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Page 1 of 2 | Morningstar Factsheets | All data as at 05 Feb 2015 unless stated otherwise
Fidelity European Values PLC
FEV
Morningstar Peer Group Classification
Europe
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To achieve long-term capital growth from Continental European stock
markets.
Valuation statistics (NAVs estimated1) GBX
05 Feb 2015
Price
171.80
Fair Cum NAV
183.26
Fair Ex NAV
179.67
Par Cum NAV
183.26
Par Ex NAV
179.97
Fair Cum Discount
-6.25
Fair Ex Discount
-4.38
Par Cum Discount
-6.25
Par Ex Discount
-4.54
Peer Group Discount
-2.87
2.15
Z-Statistic2
12 m High
173.90
Low
140.00
180.63
154.01
-3.55
-11.27
Last Actual NAVs (GBX) as at 04 Feb 2015
Fair Cum NAV
183.90
Fair Ex NAV
180.31
Par Cum NAV
183.90
Par Ex NAV
180.31
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2013)
Market Capitalisation (GBP)
Net Dividend Yield6
UK
01 Nov 1991
31 Dec
London (LSE)
May 2015
Daily
Annual
795.1m
749.5m
416,447,910
106
105
0.343m
0.866m
0.94%
715.5m
1.73%
Performance (Total Return %)8 GBP
1 month 3 months
Price
+8.25
+8.80
NAV
+6.92
+8.91
Peer Group (Price)
+6.56
+8.95
Peer Group (NAV)
+6.43
+9.00
Benchmark
+6.25
+6.28
6 months
+17.59
+11.41
+14.05
+11.03
+7.12
1 year
+19.34
+14.36
+13.13
+10.86
+8.20
YTD
+5.72
+5.62
+5.20
+5.72
+4.84
3 years
+68.46
+50.84
+70.68
+54.52
+42.59
5 years
+89.34
+72.42
+94.05
+76.92
+53.58
Peer Group: Morningstar IT Europe P
Morningstar Benchmark: FTSE World Europe ex UK
Price performance based on LSE official closing prices. NAV Performance based on a bid to bid basis. Fund distributions reinvested on ex dividend date.
Initial charge excluded
The value of the fund can go down as well as up so you may get back less than you invested.
Past performance is not a guide of what might happen in the future.
Dividend Yields over 5 years (or since inception)
Dividend Policy
The fund intends to pay annual dividends
Year-on-Year Dividend Growth % (financial year 31 Dec)
2015
0.00
2014
0.00
2013
7.21
2012
4.72
2011
68.25
Dividend Growth % (annualised on current financial year)7
1 year
0.00
2 years
0.00
3 years
2.35
4 years
2.93
Distributions (GBP) over 5 years (or since inception)
5 years
13.56
Directors
Humphrey van der Klugt (Chairman), Simon Fraser, Robin Niblett, James
Robinson, Marion Sears
Fund Manager: Sam Morse (01 Jan 2011)
FIL Investments International Ltd
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, SURREY, UK,
KT20 6RP
Telephone: +44 (0)845 358 1107
Website: www.fidelity.co.uk/investmenttrusts/investmentrange/european-values/default.page
Stockbroker: Winterflood Securities Limited
Latest Dividend History (GBp)
Type
Income
Income
Income
Dividend Declared Date
2.975
10 Mar 14
2.775
27 Feb 13
2.650
06 Mar 12
Ex Div Date
19 Mar 14
13 Mar 13
14 Mar 12
Record Date
21 Mar 14
15 Mar 13
16 Mar 12
Payment Date
23 May 14
24 May 13
25 May 12
Management Fee Summary
Management fee 0.85% p.a. of Net Assets.
Initial Public Offering
41,500,000 Ordinary shares at 0.10 GBP on 01 Nov 1991 raising 41.5m
gross and 39.6m net of expenses
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Financial Year
2013
2012
2011
Page 2 of 2 | Morningstar Factsheets | All data as at 05 Feb 2015 unless stated otherwise
Fidelity European Values PLC
FEV
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
0.05
0.93
0.94
2.36
17
14
15
11
13
6 months
0.04
0.92
0.95
1.51
17
14
15
13
14
1 year
0.55
0.91
0.94
1.20
15
12
13
11
12
3 years
0.23
0.94
0.89
1.12
16
15
16
12
14
5 years
0.22
0.96
0.93
0.65
20
19
20
16
18
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio10) as at 31 Dec 2014
Nestle SA
Roche Holding AG
UBS AG
Anheuser-Busch InBev SA
Novo-Nordisk
Sanofi
Volkswagen AG
Intesa Sanpaolo
Total SA
Zurich Insurance Group Ltd.
Total
Capital Structure
Number of Shares
416,447,910
Loan CCY
GBP
5.3%
4.9%
3.3%
3.1%
3.1%
3.0%
2.8%
2.8%
2.7%
2.6%
33.7%
Share Type
Ord 25p
£m
45.6
Redemption
Period
2015
2014
2013
2012
2011
2010
Since FTSE 2009 Low (13 Mar 2009)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
Price
+5.72
+8.66
+20.80
+31.32
-8.58
-1.26
+152.38
+54.16
+40.50
NAV Peer Price
+5.62
+5.20
+4.71
+6.06
+20.20
+28.83
+25.15
+29.84
-12.43
-11.63
+7.70
+6.49
+126.85
+187.31
+50.57
+62.43
+40.06
+49.86
Peer NAV Benchmark
+5.72
+4.84
+2.88
+0.16
+26.80
+25.18
+22.46
+17.82
-12.83
-14.71
+11.02
+5.75
+157.96
+128.94
+54.81
+33.44
+44.50
+27.91
Wind-up Provisions/Buy Back Policy
The Company renewed its authority to purchase up to 14.99% of its share capital at the last AGM. The Directors last
submitted to Shareholders a continuation resolution at the 2013 AGM, this was duly passed. A similar resolution will
be submitted every two years.
Coupon
-
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an 6 Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
estimation of its value calculated using points over gilt methodology.
7 Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects 8 Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
of warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For
9 Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions respectively.
more detailed methodology document please contact [email protected]
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash and fixed interest which represent non-equity exposure.
2 Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
the past year, calculated as (Current Discount – Mean) / Std Dev
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
3 Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
4 Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns. The
as a percentage. Cash and fixed interest represents not-equity exposure.
figure shown is the annualized Sharpe Ratio.
5 Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
Average Net Assets
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
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