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fidelity european values

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Fidelity European Values

Adopting a more cautious approach

Review | Investment Companies | 18 Aug 2017

Fidelity European Values (FEV) aims to achieve long-term capital growth from its European equity portfolio by focusing on companies that are able to deliver medium-term dividend growth. This approach gives FEV a defensive bias as well as a yield close to the sector average. Although he acknowledges a number of positive indicators for the near term, manager Sam Morse sees an upcoming turning point in the economic cycle and the prospect of rising bond yields as negative catalysts for equity valuations. His caution is reflected in FEV’s low gearing and the recent concentration of the portfolio, as a number of holdings with weakening fundamentals have been sold into market strength during the first half of 2017.

Fidelity European Values

Celebrating 25 years since fund launch

Review | Investment Companies | 09 Jan 2017

Fidelity European Values (FEV) recently celebrated its 25th anniversary. It aims to generate long-term capital growth from investment primarily in continental European equities, although up to 20% of gross assets may be invested in companies outside the FTSE World Europe ex-UK benchmark. Since January 2011, FEV has been managed by Sam Morse, who 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. FEV’s NAV total return has outperformed the benchmark over three, five and 10 years. Revenue earnings are fully paid out as an annual dividend; the current dividend yield is 1.8%.

Fidelity European Values

Finding opportunities among large caps

Review | Investment Companies | 21 Jun 2016

Fidelity European Values (FEV) aims to achieve long-term capital growth through investing primarily in continental European equities. The manager follows a consistent bottom-up approach, seeking to identify companies able to grow dividends over a three- to five-year horizon. FEV's NAV total return performance has been ahead of its FTSE World Europe ex-UK benchmark over three, five and 10 years, although investments in out-of-favour areas of the market have given the portfolio a slightly contrarian large-cap bias relative to peers, which has been unhelpful during recent small-cap outperformance. The portfolio's historically high relative dividend yield and superior growth prospects are seen by the manager as a positive indicator for future performance.

Fidelity European Values

Focused on fundamentals

Review | Investment Companies | 11 Dec 2015

Fidelity European Values (FEV) is an actively managed closed-ended fund investing primarily in continental European equities. Unaffected by recent market volatility, the manager pursues a fundamental bottom-up approach with a three- to five-year investment horizon, aiming to achieve long-term growth from a diversified portfolio of companies able to consistently grow dividends. NAV total returns have been ahead of the trust's FTSE World Europe ex-UK index benchmark over one, three, five and 10 years. The manager sees the portfolio's historically high relative dividend yield and superior growth prospects as a positive indicator for future performance.

Fidelity European Values

Increasing confidence in the earnings outlook

Review | Investment Companies | 18 May 2015

Fidelity European Values (FEV) is an actively managed closed-end fund with a focus on continental Europe. The manager aims to achieve long-term growth through investing in a diversified portfolio of companies able to grow dividends consistently over a three- to five-year time horizon. NAV total return performance has been ahead of the FTSE World Europe ex-UK index benchmark over one, three, five and 10 years. With market valuations implying improving earnings growth, the manager highlights increasing confidence in the European corporate earnings outlook, seeing above-average earnings and dividend growth prospects in the near term.

Fidelity European Values

Maintaining a focus on consistent dividend growth

Review | Investment Companies | 04 Sep 2014

Fidelity European Values (FEV) provides selective exposure primarily to continental European equities, seeking to achieve long-term capital growth through investing in companies able to grow dividends consistently over a three- to five-year time horizon. FEV has outperformed its benchmark over three, five and 10 years and, while underperforming during the later stages of the recent market rally, has outperformed in June and July 2014 as the market has weakened. While the manager has a cautious view of the European market outlook, he sees scope for FEV to outperform based on the portfolio's potential to deliver dividend growth ahead of the index.

Fidelity European Values

Keeping focus on value and fundamentals

Review | Investment Companies | 06 Feb 2014

Fidelity European Values (FEV) invests primarily in mid- and large-cap continental European equities and is focused on cash-generative businesses with strong balance sheets that are exposed to secular growth stories. FEV has a long-term record of outperformance although has underperformed its benchmark since May as demand has shifted towards riskier, more cyclical stocks. It is proposed that FEV's ordinary shares be subdivided (10 for 1) to enhance their appeal to smaller investors.

Fidelity European Values

Focus on ability to grow dividends over 3-5 years

Review | Investment Companies | 11 Jul 2013

Fidelity European Values Plc (FEV) is an investment trust that invests primarily in mid- and large-cap continental European equities. Sectoral active weights are kept broadly within 5% of the FTSE World Europe ex-UK benchmark and the manager seeks to generate the majority of alpha from stock selection. This stock selection, within sectors, is driven by bottom-up fundamental analysis and the manager focuses on companies that have a strong ability to grow dividends over the next three to five years.

Fidelity European Values

Balanced European portfolio

Review | Investment Companies | 17 Dec 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.

Fidelity European Values

Investment Trusts Quarterly: Europe

Sector Commentary: | - | 24 Jan 2013

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JPMorgan Indian Investment Trust

Investment Trusts Quarterly: Asia

Sector Commentary: | - | 12 Jun 2013

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Fidelity European Values

Concentrating its portfolio and hedging its bets

Review | Investment Companies | 03 Apr 2018

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 GBP 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.