Overview
News and Insights
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News and Insights
News and Insights
Fidelity Asian Values PLC latest News and Insights Fidelity China Special Situations PLC latest News and Insights Fidelity Emerging Markets Ltd latest News & Insights Fidelity European Trust PLC latest News and Insights Fidelity Japan Trust PLC latest News and Insights Fidelity Special Values PLC latest News and Insights
Fidelity European Trust PLC
Last Deal Price (p)
348.00Net Change (%) ↑↓
-0.14Estimated NAV (p)
382.19Prem/Disc (%)
-8.81Source: 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.
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
Dividend growth drives long-term returns
Our stock-picking approach helps us identify companies that we believe can grow their dividends consistently over time.
Long-term focus
Taking a long-term view means we can benefit from compounded returns over time, improving performance whilst lower trading reduces costs.
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
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.
Read more
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.
Read more
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.
Read more
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.
Read more
Finding untapped potential in Europe
Marcel Stötzel, co-portfolio manager of Fidelity European Trust PLC, provides an insight into the risks and opportunities facing investors in European equities. With valuations trading at historical lows, he highlights why there is still room for headway to be made and, within this, outlines the enduring potential of investing in pricing power.
Read moreWhat’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.
Past Performance (%) | |||||
|---|---|---|---|---|---|
Oct 2018 - | Oct 2019 - | Oct 2020 - | Oct 2021 - | Oct 2022 - | |
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. | |||||
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
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
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News & Insights - European Trust PLC
Why quality matters in Europe
Sam Morse and Marcel Stötzel, portfolio managers of the Fidelity European Tru…
Sam Morse
Portfolio Manager, Fidelity European Trust PLC
04 October 2024
Will French luxury win gold at the Olympics?
With visitors heading to Paris for this summer’s Olympics, which French compa…
Marcel Stötzel
Co-Portfolio Manager, Fidelity European Trust PLC
30 July 2024
FEV, impressive capital and dividend growth over many years
FEV’s managers have generated superior performance on a consistent basis over…
Kepler
Trust Intelligence
07 June 2024
*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.
Vivian Bazalgette is a Trustee of St. Christopher’s Hospice. He was previously Chief Investment Officer at M&G PLC, a non-executive Director of St James’s Place PLC, including Chairman of the Investment Committee of St James’s Place, and a non-executive Director of Perpetual Income and Growth Investment Trust PLC, Henderson High Income Trust PLC and Brummer Investment Trust PLC. He was an Adviser to BAE Systems Pension Fund.
Appointed as Chairman on 12 May 2016
Appointed on 1 December 2015
All the Directors are non-executive and are also independent and serve as members on the Management Engagement Committee, Nomination Committee and Audit Committee.
Marion Sears is a Non-Executive Director of Dunelm Group PLC, where she was a Senior Independent Director from 2006 to 2014, and a Non-Executive Director of Octopus AIM VCT PLC , Persimmon PLC and Aberdeen New Dawn Investment Trust PLC. Previously, she was a Managing Director of Investment Banking at JPMorgan, and has served on the boards of Boehringer Ingleheim Ltd, LGC (Holdings) Ltd, and Prelude Trust PLC.
She has also held executive positions at Glaxo, UBS, and Baring Brothers.
Appointed on 17 January 2013
Appointed as Senior Independent Director on 14 May 2018
All the Directors are non-executive and are also independent and serve as members on the Management Engagement Committee, Nomination Committee and Audit Committee.
Paul Yates is Chairman of the Advisory Board of 33 St James’s Limited and is a non-executive Director of Witan Investment Trust plc and Capital Gearing Trust P.l.c. He was previously a non-executive Director of Aberdeen Diversified Income and Growth Trust plc and The Merchants Trust plc. He has an extensive career in investment management and he was CEO of UBS Global Asset Management (UK) Limited and in a number of global roles at UBS prior to retiring in 2007.
Appointed on 6 March 2017
Appointed as Senior Independent Director on 10 May 2022
All the Directors are non-executive and are also independent and serve as members on the Management Engagement Committee, Nomination Committee and Audit Committee.
Fleur Meijs is a non-executive Director of Ruffer LLP and she serves as Audit Committee Chair. She is also a Director of Bridge to the Future, the endowment fund for UWC (United World College) Mostar and UWC Mostar and a representative of the Chairs of the Schools on the International Board of UWC International. She is a Chartered Accountant and was a Financial Services Partner at PricewaterhouseCoopers LLP until May 2016. She was also a member of the Dutch Parliamentary committee in 2013 for the structure of banks in the Netherlands.
Appointed on 1st September 2017
Appointed as Audit Committee Chairman on 14 May 2018
All the Directors are non-executive and are also independent and serve as members on the Management Engagement Committee, Nomination Committee and Audit Committe.
Sir Ivan Rogers is an Advisory Board Member of the Official Monetary and Financial Institutions Forum and also of Market News International. He is a former British civil servant, formerly the Permanent Representative of the UK to the European Union for over three years until the beginning of 2017. Prior to this, he was Principal Private Secretary to one British prime minister and head of the Europe and Global Issues Secretariat for another. He was twice the UK’s G7/G8 Sherpa and the EU and G20 Sherpa. For the majority of his career, he has worked closely with and for the UK government and EU institutions. In addition, he spent five years in the private sector holding senior public sector banking roles for Citigroup UK and Barclays Capital.
Appointed on 1st January 2020
All the Directors are non-executive and are also independent and serve as members on the Management Engagement Committee and Audit Committee.
Milyae Park is a non-executive Director of Alliance Trust PLC and Faber and Faber Limited. She chairs the Museum of London (Trading) Ltd Board that governs the Museum’s commercial activities. She is a past Board member of the Museum of London. She began her career as a Chartered Accountant in the US for PwC and in investment banking at Goldman Sachs. In her subsequent executive career, she has held senior positions in consulting at Accenture and retail at Tesco PLC and Marks & Spencer Group PLC. She also holds an MBA from The Wharton School
Appointed on 1st January 2022
All the Directors are non-executive directors and are also independent.
Davina Walter is Chairman of abrdn Diversified Income and Growth plc and is a non-executive Director of Miton UK Microcap Trust plc. She was previously Chairman of JPMorgan US Smaller Companies Trust plc, Chairman of CT Property Trust plc and a non-executive Director of JPMorgan Elect plc. She has extensive investment management experience latterly as a Managing Director at Deutsche Asset Management. She also worked at Henderson Global and was head of US research at Cazenove & Co.
Appointed on 1 November 2024