# Fidelity European Trust: 9.9% NAV and 7.9% share price annual returns

- Link: https://www.directorstalkinterviews.com/fidelity-european-trust-9.9-nav-and-7.9-share-price-annual-returns/4121108675
- Published: 2023-03-03T16:01:25+00:00
- Author: Amilia Stone

**[Fidelity European Trust PLC](https://www.directorstalkinterviews.com/company/fidelity-european-trust/fev.l)**(
[LON:FEV](https://www.directorstalkinterviews.com/company/fidelity-european-trust/fev.l))
monthly factsheet for January 2023.

**Portfolio Manager Commentary**

Continental European equities advanced over the month, supported by falling natural
gas prices as the mild winter meant that the anticipated energy crisis failed to
materialise. Optimism surrounding China’s economic reopening supported markets. 
This, coupled with slowing headline inflation in the US and Europe, raised hopes
of a softer economic slowdown, especially after confirmation that the eurozone economy
narrowly avoided falling into a recession in the Q4 of 2022.

The release of upbeat corporate results helped ease some worries about profits being
hit by higher borrowing costs. However, the European Central Bank President continued
to signal the need for higher interest rates to return inflation to 2%. From a style
perspective, growth stocks outperformed value names, while mid-cap stocks outperformed
their small and large-cap counterparts.

Over the month the Trust recorded positive returns but marginally underperformed
the index. Stock selection in the financials and health care sectors weighed on 
returns, although security selection contributed to performance in the utilities
sector. At a stock level, the holding in energy company TotalEnergies fell as oil
prices came under pressure. Semiconductor business ASML was a notable contributor
as the company posted strong Q4 results.

On a rolling 12-month basis, the Trust recorded NAV and share price returns of 9.9%
and 7.8% respectively, compared to 4.7% for the index.

[FEV-Jan-fact-sheet](https://www.directorstalkinterviews.com/wp-content/uploads/2023/03/FEV-Jan-fact-sheet.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2023/03/FEV-Jan-fact-sheet.pdf)

Fidelity European Trust PLC (LON:FEV) is a European investment trust. It aims to
be the cornerstone long-term investment of choice for those seeking European exposure
across market cycles.

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