RCS - Fidelity European - Edison reviews Fidelity European Values (FEV)
18/08/2017 14:42
RNS Number : 4459O Fidelity European Values PLC 18 August 2017 London, UK, 18 August 2017 Edison issues review on Fidelity European Values (FEV) Fidelity European Values (FEV) aims to achieve long-term capital growth from its European equity portfolio by focusing on companies that are able to deliver medium-term dividend growth. This approach gives FEV a defensive bias as well as a yield close to the sector average. Although he acknowledges a number of positive indicators for the near term, manager Sam Morse sees an upcoming turning point in the economic cycle and the prospect of rising bond yields as negative catalysts for equity valuations. His caution is reflected in FEV's low gearing and the recent concentration of the portfolio, as a number of holdings with weakening fundamentals have been sold into market strength during the first half of 2017. FEV's share price discount to NAV (including income) has followed a narrowing trend since touching a three-year wide point of 17.3% in early July 2016, and the current 9.2% discount is narrower than its 11.3% one-year average and broadly in line with its three- and five-year averages (9.0% and 9.6% respectively). FEV's dividend has grown in each year since 2010, and its 1.9% yield is close to the sector average. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com 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. Contact details:Learn more atwww.edisongroup.com and connect with Edison on:
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