fidelity funds performance - Chartbook.fid-intl.com

48FIDELITY FUNDSEUROPEAN GROWTH FUNDcb.eu.201101.2717.pro.pdf31 JANUARY 2011FUND APPROACH AND STYLEOBJECTIVEInvests principally in equity securities quoted on European stock exchanges.PORTFOLIO CHARACTERISTICSThis is a true stock-picking fund. The portfolio is built purely on a stock-bystockbasis with an unrestricted investment mandate. The fund managerinvests wherever he finds the most attractive investment opportunities andthis can mean that the fund differs significantly from its benchmark, the FTSEEurope Index, in terms of geographic and sector weightings. Bottom-upas at 31.01.11fundamental research is carried out with the support of Fidelity’s team of pan-European equity analysts, organised on an industry basis and through Fidelity’s worldwide researchnetwork.INVESTMENT STYLEThe manager’s investment style is neither “growth” nor “value”, as the manager sees them as thetwo sides of the same coin The research he conducts applies valuation techniques that draw fromboth styles so the stocks selected tend to show more of a blend characteristic, although at times theportfolio can be biased either way depending on the investment opportunities that arise.The manager is very much a bottom-up stockpicker, scouring the entire marketplace, irrespective ofcap size, to find the best opportunities. Stock selections can be grouped into one or more of thefollowing categories: cross industry valuation anomalies, unappreciated growth, recovery orturnaround situations, industry structural changes, franchise value or duration plays, and where themarket valuation is below the replacement value.The manager takes a truly global perspective in order to identify the international competitiveness ofEuropean businesses and builds an in-depth understanding of a company’s competitors, suppliers,distributors and competing technologies to support his views.In addition, the manager will monitor the overall portfolio composition that results from the bottomupconstruction by checking the resultant shape of the portfolio against macroeconomic trends. Thisprovides a good cross-check to the validity of the stocks selected and allows the manager to increaeconviction in the bottom-up analysis.FUND FACTSFund manager:Alexander ScurlockLocation:LondonAppointed to fund:01.01.07Years at Fidelity:17Launch date:01.10.90Currency:Euro (XDEM)NAV price:€ 10.1212mnth NAV high:€ 10.6212mnth NAV low:€ 8.33Fund size:€ 8,362mBenchmark index:European Growth Composite*Bloomberg code:FIDLEUIISIN code:LU0048578792SEDOL number:4404987WK-Nummer:973270*FTSE World EuropePERFORMANCE YEAR BY YEAR20.6%16.2%14.5%12.6%32.4%26.8%15.1%20.7%6.1%3.6%-10.5%-15.5%-18.5%-29.9%-45.6%-43.2%29.3%33.2%16.3%11.7%01 02 03 04 05 06 07 08 09 10■ Fund ■ IndexPERFORMANCE IN FUND CURRENCYPERFORMANCE SINCE 01.10.90Since1 mnth YTD 1 yr 3 yrs 5 yrs 10 yrs 01.10.90Fund cumulative growth -1.5% -1.5% 17.6% -7.3% -6.6% 33.9% 666.4%1200%Index cumulative growth 1.9% 1.9% 17.2% -2.7% 3.9% 4.6% 478.8%1000%Fund annualised growth - - 17.6% -2.5% -1.4% 3.0% 10.5%800%Index annualised growth - - 17.2% -0.9% 0.8% 0.5% 9.0%Value of €2,000 invested - 1,872 2,234 1,762 1,774 2,545 14,564Ranking within Morningstar GIF Europe Large Cap Blend EquityPosition of fund 275 275 75 104 81 3 1Total number of funds 304 304 281 207 158 102 11Quartile ranking 4 4 2 3 3 1 1600%400%200%0%12-9012-9212-9412-9612-9812-0012-0212-0412-0612-0812-10■ Fund■ Index48