OREANDA-NEWS. December 15, 2015. Fidelity European Values (FEV) is an actively managed closed-ended fund investing primarily in continental European equities.

Unaffected by recent market volatility, the manager pursues a fundamental bottom-up approach with a three- to five-year investment horizon, aiming to achieve long-term growth from a diversified portfolio of companies able to consistently grow dividends. NAV total returns have been ahead of the trust's FTSE World Europe ex-UK index benchmark over one, three, five and 10 years. The manager sees the portfolio's historically high relative dividend yield and superior growth prospects as a positive indicator for future performance.

Having followed a narrowing trend from mid-2014 and reaching a low of 2.8% in July 2015, FEV's share price discount to NAV including income has recently widened, albeit modestly. Currently standing at 5.7%, the discount remains comfortably narrower than its three-year average of 8.8%.