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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.

Balanced European portfolio

Review | Investment Companies | 17/12/2012

Fidelity European Values Plc (FEV) is an investment trust that invests primarily in mid and large cap Continental European equities. The manager does not take aggressive sector positions (sectoral active weights are kept broadly within 5% of the FTSE World Europe ex-UK benchmark). The manager seeks to generate the majority of alpha from stock selection. Stock selection, within sectors, is driven by bottom-up fundamental analysis and the manager looks for companies with strong ability to grow dividends over the next three to five years. During the last 12 months, FEV has outperformed its benchmark by 13.0% and 9.0% in terms of price and NAV total return respectively.

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Stock data

Market cap.£925m
Last close223.000p
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

Price performance

%1m3m12m
Actual0.70.9(0.1)
Relative *(0.3)(7)(4.4)

* % Relative to local index

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