Fidelity European Values
Edison | Dec 13, 2015 05:01AM ET
Fidelity European Values (L:FEV) is an actively managed closed-ended fund investing primarily in continental European equities. Unaffected by recent market volatility, the manager pursues a fundamental bottom-up approach with a three- to five-year investment horizon, aiming to achieve long-term growth from a diversified portfolio of companies able to consistently grow dividends. NAV total returns have been ahead of the trust’s FTSE World Europe ex-UK index benchmark over one, three, five and 10 years. The manager sees the portfolio’s historically high relative dividend yield and superior growth prospects as a positive indicator for future performance.
Investment strategy: Bottom-up stock selection
To achieve long-term capital growth, the manager employs a fundamental bottomup approach to portfolio construction, seeking to identify companies able to deliver consistent dividend growth over a three- to five-year time horizon. Focusing on structural growth prospects and balance sheet strength, the manager compares market values with an assessment of a company’s fair value and this provides the basis for stock selection. The manager aims to maintain a well-diversified portfolio with sector weightings within five percentage points of the benchmark. As well as assessing dividend yield and growth prospects, a total shareholder return (TSR) ranking analysis is used to indicate where portfolio rebalancing may be appropriate.
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