Fidelity European Larger Companies & Fidelity European Growth

Fidelity
Door juli 3, 2018 13:02

Fidelity European Larger Companies & Fidelity European Growth

Perspective

The year began with a continuation of 2017’s ‘risk-on’ market environment within European equities. This environment was not conducive to my quality at an attractive price investment style and consequently the funds underperformed in January, not helped by some stock specific fears. For example in IT, the holding in Sage Group was impacted after it reported organic revenue growth of 6.3% in the first quarter, below its original full year guidance of 8%, due to the impact of training the sales team on a new product; while disappointing this does not undermine the investment thesis. Oil services company John Wood Group was also a large detractor after there was an unwarranted pullback post the full year results, where guidance confusion led to a material derating despite improving trends. I took the opportunity to add to this name as the shares trade close to trough relative valuations while improvements in demand levels are starting to come through, as confirmed at the subsequent AGM statement which led to a recovery in the shares more recently.

Fidelity
Door juli 3, 2018 13:02

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Twitter

The fight for the Democratic nomination moves into the next round. -> https://www.opiniopro.com/2020/02/fn/the-fight-for-the-democratic-nomination-moves-into-the-next-round/ #elections #usa #Trump #Republican #Democrats via @DWS_Group

Slowing but going -> https://www.opiniopro.com/2020/02/fidelity/slowing-but-going/ #AssetAllocation #Equities #FixedIncome #RealEstate via @Fidelity

The prospects for economies and markets in 2020. -> https://www.opiniopro.com/2020/02/bmo/the-prospects-for-economies-and-markets-in-2020/ #brexit #centralbank #china #Fed #manufacturing #oil #recession via #BMO

Navigating a Sentiment Crash -> https://www.opiniopro.com/2020/02/qma/navigating-a-sentiment-crash/ #crash #Equities #growth #sentiment #value via @pgim

Are you taking enough risk? How do you know? -> https://www.opiniopro.com/2020/02/invesco/are-you-taking-enough-risk-how-do-you-know/ #china #Equities #factor #FixedIncome #riskpremium via @InvescoEMEA

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