fidelity funds performance - Chartbook.fid-intl.com

44FIDELITY FUNDSEUROPEAN AGGRESSIVE FUNDcb.eu.201101.2763.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities of European companies. Following anaggressive approach, the manager is free to select any company regardless ofsize or industry. Typically, the fund will concentrate its investments in a morelimited number of companies and therefore the resulting portfolio will be lessdiversified. This will suit investors prepared to accept the higher riskassociated with this type of investment.PORTFOLIO CHARACTERISTICSas at 31.01.11The portfolio is relatively concentrated in a few major holdings, but achievesdiversification through a larger collection of individual positions in a portfolio of around 30 - 60stocks. The fund is a combination of stock picking and thematic investing and without a sector,geographical or market-cap bias.INVESTMENT STYLEThe Fund Manager has a flexible, “go-anywhere”, active approach to investing and will focus onopportunities whether they are growth, value, large-, mid- or small-cap. He tends to take an 18 monthinvestment horizon and runs a concentrated portfolio of high conviction ideas. He is aggressive in hisapproach, but conscious of the risk/reward profile of a stock.The Fund Manager believes there is no short cut to creating investment outperformance. He is verymuch bottom-up-orientated, and likes to analyse companies’ in-depth starting with the annual report.He then deconstructs this information and puts into a model to help understand how the companyworks and where its key drivers are. From there, he will look at the value chain that the companyforms part of, to understand where the real margin is and how this is growing/being eroded. Then,finally, he looks at the valuation to understand how much he is paying for the upside potential he hasidentified.FUND FACTSFund manager:Firmino MorgadoLocation:LondonAppointed to fund:05.11.08Years at Fidelity:9Launch date:02.02.98Currency:Euro (XDEM)NAV price:€ 12.7112mnth NAV high:€ 13.0712mnth NAV low:€ 10.06Fund size:€ 1,136mBenchmark index:European Aggressive Blend*Bloomberg code:FIDPRPIISIN code:LU0083291335SEDOL number:5395143WK-Nummer:987734*MSCI Europe (N)PERFORMANCE YEAR BY YEAR30.1%15.3%19.2%12.2%37.2%26.1%14.6%19.6%13.1%2.7%-13.2%-13.2%-28.8%-30.7%-64.9%-43.7%35.6%31.6%16.8%11.1%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYSince1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 20.02.98Fund cumulative growth 2.4% 2.4% 21.6% -34.9% -29.5% -7.8% 31.0%Index cumulative growth 1.7% 1.7% 16.3% -5.3% -0.5% -3.5% 34.0%Fund annualised growth - - 21.6% -13.3% -6.8% -0.8% 2.1%Index annualised growth - - 16.3% -1.8% -0.1% -0.4% 2.3%Value of €2,000 invested - 1,946 2,311 1,238 1,340 1,751 2,489PERFORMANCE SINCE 20.02.98250%200%150%Ranking within Morningstar GIF Europe Large Cap Blend Equity100%Position of fund 39 39 24 204 154 28 16Total number of funds 304 304 281 207 158 102 43Quartile ranking 1 1 1 4 4 2 250%12-9812-0012-0212-0412-0612-0812-10■ Fund■ Index44