Fidelity European Trust rises strongly on favourable stock selection (LON:FEV)

Fidelity European Trust PLC (LON:FEV) monthly factsheet for the period ended 30th April 2023.

Portfolio Manager Commentary

Continental European equities continued their strong run in April. Despite a resurgence of concerns around the global banking sector towards the end of the month, investors were encouraged by
positive company results, China’s continued economic reopening and a further reduction in US headline inflation. European equities outperformed US, Asian and Emerging Market equities. Economic data released in the month showed that Europe avoided recession over the first quarter, with initial estimates of gross domestic product growth of 0.1% for the euro area. Eurozone inflation accelerated over April, remaining well above the European Central Bank’s (ECB) 2% target. ECB President Lagarde stated that “there’s still a little way to go on the path” to bring inflation closer to the target rate.

During the month, the Trust recorded positive returns and outperformed the index. The outperformance was driven by favourable security selection and positioning in the consumer discretionary and materials sectors. Stock specific contributors within consumer staples and health care also supported performance. At a stock level, luxury eyewear manufacturer and distributor EssilorLuxottica reported strong first quarter results with sales ahead of expectations across all regions.

On a rolling 12-month basis, the Trust recorded NAV and share price returns of 17.2% and 21.9% respectively, compared to 13.2% for the index.

Fidelity European Trust PLC (LON:FEV) is a European investment trust. It  aims to be the cornerstone long-term investment of choice for those seeking European exposure across market cycles.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Fidelity International

More articles like this

Fidelity European Trust

A more resilient, competitive and sustainable Europe

In a Communication adopted today, the Commission provides a contribution to the forthcoming leaders’ debate in Granada on the future-oriented approach to the EU’s open strategic autonomy and on priority policy objectives for the EU in the years

Fidelity European Trust

European stocks edge slightly higher

European stocks edged slightly higher after Monday’s drop, with investors wary of making bets ahead of this week’s central bank meetings. Brent oil’s rally to $95 triggered worries about inflation spiking again, but boosted the energy sector. The

Fidelity European Trust

European shares edge higher ahead of ECB rate decision

European shares inched higher on Thursday, with investors cautious ahead of the European Central Bank’s rate decision where it is likely to raise interest rates for a tenth consecutive time. Markets are now pricing in a 65% chance

Fidelity European Trust

European stocks climb on China stimulus taking hold

European stocks climbed, bolstered by signs China’s stimulus measures are seeping through into the economy and wagers that global interest rates are approaching a peak. The Stoxx 600 gauge rose 0.9%, halting three days of losses. Gains were

Fidelity European Trust

European stocks rise as investors eye global data

European stock markets were higher Friday, as investors await a key U.S. jobs report. The regional Stoxx 600 index opened flat before moving to a 0.3% gain, with almost all sectors in the green. Oil and gas stocks climbed 1.8%

Fidelity European Trust

European stocks follow Asian markets higher

European stocks followed Asia higher on Tuesday, as recent efforts by Beijing to prop up markets bolstered China-linked sectors, while investors prepared for US labour market data due later in the day.  Europe’s region-wide Stoxx Europe 600 index

Fidelity European Trust

European stocks follow Wall Street higher

European and Asian equities advanced on Tuesday, following an overnight rebound in Big Tech stocks on Wall Street as investors anticipated the sector would post strong corporate results this week. Europe’s region-wide Stoxx 600 rose 1.2 per cent,

Fidelity European Trust

European stocks rise

European stocks made gains on Monday, with investor focus shifting to the tech sector and away from China’s slowing post-pandemic recovery and flagging property market. The region-wide Stoxx 600 rose by 0.1%, recovering from early losses. France’s Cac

Fidelity European Trust

European stocks end slightly higher 

European stocks edged higher on Monday as investors awaited key inflation figures from across the globe this week to gauge the outlook for interest rates, while the defence sector rose to record highs amid rising geopolitical uncertainty. The

Fidelity European Trust

European stocks rise on cooling inflation

European shares ended higher on Monday, helped by gains in healthcare stocks and a report showing euro zone inflation eased further in July, though upbeat growth data tempered optimism about a rate hike pause. The pan-European STOXX 600 (.STOXX) ended

Fidelity European Trust

European shares rise amid earnings rush

European shares rose on Thursday, as traders reacted to a busy morning of earnings reports and awaited the European Central Bank’s policy decision after the U.S. Federal Reserve hiked interest rates as expected. The pan-European STOXX 600 index .STOXX rose

Fidelity European Trust

European stocks slightly higher

European stock markets were slightly higher on Tuesday morning, as investors focused on earnings. The benchmark Stoxx 600 index was up 0.19% at 10:00 a.m., with most sectors higher. Telecom stocks fell 1.6%, while health-care led gains, up 0.6%. British

Fidelity European Trust

European shares rise

European shares ended higher on Tuesday amid investor hopes the U.S. Federal Reserve was nearing the end of its interest rate hiking cycle and as China extended some policy measures to support its battered real estate sector. The

Fidelity European Trust

European stocks extend first-half gains

European stocks extended gains on Monday, led by cyclical sectors, as signs of cooling US inflation fueled appetite for risk assets. The Stoxx Europe 600 Index added 0.2% by 10:52 a.m. in London. Miners, energy and banking stocks

No more posts to show