# Fidelity European Trust plc: 13.6% NAV and 17.5% share price returns over 12 months

- Link: https://www.directorstalkinterviews.com/fidelity-european-trust-plc-13.6-nav-and-17.5-share-price-returns-over-12-months/4121123268
- Published: 2023-07-04T16:24:32+01:00
- 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 the period ended May 2023.

**Portfolio Manager CommentaryContinental European equities retreated in May, amid
weakening economic data from China and concerns that US policymakers may not reach
an agreement to extend the Federal debt limit. Markets welcomed the “debt ceiling
deal” at month end, but sought safety in risk-off sectors following downbeat economic
readings from China. European markets were also hurt as Germany, the region’s largest
economy, edged into recessionary territory in the first quarter of the year. The
European Central Bank delivered the expected rate hike of 0.25% in May, following
a modest cooldown in core inflation in March and the continued rapid tightening 
in lending.

In May, the Trust recorded negative returns but outperformed the index. The outperformance
was driven by favourable positioning in technology, and strong stock picking in 
financials and health care. At a stock level, Dutch chipmaker ASML rose, as semiconductor
businesses gained after US chipmaker giant NVIDIA reported upbeat quarterly results
and forecasts, anticipating a surge in demand for artificial intelligence chips.
Private equity company 3i Group reported annual revenue growth of 30% for FY22. 
The strategy employs an active, bottom-up stock picking approach, which focuses 
on finding attractively valued companies that can deliver sustainable dividend growth
over time.

On a rolling 12-month basis, the Trust recorded NAV and share price returns of 13.6%
and 17.5% respectively, compared to 8.5% for the index.

[FEV-May-factsheet](https://www.directorstalkinterviews.com/wp-content/uploads/2023/07/FEV-May-factsheet.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2023/07/FEV-May-factsheet.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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