Fidelity European

Introduction to the fund

Sam has run this fund for over a decade now (supported by deputy manager Marcel Stotzel) and aims to identify attractively-valued companies that exhibit good long-term structural growth prospects and that he believes can grow their dividends over the next three to five years. In order to identify them, Sam looks for four main characteristics: positive fundamentals (structural growth prospects, a proven business model, disciplined use of capital); the ability to generate cash; a strong balance sheet; and an attractive valuation. The resulting portfolio will hold around 40-70 companies, and is a core European holding.

Fund manager

Sam Morse, Marcel Stotzel

Lead manager Sam Morse is one of the most experienced fund managers in the industry. He joined Fidelity as a research analyst in 1990. In 1997, Sam joined M&G as head of UK equities before he returned to Fidelity in 2004. Sam has been managing the Fidelity European fund since 2009. He has an M.B.A from INSEAD and a B.A from the University of North Carolina.

Marcel Stotzel joined Fidelity in 2014. He first joined the Fidelity equities team as an M.B.A intern before being hired full time. Prior to that he worked as an investment banker at Barclays. Marcel has consistently been one of Fidelity’s top global analysts. He was named co-manager of the Fidelity European fund in September 2020. Marcel has an M.B.A from INSEAD and is a CFA charterholder.

Opinion on fund

This is a very solid core fund which focuses on its strength – bottom-up stock picking. Lead manager Sam Morse has over 30 years of experience and is ably supported by co-manager Marcel Stotzel. Performance has been consistently good over many years.

Fund performance

Documents

Key facts

  • Fund size

    £3,972.7m

  • Chelsea rating

    Buy

  • Core Selection

    No

  • Chelsea Risk Rating

    6.5

  • AMC

    0.75%

  • OCF

    0.91%

  • Unit Type

    Acc and Inc

  • Yield

    1.23%

  • FundCalibre rating

    Elite Rated

How to invest

Once you know where you want to invest, there are a number of ways you can invest:

  • Log in here and process your instruction
  • Call us on 020 7384 7300 to buy over the phone or request an application form
  • Download an application form and post it to us, along with a cheque
Find out more
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Important information

Source: Performance data sourced from FE Analytics (IA universe). Yield figures (per annum), Fund Size data and AMCs/OCFs are as at 23/01/2026 unless otherwise stated.

The performance graph, factsheets and Key Investor Information Document is provided by FEfundinfo, and updated on a daily basis.

Some funds listed are off shore-domiciled and subject to different regulations. Off shore funds typically do not offer investor compensation under the UK Financial Services Compensation Scheme (FSCS).

Performance history extended by FE fundinfo to illustrate the fund’s longer-term record.

Sector rankings calculated from multiple underlying sectors; certain funds remain unranked due to limited comparability.

Funds assigned to an alternative IA sector; sector rankings may differ accordingly.

The information provided is based on our proprietary qualitative and quantitative research. Whilst reasonable efforts have been taken to ensure accuracy, Chelsea Financial Services cannot guarantee that the information is free from errors, omissions, or inaccuracies.

This information does not constitute investment advice and should not be interpreted as a recommendation to invest in any fund listed. Past performance is not a reliable indicator of future returns.

Please read the full Important Notice on page 2 of the FundReview 2025 carefully before making investment decisions.

Whilst every effort has been made to ensure the accuracy of this information, Chelsea Financial Services takes no responsibility for any errors, omissions or inaccuracies contained therein. The funds within the Chelsea Selection are based on our proprietary research, which is both qualitative and quantitative. Please note this is not investment advice, nor does it imply that you should invest in this fund. Past performance is a not a guide to future returns.

To find out more about our Chelsea Risk Rating, please visit our dedicated page.

The AMC (annual management charge) is paid to the fund management company for managing the fund. It is calculated as a percentage of the value of the fund. The AMC is less than the Ongoing Charges Figure (OCF).

The OCF (ongoing charges figure): The cost includes the AMC and other fees such as registration, regulatory, audit and legal fees but does not include transaction costs and performance fees.