Morningstar Fund Report | 03/04/2025

Fidelity European Fund W Acc

Performance History	31/03/2025

Growth of 1,000 (GBP)	Advanced Graph

	Fund	18.4	-1.6	14.0	0.0	4.4
	+/-Cat	3.0	7.1	0.4	-1.0	-0.9
	+/-B’mrk	1.2	5.8	-1.0	-2.0	-3.3


Category: Europe ex-UK Equity
Category Benchmark: Morningstar DM Eur xUK TME ...

Key Stats
NAV 02/04/2025		GBX 2792.00
Day Change		-0.89%
Morningstar Category™		Europe ex-UK Equity
IA (formerly IMA) Sector		Europe Excluding UK
ISIN		GB00BFRT3504
Fund Size (Mil) 02/04/2025		GBP 4199.60
Share Class Size (Mil) 02/04/2025		GBP 2672.74
Max Initial Charge		-
Ongoing Charge 29/02/2024		0.92%

Morningstar Research

Analyst Report	03/12/2024 Francesco Paganelli, Senior Analyst Morningstar, Inc
The experienced lead manager, the backing of a well-resourced team, and the consistent and measured application of an established process mean there are several positives to Fidelity European. The W share class therefore retains a Morningstar...
Click here to read this analyst report on the underlying fund.

Morningstar Pillars
People	24
Parent	24
Process	24
Performance
Price

Investment Objective: Fidelity European Fund W Acc

The Fund aims to increase the value of investor's investment over a period of 5 years or more and provide a growing level of income. The Fund will invest at least 80% in equities (and their related securities) of companies domiciled, incorporated or having significant business in continental Europe and those which are listed in the region. The Fund is actively managed. The Investment Manager identifies suitable opportunities for the Fund utilising in-house research and investment capabilities.

Returns

Trailing Returns (GBP)	02/04/2025
YTD	4.65
3 Years Annualised	7.62
5 Years Annualised	12.26
10 Years Annualised	9.07

12 Month Yield

1.60

Management

Manager Name Start Date
Sam Morse 01/12/2009
Marcel Stotzel 01/09/2020
Inception Date 13/11/2013

Category Benchmark

Fund Benchmark	Morningstar Benchmark
MSCI Europe Ex UK NR GBP	Morningstar DM Eur xUK TME NR EUR

Portfolio Profile for Fidelity European Fund W Acc	28/02/2025

Morningstar Style Box®

Equity Style

Asset Allocation

	% Long	% Short	% Net Assets
Stock	96.70	0.00	96.70
Bond	0.02	0.00	0.02
Property	0.00	0.00	0.00
Cash	1.04	0.21	0.83
Other	2.58	0.14	2.45

Top 5 Regions	%
Eurozone	60.48
Europe - ex Euro	35.30
United States	2.34
United Kingdom	1.88
Canada	0.00

Top 5 Sectors		%
	Financial Services	21.55
	Healthcare	17.82
	Industrials	16.90
	Technology	14.71
	Consumer Cyclical	10.26

Top 5 Holdings	Sector	%
ASML Holding NV	Technology	5.29
Novo Nordisk AS Class B	Healthcare	5.18
SAP SE	Technology	4.95
Roche Holding AG	Healthcare	4.91
Nestle SA	Consumer Defensive	4.29

Increase Decrease New since last portfolio
Fidelity European Fund W Acc

Growth Of 1000 (GBP)

31/03/2025

	Fund: Fidelity European Fund W Acc
	Category: Europe ex-UK Equity
	Category Index: Morningstar DM Eur xUK TME NR EUR

Annual Returns (GBP)						31/03/2025
	2018	2019	2020	2021	2022	2023	2024	31/03
Price Return	-3.90	22.55	9.12	18.41	-1.64	13.97	0.00	4.39
+/- Category	7.86	3.30	-0.25	2.99	7.10	0.44	-1.01	-0.90
+/- Category Index	-	-	1.22	1.18	5.83	-1.02	-2.01	-3.35
% Rank in Category	4	22	37	19	15	54	67	63

Trailing Returns (GBP)			02/04/2025
	Total Returns	+/- Category	+/- Category Index
1 Day	-0.89	-1.99	-0.43
1 Week	-3.06	0.31	-0.87
1 Month	-3.56	-1.38	-1.43
3 Months	4.61	-1.57	-2.77
6 Months	-0.57	-2.31	-4.83
YTD	4.65	-1.53	-3.84
1 Year	-1.83	-2.98	-6.00
3 Years Annualised	7.62	0.91	-0.57
5 Years Annualised	12.26	-0.29	-0.93
10 Years Annualised	9.07	1.69	1.61

Category: Europe ex-UK Equity
Category Index: Morningstar DM Eur xUK TME NR EUR

Quarterly Returns (GBP)				31/03/2025
	Quarter 1	Quarter 2	Quarter 3	Quarter 4
2025	4.39	-	-	-
2024	6.60	0.18	-0.25	-6.12
2023	5.89	2.02	-2.06	7.71
2022	-5.21	-6.38	-0.57	11.48
2021	1.00	8.82	1.58	6.06
2020	-13.03	18.16	1.27	4.85

Morningstar Rating™(Relative to Category)

28/02/2025

	Morningstar Return	Morningstar Risk	Morningstar Rating™
3-Year	Above Average	Low
5-Year	Above Average	Low
10-Year	Above Average	Low
Overall*	Above Average	Low

Click here to see our Methodology

Volatility Measurements

31/03/2025


3-Yr Std Dev	11.04 %
3-Yr Mean Return	7.90 %


3-Yr Sharpe Ratio	0.33

Modern Portfolio Statistics	31/03/2025	31/03/2025
	Standard Index	Best Fit Index
	Morningstar DM Eur xUK TME NR EUR	Morningstar DM Eur xUK TME NR EUR
3-Yr Beta	0.86	0.85
3-Yr Alpha	0.04	1.80

Investment Style Details

28/02/2025

Morningstar Style Box®

Equity Style

Size		Rel to Cat
Average Mkt Cap (Mil)	GBP 60201	-


Market Capitalisation	% of Equity
Giant	50.89
Large	38.45
Medium	10.66
Small	0.00
Micro	0.00

Valuations and Growth Rates	Equity Portfolio	Relative to Category
Price/Prospective Earnings	18.52	1.17
Price/Book	3.28	1.44
Price/Sales	2.44	1.48
Price/Cash Flow	14.69	1.29
Dividend-Yield Factor	2.84	0.87

Long-Term Projected Earnings Growth	8.44	0.83
Historical Earnings Growth	8.21	1.09
Sales Growth	5.64	1.57
Cash-Flow Growth	5.91	1.92
Book-Value Growth	5.04	0.91

Asset Allocation

28/02/2025

	% Long	% Short	% Net Assets
Stock	96.70	0.00	96.70
Bond	0.02	0.00	0.02
Property	0.00	0.00	0.00
Cash	1.04	0.21	0.83
Other	2.58	0.14	2.45

World Regions

28/02/2025

	% of Equity	Relative to Category
United States	2.34	1.37
Canada	0.00	0.00
Latin America	0.00	-
United Kingdom	1.88	1.21
Eurozone	60.48	0.90
Europe - ex Euro	35.30	1.21
Europe - Emerging	0.00	0.00
Africa	0.00	-
Middle East	0.00	-
Japan	0.00	-
Australasia	0.00	0.00
Asia - Developed	0.00	0.00
Asia - Emerging	0.00	-

Sector Weightings

28/02/2025

	% of Equity	Relative to Category
Basic Materials	7.27	1.10
Consumer Cyclical	10.26	1.01
Financial Services	21.55	1.08
Consumer Defensive	7.62	1.18
Healthcare	17.82	1.25
Energy	3.85	1.61
Industrials	16.90	0.81
Technology	14.71	1.22

Top 10 Holdings

28/02/2025

	Portfolio NEW
Total Number of Equity Holdings	43
Total Number of Bond Holdings	3
Assets in Top 10 Holdings	39.77

Name	Sector	Country	% of Assets
ASML Holding NV		Netherlands	5.29
Novo Nordisk AS Class B		Denmark	5.18
SAP SE		Germany	4.95
Roche Holding AG		Switzerland	4.91
Nestle SA		Switzerland	4.29
TotalEnergies SE		France	3.72
L'Oreal SA		France	3.08
Essilorluxottica		France	2.82
Deutsche Boerse AG		Germany	2.80
Lvmh Moet Hennessy Louis Vuitton SE		France	2.71

Increase Decrease New since last portfolio
Category: Europe ex-UK Equity

Management

Name of Company	FIL Investment Services (UK) Ltd
Phone	(+44) 08003686868
Website	https://professionals.fidelity.co.uk/about-fidelity/contact-us
Address	Beech Gate, Millfield Lane, Lower Kingswood, Tadworth
	Surrey KT20 6RP
	United Kingdom

Domicile	United Kingdom
Legal Structure	Open Ended Investment Company
UCITS	Yes
Inception Date	13/11/2013

Fund Advisor(s)
FIL Investment Services (UK) Ltd

Fund Manager	Sam Morse
Manager Start Date	01/12/2009
Career Start Year	1968

Education

University of North Carolina, B.A.

INSEAD, M.B.A.



Biography
Sam Morse assumed responsibility for Fidelity European Fund on 1 January 2010 and the portfolio of Fidelity European Values on 1 January 2011. Prior to becoming a portfolio manager, Sam spent two years as a research analyst with Fidelity, covering a range of sectors, then six years as an equity income fund manager at Fidelity. He also worked as Head of Equities and Head of UK Equities at M&G from 1997 to 2003.

Fund Manager	Marcel Stotzel
Manager Start Date	01/09/2020

Fees and Expenses

Sales Charges (Maximum)
Max Initial Charge	n/a
Max Exit Charge*	n/a

Annual Charges
Max Annual Management Charge	0.75%
Ongoing Charge	0.92%

Purchase Details

Minimum Investments
Initial	1000 GBP
Additional	250 GBP
Savings	50 GBP

Tax Free Savings Schemes
ISAs	Yes