Fidelity European Trust PLC (LON:FEV) monthly factsheet for the period ended August 2023.
Portfolio Manager Commentary
On a rolling 12-month basis, the Trust recorded NAV and share price returns of 12.3% and 12.7% respectively, compared to 12.0% for the index.
Continental European equities fell for the third consecutive month. Market sentiment remained fragile amid a disappointing earnings season, and elevated interest rates coupled with geopolitical tension weighed on sentiment. Eurozone GDP contracted by 0.1 percent in Q3, following a modest 0.2 percent increase in Q2. Central banks including the ECB stopped raising rates, and investors now believe the hiking cycle as over, with only a small probability of further action from the Fed.
