Fidelity European Values (FEV)

Business description

FEV's investment objective is to achieve long-term capital growth from a portfolio of listed shares in continental European companies. The portfolio manager is not restricted in terms of market cap, country or sector allocation, although a minimum of 80% of gross assets will be invested in companies from countries that are included in the benchmark index (the FTSE World Europe [ex-UK] Index). A maximum of 5% of gross assets may be invested in non-European companies that have some European exposure or connection.

Stock data

Market cap.£928m
Last close223.50p
High / Low (52 weeks)234.0p / 202.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

Other companies in sector Show

Aberdeen New Dawn Investment Trust Aberdeen New Thai Investment Trust
Aberdeen Private Equity Fund Aberdeen UK Tracker Trust
AcenciA Debt Strategies Acorn Income Fund
Adamas Finance Asia Alliance Trust
Altamir SCA Amphion Innovations
Aurelius Bailador Tech Investments
Bankers Investment Trust (The) BB Biotech
Biopharma Credit BlackRock Greater Europe Investment Trust
BlackRock Hedge Selector BlackRock Latin American Inv. Trust
British Portfolio Trust Brunner Investment Trust (The)
Canadian General Investments Carador Income Fund
CFP Sanford DeLand Free Spirit Fund. Charles Stanley
City Natural Resources Conversus Capital
CQS Rig Finance Fund CVC Credit Partners European Opps
Detour Gold Deutsche Beteiligungs
Dexion Commodities Diverse Income Trust (The)
DouglasBay Capital Dunedin Enterprise Investment Trust
DW Catalyst Fund Edinburgh Worldwide Investment Trust (The)
European Assets Trust European Investment Trust (The)
F&C Managed Portfolio Income F&C Managed Portfolio Trust
F&C US Smaller Companies Fidelity China Special Situations
Finsbury Growth & Income Trust Foreign & Colonial Investment Trust
Gartmore Growth Opportunities Gartmore Irish Growth Fund
Geiger Counter Limited GLI Alternative Finance
Global Resources Investment Trust Golden Prospect Precious Metals
Gulf Investment Fund Hansa Trust (HAN)
HarbourVest Global Private Equity HarbourVest Senior Loans Europe
HBM Healthcare Investments Heliad Equity Partners
Henderson Alternative Strategies Trust Henderson Far East Income
Henderson Global Trust Henderson Global Trust
Henderson International Income Trust HSBC Infrastructure Company
Infrastructure India International Biotechnology Trust
Invesco Asia Trust Invesco Income Growth Trust
Is Private Equity JP Morgan Private Equity Limited
JPMorgan Brazil Investment Trust JPMorgan European Smaller Companies Trust
JPMorgan Global Convertibles Income Fund JPMorgan Global Growth & Income
JPMorgan Indian Investment Trust Jupiter Green Investment Trust
Jupiter UK Growth Investment Trust Jupiter US Smaller Companies
JZ Capital Partners Limited Lazard World Trust Fund
Leaf Clean Energy Company LMS Capital
Lowland Investment Company LPEQ
Martin Currie Asia Unconstrained Trust Martin Currie Global Portfolio Trust
Middlefield Canadian Income Miton Global Opportunities
Miton Income Opportunities Trust New City Energy
Ocean Wilsons Holdings Odyssean Investment Trust
Pacific Assets Trust Phaunos Timber Fund
Polar Capital Global Healthcare Trust Princess Private Equity Holding
PXP Vietnam Fund Rathbone Brothers
RENN Universal Growth Investment Trust Schroder AsiaPacific Fund
Schroder Global Real Estate Securities ScotGems
Scottish Oriental Smaller Companies Securities Trust of Scotland
Seneca Global Income & Growth Trust Sigma Capital Group
Standard Life Equity Income Trust Standard Life Investments Property Income Trust
Standard Life Private Equity Trust Standard Life UK Smaller Companies
Strategic Equity Capital Taiwan Fund (The)
Templeton Emerging Markets Investment Trust Tetragon Financial Group
The Biotech Growth Trust The Law Debenture Corporation
The Merchants Trust The North American Income Trust
The Scottish Investment Trust Tiso Blackstar Group
TR European Growth Trust UK Commercial Property Trust
Utilico Emerging Markets Vietnam Enterprise Investments
Vietnam Holding Asset Management Vietnam Infrastructure Fund
VinaCapital Vietnam Opportunity Fund VinaLand
Vision Opportunity China Fund WAM Active
WAM Capital WAM Research
Witan Investment Trust Witan Pacific Investment Trust
Worldwide Healthcare Trust YFM Equity Partners

Company news

Investment summary

Fidelity European Values (FEV) aims to achieve long-term capital and income growth from a portfolio of primarily continental European equities. Although well diversified, the portfolio became more concentrated during 2017, as the manager sold stocks that had performed well and reinvested in existing holdings. While retaining a positive net market gearing, the manager added 10 single-stock short positions to the portfolio in August 2017, reflecting the view that valuations had become stretched in many parts of the market. A lower 0.75% management fee on assets over £400m takes effect from April 2018, while a reallocation of fees and expenses from revenue to capital will positively affect the level of future dividend payouts.

Last updated on 03/04/2018

Key management

Vivian Bazalgette, Chairman
Sam Morse, Fund manager

Company address

Oakhill House,
130 Tonbridge Road
Hildenborough, Tonbridge
Kent
TN11 9DZ
United Kingdom
+44 (0)800 414110
View website