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Fidelity European Trust PLC

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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 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.


Focusing on what matters in Europe

Sam Morse and Marcel Stötzel, portfolio managers of the Fidelity European Trust PLC, share their outlook for regional equity markets. Despite the uncertain macro backdrop, they outline why a focus on attractively valued dividend growers with strong balance sheets should continue to deliver strong relative returns over the long-term.

Read more

Europe could accelerate the shift from mobile to metaverse

The race among tech firms in the US and Asia to build out the metaverse has dominated headlines but several European companies are also driving this shift towards virtual worlds. Marcel Stötzel, portfolio manager of the Fidelity European Trust PLC, outlines why he thinks that some European tech businesses could be key enablers of the metaverse, with the potential to strengthen brand loyalty and boost industry profits.

Read now
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

Our Approach
Investment Process

Your Board of Directors

Vivian Bazalgette


Paul Yates

Senior Independent 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.

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.

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Company Research

Eight questions for the AGM
Follow the money - initiation note from Hardman & Co.
Not persuaded by great (rotation) expectations
Outperforming and pursuing recent opportunities

News & Insights - European Trust PLC

Focusing on what matters in Europe

Fidelity European Trust PLC portfolio managers Sam Morse and Marcel Stötzel s…

Sam Morse

Sam Morse

Portfolio Manager, Fidelity European Trust PLC

Europe could accelerate the shift from mobile to metaverse

Fidelity European Trust PLC portfolio manager Marcel Stötzel outlines why he …

Marcel Stötzel

Marcel Stötzel

Portfolio Manager, Fidelity European Trust PLC

Staying the course amid uncertainty in Europe

Amid rising volatility triggered by the Ukraine war, Sam Morse and Marcel Sto…

Sam Morse

Sam Morse

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.