Fidelity European Values PLC Edison issues review on Fidelity European Values
16 Gennaio 2020 - 12:05PM
RNS Non-Regulatory
TIDMFEV
Fidelity European Values PLC
16 January 2020
London, UK, 16 January 2020
Edison issues review on Fidelity European Values (FEV)
Fidelity European Values (FEV) is managed by Sam Morse, who
selects stocks on a bottom-up basis, focusing on quality companies
with strong balance sheets that are able to grow dividends over the
long term. He notes that investor concerns that affected the market
in 2019 are abating: central banks are very supportive; a
resolution to the US-China trade war is looking more likely; and
within Europe, there is the prospect of fiscal stimulus to support
economic growth. While there is potential for a rotation in market
leadership towards cyclical stocks, which could put the fund's
relative performance under pressure, the manager is 'sticking to
his knitting', and remaining disciplined, rather than shifting his
portfolio exposures in an effort to try to 'time the market'.
FEV's shares are currently trading at a 7.1% discount to
cum-income NAV, which is narrower than the average discounts of
8.4%, 9.3%, 9.0% and 10.8% over the last one, three, five and 10
years, respectively. The trust pays dividends twice a year in
November and May; the annual ordinary payment has increased in each
financial year since 2010 and FEV currently offers a 3.3% yield.
Gearing of up to 30% of NAV is permitted; net market gearing was
3.8% at end-November 2019.
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January 16, 2020 06:05 ET (11:05 GMT)
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