OverviewFidelity European Trust PLC
Last Deal Price (p)
313.50Net Change (%) ↑↓
+0.64Estimated NAV (p)
339.81Prem/Disc (%)
-7.74Source: 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 market cycles.
The Trust invests predominantly in continental European equities (and their related securities) and up to 20% of gross assets may be invested in companies outside of the continent. It follows a consistent bottom-up 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 second 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 of stocks is fairly concentrated at between 40 to 50 diversified stocks with no bias to a particular sector or company size.
The four key company characteristics I look for when investing.
When investing in European equities, the breadth of companies means it is highly important to be selective. As with all major economies there will be areas of sluggish growth and industries facing structural challenge or decline. As portfolio manager of the Fidelity European Trust, Sam Morse’s priority is to zero in on those areas that can deliver long-term dividend growth, building a balanced ‘all-weather’ portfolio that can thrive in all market conditions. To do this he looks for four key characteristics and here you can discover what they are.
Find out more
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 bottom-up 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.
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.
ESG Policy
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.
Investors should be aware that the content of the Key Information Document (KID), including methodologies for the calculation and presentation of risks, performance scenarios and costs are defined by technical standards under the EU’s PRIIPs Regulation. The forward-looking Performance Scenarios are based on degrees of variation from historic performance, and cannot be guaranteed. The figures in the KID may not reflect the expected returns for the Company and will be higher following periods of strong returns and lower following market falls. Please remember that past performance is not a guide to future performance.
Additional Information
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News & Insights - European Trust PLC
The four key company characteristics I look for when investing.
Sam Morse, portfolio manager of Fidelity European Trust PLC, explains which c…
Change of Company name rescheduled to October 2020
The Company will change its name from Fidelity European Values PLC to Fidelit…
*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 non-executive Director of Brunner Investment Trust PLC and Perpetual Income and Growth Investment Trust PLC. Vivian also acts as an advisor to BAE Systems Pensions Fund and to the Nuffield Foundation. He is currently Vice Chairman of the Governors of Dulwich College. He was previously Chief Investment Officer at M&G PLC and a non-executive Director of St James’s Place PLC as well as the Chairman of the Investment Committee of St James’s Wealth Management.
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’ Limited and is a non-executive Director of Aberdeen UK Tracker Trust plc and The Merchants Trust plc. He has had a long career in investment management beginning at Samuel Montagu & Co in 1980. He joined Phillips and Drew in 1985, being the year that it was acquired by UBS. He held a number of positions at UBS, covering management, portfolio management, pensions, strategy and client service. He was CEO of UBS Global Asset Management (UK) Limited between 2001 and 2005 and after undertaking a number of global roles at UBS, he retired in 2007.
Appointed on 6 March 2017
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 an ACA qualified Chartered Accountant and a former Financial Services Partner at PricewaterhouseCoopers LLP. She has specialised in significant and complex audits and high profile advisory projects with top-tier financial institutions in the City. She is currently a Non-Executive Director of Invesco Asia Trust plc, a Director of Bridge to the Future, the endowment fund for UWC (United World College) Mostar and a Member of the Advisory Council for the British Museum Friends. She was also a member of the Dutch Parliamentary committee in respect of 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 Committee.
Sir Ivan Rogers 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. Before that he was Chief European Union Advisor and 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 as well as the EU and G20 Sherpa.
He has worked closely with and for both the UK government and EU institutions for the majority of his career. In addition to this, he spent five years in the private sector holding senior government 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.