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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)
406.85Net Change (%) ↑↓
-0.53Estimated NAV (p)
428.06Prem/Disc (%)
-4.45Source: 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
Proposed combination with Henderson European Trust plc
The Boards of Fidelity European Trust PLC (FEV) and Henderson European Trust plc (HET) have announced on 19 June 2025 that they have signed Heads of Terms in respect of a proposed combination of the two companies – subject to Shareholder approval. Both Boards believe the combination of these two Companies will result in a larger, more liquid and lower cost vehicle that will benefit all Shareholders.
Further details available here
Marcel Stötzel, co-portfolio manager of Fidelity European Trust PLC spoke to Citywire’s Jeremy Gordon about the prospects for Europe and explains why his top-performing trust has become more interesting over the past six months.
As the shine has come off the US stock market, investors have sought a new home for their capital. Europe has been an early beneficiary, as a combination of fiscal stimulus and attractive valuations have drawn investors back to the region.
Lauren Almeida, Editor of The Times’ Tempus column, has published a detailed analysis of the Fidelity European Trust (FEV), earning a ‘Buy’ recommendation from the national newspaper. Almeida provides an overview of FEV’s top holdings as well as its performance, showcasing the trust’s long-term commitment to market outperformance.
Fidelity European Trust PLC continues to retain its place as one of just 16 investment trusts on AJ Bell’s Select List. The investment specialists at what is one of the UK’s leading investment platforms analyse the investment trust market, looking at factors including price, performance and size to create their list of preferred investment trusts. Fidelity China Special Situations PLC and Fidelity Special Values also feature in the shortlist.
Marcel Stotzel, Co-portfolio manager of Fidelity European Trust spoke to Jeff Prestridge at The Mail on Sunday to explain why he sees the trust as a vehicle that gives investors exposure to some of the world’s leading companies and why picking winners is the trust’s specialism.
Fidelity European Trust (FEV) is a core European equity fund with a long and consistent track record of outperformance.
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.
Past Performance (%) | |||||
|---|---|---|---|---|---|
Mar 20 - Mar 21 | Mar 21 - Mar 22 | Mar 22 - Mar 23 | Mar 23 - Mar 24 | Mar 24 - Mar 25 | |
Net Asset Value | 30.1% | 12.2% | 12.6% | 16.7% | -1.4% |
Share Price | 32.5% | 10.4% | 14.2% | 19.1% | -0.4% |
FTSE World Europe ex-UK Total Return Index | 34.9% | 6.5% | 8.7% | 13.8% | 3.8% |
Past performance is not a reliable indicator of future returns.
Source: Morningstar as at 31.03.2025, bid-bid, net income reinvested.
©2025 Morningstar Inc. All rights reserved. FTSE World Europe ex-UK Index Total Return.
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 2025 Investment Review
Your Board of Directors
Davina Walter
Chairman
Paul Yates
Senior Independent Director
Fleur Meijs
Chairman of the Audit Committee
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
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Annual Reports
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News & Insights - European Trust PLC
Can Europe’s domestic champions catch up with our world beaters?
Marcel Stötzel, co-portfolio manager of Fidelity European Trust PLC spoke to …
Marcel Stötzel
Co-Portfolio Manager, Fidelity European Trust PLC
20 May 2025
Fidelity European Trust reconfirmed on this year’s AJ Bell Select L…
The Fidelity European Trust is once again one of only 18 investment companies…
Marcel Stötzel
Co-Portfolio Manager, Fidelity European Trust PLC
21 March 2025
Annual Results 2024
Final Results for the year ended 31 December 2024
Fidelity
Investment Team
20 March 2025
*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.