Fidelity European - Upgraded

By STEPHEN MARRIOTT 10/11/2005

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Tim McCarron took over this fund in January 2003 from the illustrious Anthony Bolton, truly a hard act to follow. However, nearly three years later McCarron has shown that he is up to the job. The fund is among the best performers in the sector over the period and has benefited from some astute sector calls as well as good stock picking, which is core to the manager’s process. The fund has grown considerably in size since McCarron took it over but we feel confident that it is not experiencing any liquidity problems. Therefore, following a good meeting with the manager we have upgraded the fund’s rating to four stars. Note: Tim McCarron has also been managing Fidelity European Values (the investment trust version of Fidelity European) since December 2001, which we have also upgraded. However, its discount to net asset value has narrowed significantly in recent years, and it is now trading at a slight premium, meaning that currently it does not represent good value relative to the open ended fund.

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Source: Financial Express