Fidelity European Values PLC
Share price (p)
Estimated NAV (p)
Source: Morningstar PLC. Share price is delayed by 15 minutes. Net Asset Value (NAV) and discount are estimated.
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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 largest economy in the world, the largest exporter and largest importer of goods and services. 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 50 to 60 diversified stocks with no bias to a particular sector or company size.
Revist the European classics”
Highlights from the Fidelity European Values AGM 2017
22 May 2017
Fidelity European Values AGM 2017
18 May 2017
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.
May suit investors who:
- Want to diversify their portfolio with core exposure to Europe
- Are willing to accept the currency risks involved when investing overseas
- Are looking for long-term growth from a concentrated portfolio of high-quality European stocks
- Are investing for their future; the trust may be held in an ISA, Junior ISA, SIPP or General Investment Account
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.
Registered in England and Wales; registration number 02638812.
Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.
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