TIDMFEV

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.

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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.

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August 18, 2017 09:42 ET (13:42 GMT)

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