Fidelity European Values PLC

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

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.

Fidelity European Values 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.

Investing in companies built to stand the test of time


Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may not get back the amount you invested. Fidelity does not give advice. If you’re unsure of the suitability of an investment for you, you should speak to an authorised financial adviser.

Overseas investments are subject to currency fluctuations. This Investment Trust may also invest more heavily than others in smaller companies, which can carry a higher risk because their share prices may be more volatile than those of larger companies. Investment Trusts can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Their use may lead to higher volatility in the Net Asset Value and Share Price.


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.

Who’s Sam Morse?

Sam Morse assumed responsibility for Fidelity European Fund on 1 January 2010 and the portfolio of Fidelity European Values 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.

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.

Board of Directors

Reports and Literature

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

Historical reports and announcements



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Fidelity European Values PLC latest news and insights

Next AGM: May 2021.

Annual General Meeting Portfolio Manager Presentation - May 2020

The Portfolio Manager, Sam Morse, has pre-recorded his 2020 AGM presentation which is accessed from the Company homepage.

Change of Company Name Delayed 

The impact of the Coronavirus (COVID-19), and the resultant Government’s Stay at Home Measures, have caused substantial and significant delays as well as disruption to the usual statutory filing process.

Therefore the Board has decided that that the Company should continue as Fidelity European Values PLC beyond 12 May 2020 and that the change of name should be delayed until such time as it can be made with more certainty as to the date it will take effect.

Annual General Meeting - reduced programme & different format for this year - March 2020
In view of the emerging public health impact of the Coronavirus (COVID-19) and in the interests of the wellbeing of our shareholders, the Board has decided to change the format of the Annual General Meeting this year.

Final Results Announced
The Company has announced its Final Results for the year ended 31 December 2019.

Scrutinising Europe - May 2019
While Europe is not without its well-publicised macro challenges, Sam Morse believes it isn’t all doom and gloom for investors in the region.

Marina Gerner on Fidelity European Values PLC - MoneyWeek, March 2019
With Brexit only days away, this may seem “a strange time to be thinking of putting some of your… money into European stockmarkets,” says Mark Atherton in The Saturday Times.

Fidelity European Values in Money Observer - February 2019
Diversity rules with a mix of equity and alternative trusts in all the leading investment trust brokers’ house portfolios – but there are some names that keep cropping up, reports Fiona Hamilton.

Rob Langston on Fidelity European Values PLC - February 2019
After years of restructuring and investor animosity, some European banks are beginning to look very attractive.

Read more

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