Monthly Factsheet
ret.en.gb.20240930.GB00BK1PKQ95.pdf/638112
FIDELITY INVESTMENT COMPANIES
Investment Objective
To achieve long-term growth in both capital and income by predominantly investing in equities (and their related securities) of continental European companies.
Investment Company Facts
Launch date:
Portfolio manager:
Appointed to trust: 01.01.11,
Years at Fidelity: 20, 10
Total Net Assets (TNA): £ 1,669m
Ordinary shares in Issue: 408,730,523
Share price: 385.00p
NAV: 408.30p
Discount: 5.71%
Gross Market Gearing: 12.5%
Portfolio Manager Commentary
Continental European equities saw a slight decline in September. The month started on a disappointing note on the back of weak manufacturing data from the US and
During the month, the Trust underperformed the index. Security selection in the health care and consumer staples sectors were the main drivers of underperformance, while gearing added some value. The Trust's holding in
Shares were weak after competitor Roche (held in the portfolio and was among the top 10 contributors) unveiled promising early-stage results for a competing oral weight-loss drug. The Trust's exposure to ASML was another source of weakness. Shares fell in line with the weakness in the semiconductor sector. These losses were offset by the Trust's exposure to
Performance comparator
Market Index: FTSE World Europe ex-
The same index is used in the positioning tables on this factsheet. Past performance is not a reliable indicator of future results. The value of investments can go down as well as up and you may get back less than you invested.
Our focus is on finding attractively valued companies with good prospects for cash generation and dividend growth over the longer term. On a rolling 12-month basis, the Trust recorded NAV and share price returns of 17.4% and 17.3% respectively, compared to 15.3% for the index.
|
Cumulative performance in GBP (%) |
Performance for 12 month periods in GBP (%) |
|||
|
180 |
||||||||||||||||||||||||||||
|
160 |
||||||||||||||||||||||||||||
|
140 |
||||||||||||||||||||||||||||
|
120 |
||||||||||||||||||||||||||||
|
100 |
||||||||||||||||||||||||||||
|
80 |
||||||||||||||||||||||||||||
|
09 |
- |
19 |
05 |
- |
20 |
01 |
- |
21 |
09 |
- |
21 |
05 |
- |
22 |
01 |
- |
23 |
09 |
- |
23 |
05 |
- |
24 |
|||||
|
■ Share Price |
■ NAV |
■ Market Index |
■ Share Price |
■ NAV |
■ Market Index |
|||||||||||||||||||||||
|
Performance is shown for the last five years (or since launch for funds launched within |
||||||||||||||||||||||||||||
|
that period). |
||||||||||||||||||||||||||||
|
Performance to |
||||||||||||||||||||||||||||
|
1m |
3m |
YTD |
1yr |
3yr |
5yr |
Since 05.11.91* |
||||||||||||||||||||||
|
Share Price Cumulative Growth |
-1.4 |
-1.1 |
9.3 |
17.3 |
34.0 |
76.0 |
6056.8 |
|||||||||||||||||||||
|
NAV Cumulative Growth |
-2.0 |
-0.3 |
7.3 |
17.4 |
31.0 |
67.0 |
6200.5 |
|||||||||||||||||||||
|
Index Cumulative Growth |
-1.5 |
0.0 |
7.2 |
15.3 |
21.2 |
48.4 |
1611.7 |
|||||||||||||||||||||
|
Share Price Annualised Growth |
- |
- |
- |
- |
10.3 |
12.0 |
13.3 |
|||||||||||||||||||||
|
NAV Annualised Growth |
- |
- |
- |
- |
9.4 |
10.8 |
13.4 |
|||||||||||||||||||||
|
Index Annualised Growth |
- |
- |
- |
- |
6.6 |
8.2 |
9.0 |
Basis: bid-bid with income reinvested, in GBP, net of fees.
Market indices are sourced from RIMES and other data is sourced from third-party providers such as Morningstar. *Performance commencement date.
Key Risks
The value of investments can go down as well as up and you may not get back the amount invested. Overseas investments may be more volatile than established markets. The shares in the investment trust are listed on the
ret.en.gb.20240930.GB00BK1PKQ95.pdf/638112
FIDELITY INVESTMENT COMPANIES
Equity Exposure % Total Net Assets (% TNA)
|
Exposure |
|
|
(% TNA) |
|
|
Gross Market Exposure |
112.5 |
|
Net Equity |
110.7 |
|
Other |
3.7 |
|
Uninvested Cash |
0.0 |
Notes on
Market Capitalisation Exposure (% TNA)
|
GBP |
Fund |
Index |
Relative |
|
>10bn |
94.0 |
85.5 |
8.6 |
|
5-10bn |
7.1 |
10.2 |
-3.0 |
|
1-5bn |
4.1 |
3.5 |
0.7 |
|
0-1bn |
0.0 |
0.7 |
-0.7 |
|
Total Market Cap Exposure |
105.3 |
99.8 |
|
|
Index / Unclassified |
5.4 |
0.2 |
|
|
Total Equity Exposure |
110.7 |
100.0 |
|
Sector/Industry Exposure (% TNA) |
Country Exposure (% TNA) |
|||||||
|
ICB Industry |
Fund |
Index |
Relative |
Fund |
Index |
Relative |
||
|
Financials |
22.9 |
19.4 |
3.5 |
|
31.9 |
21.2 |
10.7 |
|
|
Health Care |
19.5 |
16.6 |
2.9 |
|
19.6 |
19.1 |
0.6 |
|
|
Industrials |
17.6 |
18.6 |
-1.0 |
|
12.0 |
17.3 |
-5.3 |
|
|
Consumer Discretionary |
15.3 |
12.1 |
3.3 |
|
8.7 |
9.0 |
-0.3 |
|
|
Technology |
14.6 |
9.8 |
4.8 |
|
6.4 |
6.2 |
0.2 |
|
|
Consumer Staples |
6.5 |
7.2 |
-0.7 |
|
6.1 |
6.7 |
-0.6 |
|
|
Basic Materials |
4.4 |
4.4 |
0.1 |
|
4.6 |
2.0 |
2.6 |
|
|
Energy |
4.1 |
3.5 |
0.5 |
|
4.6 |
0.0 |
4.6 |
|
|
Utilities |
1.6 |
4.1 |
-2.6 |
|
3.8 |
5.6 |
-1.8 |
|
|
Telecommunications |
0.0 |
3.1 |
-3.1 |
|
3.4 |
5.8 |
-2.4 |
|
|
Real Estate |
0.0 |
1.2 |
-1.2 |
Others |
5.4 |
7.0 |
-1.7 |
|
|
Total Sector Exposure |
106.6 |
100.0 |
Total Geographic Exposure |
106.6 |
100.0 |
|||
|
Other Index / Unclassified |
4.1 |
0.0 |
Other Index / Unclassified |
4.1 |
0.0 |
|||
|
Total Equity Exposure |
110.7 |
100.0 |
Total Equity Exposure |
110.7 |
100.0 |
Top Positions (% TNA)
|
ICB Industry |
Geographic Location |
Fund |
Index |
Relative |
|
|
NOVO-NORDISK AS |
Health Care |
|
6.4 |
4.0 |
2.5 |
|
|
Technology |
|
6.1 |
3.6 |
2.5 |
|
|
Consumer Staples |
|
5.2 |
2.8 |
2.3 |
|
|
Technology |
|
4.9 |
2.7 |
2.2 |
|
LVMH MOET HENNESSY SE |
Consumer Discretionary |
|
4.6 |
2.1 |
2.6 |
|
|
Health Care |
|
4.3 |
2.6 |
1.8 |
|
|
Energy |
|
4.1 |
1.4 |
2.6 |
|
|
Consumer Discretionary |
|
3.7 |
1.1 |
2.6 |
|
|
Health Care |
|
3.5 |
0.8 |
2.7 |
|
|
Financials |
|
3.0 |
0.4 |
2.7 |
Top Overweight Positions (% TNA)
|
Fund |
Index |
Relative |
|
|
|
2.9 |
0.0 |
2.9 |
|
|
3.5 |
0.8 |
2.7 |
|
|
3.0 |
0.4 |
2.7 |
|
|
3.0 |
0.3 |
2.7 |
|
|
4.1 |
1.4 |
2.6 |
|
|
3.7 |
1.1 |
2.6 |
|
LVMH MOET HENNESSY SE |
4.6 |
2.1 |
2.6 |
|
|
6.1 |
3.6 |
2.5 |
|
NOVO-NORDISK AS |
6.4 |
4.0 |
2.5 |
|
|
2.4 |
0.0 |
2.4 |
Positions Concentration (% TNA)
|
Fund |
Index |
|
|
Top 10 |
45.7 |
24.8 |
|
Top 20 |
72.2 |
36.0 |
|
Top 50 |
107.5 |
56.1 |
Top Underweight Positions (% TNA)
|
Fund |
Index |
Relative |
|
|
|
0.0 |
2.6 |
-2.6 |
|
|
0.0 |
1.6 |
-1.6 |
|
|
0.0 |
1.5 |
-1.5 |
|
|
0.0 |
1.4 |
-1.4 |
|
|
0.0 |
1.2 |
-1.2 |
|
|
0.0 |
1.1 |
-1.1 |
|
|
0.0 |
1.1 |
-1.1 |
|
|
0.0 |
1.0 |
-1.0 |
|
|
0.0 |
1.0 |
-1.0 |
|
Short Position - name withheld |
-0.9 |
0.1 |
-1.0 |
Full portfolio listings, with the appropriate time lag as agreed by the Board, are available on request from Fidelity Investment Trusts.
Figures may not always sum to totals due to rounding
2
ret.en.gb.20240930.GB00BK1PKQ95.pdf/638112
FIDELITY INVESTMENT COMPANIES
Approach and Style
The portfolio managers seek companies based on their prospects for producing dividends and dividend growth as this indicates steady structural growth. They search for companies focusing on four key areas which are positive fundamentals, which includes a good track record, structural growth cycle on cycle and a good retuon capital employed; the ability to generate cash, with a robust underlying level of cash generation which relates to profitability; dislikes companies that borrow large sums of money and he looks for opportunities with the flexibility to invest: finally they prefer stocks that are attractively valued as they are not prepared to pay any price for a good opportunity. They look for good quality at a reasonable price and this is why their style has been associated with growth at a reasonable price or GARP. The portfolio will generally have low turnover with a typical holding period of three to five years. The composition of the portfolio is fairly concentrated. The portfolio managers do not have a bias to a particular sector or company size with a diversified selection of holdings. Further growth potential is delivered through the selection of stocks rather than sectors or countries.
Administrative & Dealing Information
Financial Year End: 31st December
Reference currency:
Company domicile:
Company legal structure:
Capital guarantee: No
ISIN: GB00BK1PKQ95
SEDOL: BK1PKQ9
Bloomberg: FEV LN
Distribution frequency: Bi Annual
Charges made to income or capital: 25/75
Other Ongoing Costs (including AMC/excluding Portfolio transaction costs): 0.77%
Portfolio Transaction Costs: 0.07%
Annual Management Charge: 0.85% (net) on the first £400m of assets and 0.65% (net) on funds in excess of £400m.
This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund's objectives.
The Equity Exposure table provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market, netting off long and short positions. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts) and when it is, the portfolio may be described as geared.
The exposure and positioning tables on page 2 break the fund down into a number of different views, each providing a different perspective on the fund's investments.
Independent Assessment
Information in this section is the latest available at date of publication. Further details can be found in the Glossary section of this factsheet. As some ratings agencies may use past performance to produce their assessments, these are not a reliable indicator of future results.
Morningstar rating™ : *****
How data is calculated and presented
Portfolio composition data has been calculated and presented according to several general principles, which are listed below.
- Aggregation : all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities - ie not aggregated.
- Categorisation : for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area.
- Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted.Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return.
- "Basket" securities: securities that represent a number of company shares - like index futures or options - are allocated to categories (such as country) whenever possible. Otherwise they are included in the "Other Index / Unclassified" category.
3
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FIDELITY INVESTMENT COMPANIES
ESG Metrics
The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. The portfolio manager may use
Representation of this data (including the distribution of
|
Sustainability Characteristics (30.09.2024) |
|
|||
|
Fund |
Index |
|||
|
|
AA |
N/R |
||
|
Weighted Average Carbon Intensity (tCo2e/$M Revenue) |
32.9 |
91.7 |
||
|
SFDR Classification |
N/A |
N/A |
||
|
N/A - Not Applicable |
||||
|
N/R - Not Rated |
|
■ Fund |
■ Index |
Glossary
Weighted Average Carbon Intensity: is calculated as the sum of each portfolio weight multiplied by the Co2e per $M of Revenue of each holding. This metric provides a snapshot of the fund's exposure to carbon-intensive companies and includes scope 1 and scope 2 carbon emissions. For carbon data, the coverage of underlying securities must be over 50% for data to be shown.
SFDR Classification: Shows the latest available classification given to each fund as part of the EU Sustainable Finance Disclosure Regulation (SFDR). Article 9 funds have sustainable investment as their objective and promote environmental or social characteristics. Article 8 funds promotes environmental or social characteristics, but do not have a sustainable investment objective. Article 6 funds integrate sustainability risks (unless specified otherwise in the prospectus) into investment analysis and decision-making, without the funds promoting environmental or social characteristics or having sustainable investments as their objective. Information on sustainability-related aspects is provided pursuant to SFDR at https:// www.fidelity.lu/sfdr
Disclaimer
ESG Rating Source: ©2024
Carbon Data Source: Data provided by ISS ESG. All rights in the information provided by
SFDR Classification is assigned by Fidelity in line with the EU Sustainable Financial Disclosure Regulation.
4
ret.en.gb.20240930.GB00BK1PKQ95.pdf/638112
FIDELITY INVESTMENT COMPANIES
Glossary / Additional Notes
Equity Exposure notes
GROSS MARKET EXPOSURE
Gross Market Exposure is the total of long exposures, plus the total of short exposures, and less the total of exposures hedging the portfolio, expressed as a percentage of shareholders' funds (Total Net Assets).
NET EQUITY
The net positive exposure to the market with short and hedge positions subtracted from long positions.
OTHER
The value of any non-equity investments (excluding cash funds) expressed as a percentage of TNA.
UNINVESTED CASH
This is 100% minus the fund's Net Equity exposure and minus Other. This leaves any residual cash exposure that is not invested in shares or via derivatives.
Investment Company Facts
NAV
The total value of a company's 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. 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.
PREMIUM
If the share price of an investment company is higher than the net asset value (NAV) per share, the company is said to be trading at a premium. The premium is shown as a percentage of the NAV.
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.
GEARING
Gearing is the Market Exposure figure (either gross or net) expressed in excess of Total Net Assets. It represents the additional exposure to the market above Shareholders' Funds.
FAIR VALUE
The fair value of investments is initially taken to be their cost and is subsequently measured as follows: Listed investments are valued at bid prices, or last market prices, depending on the convention of the exchange on which they are listed; and
Unlisted investments are investments which are not quoted, or are not frequently traded, are stated at the Directors' best estimate of fair value and take account of the cost of the investment, recent arm's length transactions in the same or similar investments and financial performance of the investment since purchase.
General notes
TOTAL NET ASSETS (TNA)
The Company's total assets minus its total liabilities - also known as Shareholders' Funds. It represents the amount by which a company is financed through common and preferred shares.
INDEX
The index used in the positioning tables on page 2 is the index defined in the Performance Comparator section on page 1.
TOP NET LONG POSITIONS
Those companies in which the largest percentages of the trust's total net assets are effectively invested. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear.
TOP OVERWEIGHT & UNDERWEIGHT POSITIONS
Those positions which have the largest active weight relative to the index. Positions in other funds - including ETFs (Exchange Traded Funds) - can appear in this table, but index derivatives form part of an "Other Index / Unclassified" category which will not appear. In the underweight table, any short position names have been withheld in line with Fidelity's disclosure policy.
NET LONG POSITIONS CONCENTRATION
Illustrates the weight of the top 10, 20 and 50 positions in the trust and the weight of the top 10, 20 and 50 positions in the index. It does not attempt to show the coincidence of security ownership between fund and index. The sector/industry classification used (i.e. GICS, ICB, TOPIX and IPD) varies by fund. Full descriptions can be found below.
5
ret.en.gb.20240930.GB00BK1PKQ95.pdf/638112
FIDELITY INVESTMENT COMPANIES
Glossary / Additional Notes
ONGOING COSTS (KID)
These include Portfolio transaction costs (the costs of us buying and selling underlying investments) and Other ongoing costs (the costs that we take each year for managing the investment).
These are based on the methodology prescribed by EU Regulation (PRIIPS) and differ from other presentations of costs such as the Ongoing Charge Figure (OCF) in the Company's Annual Report & Accounts.
PORTFOLIO TRANSACTION COSTS
These are costs incurred when trading underlying investments.
SECTOR INDUSTRY CLASSIFICATION
GICS: Global Industry Classification Standard (GICS) was developed by
More information is available at http://www.standardandpoors.com/indices/gics/en/us
ICB: The Industry Classification Benchmark (ICB) is an industry classification developed by
More information is available at http://www.icbenchmark.com/
Legal Information
Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.
This communication is not directed at, and must not be acted upon by persons inside
Unless otherwise stated, all views are those of Fidelity.
Reference in this document to specific securities or funds should not be construed as a recommendation to buy or sell them, 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. The research and analysis used in this documentation is gathered by Fidelity for its use as an investment manager and may have already been acted upon for its own purposes.
Fidelity,
This fund is managed by
Morningstar annualised growth rates, total return, sector median performance and ranks - Data Source - © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein:
- is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Before investing you should read the latest Annual Report and Key Features Document, which are available from www.fidelity.co.uk/its.
Issued by
6
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