Fidelity European Values - Outperforming in an uncertain market
Fidelity European Values (FEV) is a relatively defensively positioned trust investing primarily in continental European equities. Recent performance has been strong relative to its FTSE World Europe ex-UK index benchmark and peers, helped by its exposure to defensive technology stocks, less interest rate-sensitive banks, and energy stocks, as well as holding no automotive stocks. The portfolio remains well-balanced, but is now more concentrated in a smaller number of stocks (currently 47), as the manager has taken profits where prospects for sustained dividend growth have weakened, and few new ideas have met his investment criteria. FEV’s consistent longer-term track record and tendency to outperform in periods of market weakness may find appeal in an uncertain market environment.Fidelity European Values operates as an investment company with a managed portfolio of investments, consisting primarily of continental European securities. Co.'s Portfolio Manager focuses on attaining a total return on Co.'s total assets over the longer term in excess of the Benchmark Index, the FTSE World Europe (ex UK) Index. Co. may utilize derivative instruments, including index-linked notes, futures, contracts for difference, covered call options, put options and other equity-related derivative instruments as a tool to meet its investment objective.
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