Edison issues review on Fidelity European Values

RNS Number : 3609F

Fidelity European Values PLC

26 October 2018

 

London, UK, 26 October 2018

Edison issues review on Fidelity European Values (FEV)

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.

FEV's share price discount to NAV (including income) has recently narrowed and the current 10.1% discount compares to its 9.7%, 9.9% and 9.2% averages over one, three and five years, respectively. FEV's yield is below the sector average, but a reallocation of fees and expenses from revenue to capital will raise the proportion of distributable income from FY18, supporting dividend growth prospects.

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