Fidelity European Trust PLC

Fidelity European Trust PLC is a UK-domiciled closed-ended investment trust launched on 5 November 1991, designed to deliver long-term growth in both capital and income. It predominantly invests in equities and related securities of continental European companies, excluding the UK, with a focus on high-quality firms exhibiting strong fundamentals such as robust earnings growth, cash generation, and attractive valuations under a growth at a reasonable price (GARP) strategy. Managed by Sam Morse since 2011 and Marcel Stotzel since 2020, the trust maintains a concentrated portfolio with low turnover, typical holding periods of three to five years, and no sector or size biases, emphasizing stock selection across diversified industries like financial services, industrials, healthcare, and technology. Key features include gearing for enhanced market exposure (around 10-12%), bi-annual dividends, and an ongoing charge of approximately 0.68%. With total net assets exceeding £2.2 billion and top holdings such as ASML Holding, Roche, and Nestle, it benchmarks against the FTSE World Europe ex UK Total Return Index, offering investors targeted access to Europe's equity markets while navigating risks like currency fluctuations and derivatives usage.