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Fidelity European Values PLC

Viewed as a whole, the European Union is the largest economy in the world, the largest exporter and largest importer of goods and services. Aiming to capture the diversity of Europe, across a range of countries and sectors, this investment trust looks beyond the noise of market sentiment and concentrates on the real-life progress of European businesses. It researches and selects stocks that can grow their dividends consistently, irrespective of the economic environment.

What’s our approach?

Portfolio Manager Sam Morse looks for four main characteristics to identify good quality companies:

  • Positive fundamentals: this will include a good track record, structural growth cycle-on-cycle, a good return on capital employed.
  • Ability to generate cash: a robust underlying level of cash generation which relates to profitability.
  • Strong balance sheet: he dislikes highly leveraged companies and looks for companies with the flexibility to invest.
  • Attractive valuations: he is not prepared to pay any price for a good opportunity. He looks for good quality at a reasonable price or GARP.

The portfolio will generally have low turnover with a typical holding period of three to five years. The composition of Sam’s portfolio is fairly concentrated at between 50 to 60 stocks, and he doesn’t have a bias to a particular sector or company size with a diversified selection of holdings. Further growth potential is delivered through the selection of stocks rather than sectors or countries.

Board of Directors


Board members

Important information

Past performance is not a reliable indicator of future results. Fidelity does not give advice. If you’re unsure of the suitability of an investment for you, you should speak to an authorised financial adviser.

The value of investments can go down as well as up so investors may get back less than they invest. Overseas investments are subject to currency fluctuations. This investment trust can gear through the use of bank loans or overdrafts and this can be achieved through the use of derivatives. Their use may lead to higher volatility in the Net Asset Value and Share Price. This investment trust is able to invest some or all of its assets in developing overseas markets which carry a higher risk than investing in larger established markets. Investments in emerging markets are likely to experience greater rises and falls in value and there may be trading difficulties.

Registration information

Registered in England and Wales; registration number 02638812.

Registered office: FIL Investments International, Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP.

Fidelity European Values PLC is a member of the Association of Investment Companies.
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Fidelity European Values PLC
Fidelity European Values PLC