Fidelity European Beats Benchmark As Financial Stocks Deliver

15th Mar 2018 11:59

LONDON (Alliance News) - Fidelity European Values PLC on Thursday said its net asset value total return beat its benchmark in 2017 in a year with "notable" performance differences between sectors.

Fidelity European's net asset value total return for 2017 was 20%. By comparison, its benchmark, the FTSE World Europe (ex UK) Index, returned 17.5%.

The investment firm's net asset value per share rose to 248.08 pence in 2017 from 210.75p. It will be paying a final dividend of 4.35p per share, 4.3% higher than 2016's 4.17p return.

The energy sector had a poor first half of the year, it said, affecting its holding in Royal Dutch Shell PLC. Healthcare stocks likewise struggled due to a weaker dollar, while technology stocks did well in 2017.

The biggest contributor to outperformance was, however, the financial sector, which Fidelity European said boosted group performance.

Looking ahead, wider geopolitical uncertainty could lead to market volatility, but the company believes its focus on "fundamentally strong" business will help performance in future.

Shares were down 0.4% on Thursday at 220.00p each.

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