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Fidelity European Values : FEV – interims

The net asset value total return for Fidelity European Values matched that of its benchmark index for the first half of 2014. Over the six months to 30 June the fund returned 3.1% as did the FTSE World Europe ex UK Index. The discount narrowed though so the return to shareholders was 5.6%.

The manager’s report mentions good performances from Red Electrica (the Spanish utility company), Novo-Nordisk (diabetes care) and Iliad (French telecoms). bank holdings were a drag, especially BNP Paribas as it faced large fines from the US.

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