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31 Jan 2022

Fidelity European Trust

Company Notes

Core European exposure in turbulent environment

Fidelity European Trust* aims to deliver long-term capital and income growth, predominantly by investing in continental European companies. The fund was launched in 1991 and has been managed by Sam Morse since 2011, with Marcel Stötzel appointed co-portfolio manager in 2020. The portfolio typically holds 50-60 stocks and is therefore relatively concentrated. The managers aim to identify growth at a reasonable price, with a focus on cash generation and dividend growth signifying strong fundamentals. Investments are diversified across sectors, with overweight allocations to Financials, Health Care and Technology as at 31 December 2021. The fund has outperformed its FTSE World Europe ex UK benchmark over the past one, three, five and ten years on a NAV total return basis, while outperforming the Europe peer group over the past year. The NAV total return over the last 12 months was +14.0%, compared with +10.2% for the benchmark and +13.2% for the peer group.

*Denotes a corporate broking client of Winterflood Securities