Fidelity European Trust (FEV) is a core European equity fund with a long and consistent track record of outperformance. Under manager Sam Morse’s tenure from 2011, FEV’s NAV total return has compounded at 10.4%, compared to the benchmark’s 7.6%. FEV is also a FTSE 250 investment trust with a market cap of c. £1.7bn. Sam’s co-manager Marcel Stötzel began working on FEV in 2020.
In June 2025 FEV announced it had agreed to combine assets with Henderson European Trust (HET), with FEV to be the continuing vehicle. This will consolidate FEV’s position as the largest European equity investment trust and take its market cap to over £2bn. The main points are summarised in the Portfolio section but include a reduction in Charges, and a revised Discount policy. Shareholders will receive further information in due course, with completion expected by the end of September 2025.