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15 Feb 2024

Fidelity European Trust

Company Notes

Strong Performance Record from Balanced Portfolio

Background: Fidelity European Trust* (FEV) 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. On 25 January Marcel Stötzel presented at our Annual Investment Trust Conference. A video interview with Marcel summarising the highlights of the presentation is available here.

Portfolio: The portfolio typically holds 50-60 stocks and is therefore relatively concentrated, with 46% of NAV invested in the top 10 holdings as at 31 December 2023. However, investments are deliberately diversified across sectors, with the largest allocations being to Financials, Industrials and Health Care as at 31 December 2023. The approach is long-term, with over half of the names in the portfolio having been held for at least ten years.

Performance: 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. Furthermore, it is the best performer in its 7-strong peer group over the last three years and the second-best over the last five and ten years. It has also outperformed the managers’ equivalent open-ended fund over all time periods shown in the table below.

*Denotes a corporate broking client of Winterflood Securities