Company Announcements

London, UK, 19 May 2020

Edison issues review on Fidelity European Values (FEV)

Fidelity European Values (FEV) plans to change its name to Fidelity European Trust later this year to better reflect its objectives; however, there will be no change to the disciplined investment process. Manager Sam Morse continues to focus on cash-generative companies with strong balance sheets and significant dividend growth potential. He has increased the trust's level of gearing to benefit from an anticipated recovery in the European stock market, as equity prices typically discount an economic improvement by around six months. However, the manager is continuing to run the portfolio in a measured way, acknowledging that 'there is no big rush to change the portfolio, as costly mistakes can be made'. FEV has outperformed the continental European market over the last one, three, five and 10 years in both NAV and share price terms.

Having experienced valuation volatility during the recent stock market sell-off, FEV's discount is now back within its typical range. The current 7.5% discount to cum-income NAV compares with the 7.8% to 9.0% range of average discounts over the last one, three and five years. FEV currently offers a 2.8% dividend yield.  

Click here to view the full report.

Subscribe to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the website.

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Mel Jenner, +44 (0)20 3077 5720

Sarah Godfrey, +44 (0)20 3681 2519

investmenttrusts@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        https://www.linkedin.com/company/edison-group- 

Twitter           www.twitter.com/Edison_Inv_Res 

YouTube       www.youtube.com/edisonitv