The Board of Fidelity European Values PLC have announced a minor change to the investment objective of the Company. Following shareholder approval at the AGM the investment objective of the Company has been amended from:
“The investment objective of the Company is to achieve long term capital growth principally from the stock markets of continental Europe”
“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”
Consistent with the changes in objective outlined above, the Board has elected to charge in future 75% of management fees and finance costs to capital, and 25% to revenue, reflecting the balance of the capital and revenue elements of total return experienced historically over the longer term. This will take effect in the 2018 financial year.
Additionally following a review of the management fees payable to Fidelity, it was agreed that the flat fee rate of 0.85 per cent will only apply to the first £400 million of funds under management and that from April 2018 a new rate of 0.75 per cent will be applied to funds in excess of £400 million.
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