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Fidelity focuses on European companies

Fidelity Investments has added the European mid cap fund to its range of five European equity funds.

The fund is a Luxembourg-based SICAV, and is aimed at experienced investors who want to diversify an existing portfolio by investing in Europe and who are looking for long term growth.

European mid cap will invest in a broad portfolio of medium sized European companies. Fund manager Trygve Toraasen will look at areas such as renewable energy, for example companies that make machinery for wind turbines. Another area is the medical industry, which is expanding to deal with the increase in the number of older people.

The fund will be denominated in Euros and will benchmark the European-orientated Dow Jones STOXX total market mid index. This consists of 425 companies spread throughout Europe, but the fund will also invest in another 275 companies that are available in this area of the market in Europe.

Toraasen previously managed the Fidelity Nordic fund from June 1998 to February 2001. According to Standard & Poor’s the Fidelity Nordic fund is ranked 3 out of 13 funds, based on £1,000 invested on a bid to bid basis with gross income reinvested over three years to February 26, 2001.

Fidelity now has six European funds, ranging from the Euro blue chip fund to the European smaller companies fund. European mid cap therefore fits well into the range.

According Standard & Poor’s, based on £1,000 invested on a bid to bid basis with gross income reinvested over one year to February 26, 2001,

one of these funds is top quartile, two are second quartile, while the remaining two are both fourth quartile.


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