

1.8

1.9

26.6

-1.5

8.5

Past performance is not a reliable indicator of future returns.
Source: Morningstar as at 31.10.2023, bid-bid, net income reinvested.
©2023 Morningstar Inc. All rights reserved. The FTSE World Europe ex-UK Total Return Index is a comparative index of the investment trust.

Investment objective

The Company aims to achieve long term growth in both capital and income by predominantly investing in equities (and their related securities) of continental European companies.

Summary of the key aspects of the Investment policy

The Investment Manager will typically focus on larger companies which show good prospects for sustainable long-term dividend growth. The Investment Manager is not restricted in terms of size, industry or geographical split.

The Company may also invest into other transferable securities, investment companies, money market instruments, cash and deposits and is also able to use derivatives for efficient portfolio management, to gain additional market exposure (gearing) and for investment purposes.

Portfolio Manager AGM 2024 Investment Review

Your Board of Directors

Vivian Bazalgette

Chairman

Paul Yates

Senior Independent Director

Davina Walter

Non-Executive Director

Fleur Meijs

Non-Executive Director

Sir Ivan Rogers

Non-Executive Director

Milyae Park

Non-Executive Director

Reports and Literature

Latest monthly factsheet

Contains the latest portfolio manager commentary, performance data and breakdown of the trust’s holdings.

Annual report

The latest annual report includes an update on the trust’s strategy, governance and financial performance.

Half-Yearly Report

The half-yearly report includes the Portfolio Manager’s review, financial highlights and latest portfolio holdings.

Key Information Document

This document provides you with key information about this investment product. It is not marketing material.

Additional Information

Historical reports and announcements

Ready to invest?

Tell us whether you are a personal investor or an investment professional, and we will show you the different ways you can invest in our trusts.

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News & Insights - European Trust PLC

The case for European Equities

Excessive government debt, low productivity, weakening demographics. Ongoing …


Marcel Stötzel

Marcel Stötzel

Co-Portfolio Manager, Fidelity European Trust PLC

Why quality matters in Europe

Sam Morse and Marcel Stötzel, portfolio managers of the Fidelity European Tru…


Sam Morse

Sam Morse

Portfolio Manager, Fidelity European Trust PLC

Will French luxury win gold at the Olympics?

With visitors heading to Paris for this summer’s Olympics, which French compa…


Marcel Stötzel

Marcel Stötzel

Co-Portfolio Manager, Fidelity European Trust PLC

*The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Important information

Overseas investments are subject to currency fluctuations. The shares in the investment trust are listed on the London Stock Exchange and their price is affected by supply and demand. The investment trust can gain additional exposure to the market, known as gearing, potentially increasing volatility.