FIDELITY INVESTMENT TRUSTS
31 JULY 2010
FIDELITY EUROPEAN VALUES PLC
SEEKING UNRECOGNISED GROWTH POTENTIAL
Fidelity European Values PLC aims to achieve long-term capital growth from Continental European stock markets. The core of the portfolio is focused on stocks which should be able to grow earnings faster than the market in the medium term. The portfolio manager is using the current market conditions to buy these companies at attractive valuations. FIDELITY EUROPEAN VALUES PLC DETAILS TO 31.07.10
Share price: NAV: Discount: Gearing (Gross): Gearing (Net): Ordinary shares in issue: Launch date: Portfolio Manager: Appointed to trust: Years at Fidelity: 05/11/1991 Sudipto Banerji 01/07/2008 10 980.50p 1177.24p 16.71% 9.17% 0.17% 49,754,986
PORTFOLIO MANAGER
The portfolio is mainly invested in companies with longer duration and lower volatility earnings, good quality businesses bought during a period of a cyclical or company setback and businesses with strategic assets. The objective is to have a portfolio with higher than average quality companies with lower than average business and valuation risk.
Sudipto Banerji, Portfolio Manager
INVESTMENT HIGHLIGHTS
The portfolio underperformed its benchmark, the FTSE W Europe ex UK in July. Shares in financials recovered strongly during the month following the results of the banking stress tests. An underweight position in banks, which was the best performing sector during the period, detracted from relative returns. That said at a stock level, positions in UBS, Swedbank and BNP Paribas were among the key contributors. An overweight exposure to consumer goods and healthcare also detracted from relative returns. On a more positive note, security selection in basic materials proved favourable. The portfolio continues to be overweight consumer goods, consumer services and healthcare, whilst underweight utilities, industrials, financials and telecoms.
Investment available via ISA and Share Plan
FIVE YEAR PERFORMANCE COMPARISON
150%
SINGLE YEAR PERFORMANCE (5 YEARS ENDING JULY)
Jul 05- Jul 06- Jul 07- Jul 08- Jul 09Jul 06 Jul 07 Jul 08 Jul 09 Jul 10
140% 130% 120% 110% 100% 90% 80%
-0 -0 -0 -0 -0 -0 -0 -0 -0 -1 01 07 01 07 01 07 01 07 01 07 07 -1
Share Price
Price Record
9.2%
Jul 06
20.8%
Jul 07
-7.3%
Jul 08
-18.3%
Jul 09
5.9%
Jul 10
Share Price (pence) NAV (pence)
1095.00 1317.00 1207.00 945.00 980.50 1154.06 1384.88 1319.55 1083.35 1177.24
NAV Benchmark Index Share Price
PERFORMANCE RECORD
Cumulative Growth Share Price NAV FTSE World Europe Ex-UK Index (NUK) YTD -13.0% -5.6% -5.6% 10 11 4 1mth 5.1% 3.8% 6.7% 8 11 3 6mths -2.5% 0.1% 0.1% 7 11 3 1 yr 5.9% 10.6% 11.1% 10 11 4 3 yrs -19.8% -9.3% -9.0% 8 11 3 5 yrs 5.8% 25.9% 27.3% 8 8 4 10 yrs 102.5% 115.9% 17.3% 1 4 1 Since 05.11.91 1040.2% 1263.4% 416.4% 1 3
Ranking within European Inv. Trust Sector (Share Price) Position of the company Total number of companies Quartile Ranking
Source of performance: Fidelity/Datastream, cumulative growth, total return as at 31 July 2010. Rankings: Morningstar, bid-bid with net income reinvested. These figures do not include an initial charge.
Please remember that past performance is not a guide to what may happen in the future. The value of investments can go down as well as up and you may not get back the amount you invested. Overseas investments may be subject to currency fluctuations. Investments in small and emerging markets may be more volatile than more established markets.
FIDELITY EUROPEAN VALUES PLC
TOP 10 SECURITY HOLDINGS AS AT 31.07.10
NESTLE (REGD) SIEMENS UBS (REGD) ZURICH FINANCIAL SERVICES SANOFI-AVENTIS DAIMLER TOTAL SAP BNP PARIBAS ING GROEP % of total net assets 4.8 3.0 2.9 2.8 2.7 2.4 2.4 2.3 2.3 2.2
GEOGRAPHIC BREAKDOWN AS AT 31.07.10
GERMANY FRANCE SWITZERLAND NETHERLANDS SWEDEN BELGIUM DENMARK ITALY FINLAND NORWAY 24.6% 23.3% 17.4% 12.7% 5.2% 4.7% 2.7% 2.5% 1.6% 1.5%
Rescaled to exclude cash and gearing.
GLOSSARY INDUSTRY BREAKDOWN AS AT 31.07.10 NAV
Financials Consumer Goods Industrials Health Care Consumer Services Basic Materials Oil & Gas Telecommunications Technology Utilities 23.6% 21.5% 11.2% 10.0% 9.7% 6.8% 5.8% 4.7% 3.6% 3.1%
The total value of a companys assets less the total value of its liabilities is its net asset value (NAV). For valuation purposes it is common to divide net assets by the number of shares in issue to give the net assets per share. If the NAV per share is higher than the price each of these shares or securities are in the money. NAV calculations can include or exclude current financial year income. For the purposes of this factsheet, they are valued with assets including income and costs and with debt valued at the market.
DISCOUNT
If the share price of an investment company is lower than the net asset value (NAV) per share, the company is said to be trading at a discount. The discount is shown as a percentage of the NAV.
Rescaled to exclude cash and gearing. FTSE Classification system.
GEARING
The term used to describe the process of borrowing money for investment purposes in the expectation that the returns on the investments purchased using the borrowings exceed the costs of those borrowings.
DEALING INFORMATION
Listed: Quoted:
Reuters Code: SEAQ Code:
London Stock Exchange London Stock Exchange Financial Times The Times The Daily Telegraph The Independent FEV.L 51034
OVERWEIGHT/UNDERWEIGHT
If a stock is deemed overweight this indicates that the portfolio has a higher exposure to a stock compared to its benchmark. If a stock is deemed underweight this indicates that portfolio has a lower exposure to a stock compared to its benchmark.
TOP 10 SECURITY HOLDINGS
Top holdings are those securities in which the latest percentage of finds total assets are invested. They do not include FX forwards, derivative positions and deposits. A full list of holdings, including derivatives, can be found in the funds annual and/or semi-annual report and accounts. The attribution analysis similarly does not include contributions from derivatives.
Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Investors should also note that the views expressed may no longer be current and may have already been acted upon by Fidelity.
For more information contact us on 0800 41 41 10, 9am 6pm Monday to Saturday or go to [Link]/europeanvalues
CB36127/0810
