Fidelity European Values - Outperforming its benchmark and peer group
Fidelity European Values (FEV) has had a conspicuously strong period of outperformance since March 2017, building on its positive long-term track record. Its NAV total return is ahead of the AIC Europe sector average over one, three and five years, ranking first or second out of eight over each period, and FEV has clearly outperformed its benchmark over one, three, five and 10 years to end-May 2019. Helped by a reallocation of expenses between the revenue and capital accounts, the board raised the FY18 dividend by 44.4% to 6.28p – representing a 2.5% yield – while also adding to reserves, and an interim dividend will be introduced in FY19. FEV’s discount has narrowed to 8.3%, similar to the sector average of 8.5% but wider than its five-year low of 2.8%, and from 2019 the board is seeking to maintain the discount in single digits in normal market conditions.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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