Fidelity European Trust Plc (FEV): A commendable performance in a difficult year
In our most recent note, Continued resilience in difficult markets, published on 23 November 2022, we analysed how FEV had performed YTD, and highlighted a few of the macro issues that dominated the European equity markets during 2022. In this note, we look back at the 2022 performance, putting it in its longer-term historical context and comparing it with FEV’s peer group performance in 2022. We touch briefly on the outlook for 2023, but we also remind investors that FEV’s long-term track record is driven by bottom-up stock selection.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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