Evidence and analysis
- Share-class currency
- EUR
- ISIN
- LU0261951528
- Hedging status
- Not inferred from currency; consult the exact share-class factsheet.
The fund's base currency, shown in the prospectus description below, can differ from this share class's dealing currency. All benchmark comparisons above use the stated share-class currency.
Benchmark: MSCI Europe Small Cap Index (Net)
| Period | Fund | Index | Gap (pp) |
|---|---|---|---|
| 1 year | 6.6% | 12.3% | -5.7 |
| 1-year: Underperforming | |||
| 3 years | 28.4% | 46.3% | -17.9 |
| 3-year: Underperforming | |||
Gap = fund minus index in percentage points. Returns are cumulative, with dividends reinvested, in the share class currency. Includes ongoing charges; excludes entry/exit fees. Based on Fidelity's rounded comparison table. A negative gap indicates underperformance for that period.
Portfolio Manager
Jim Maun, Joseph Edwards
The Fidelity Funds - European Smaller Companies Fund A-ACC-Euro page has been refreshed from Fidelity Funds’ April 2026 Hong Kong Extract Prospectus. The PDF fund description is for European Smaller Companies Fund.
Investment Objective
The fund aims to achieve long-term capital growth.
Investment Policy
The fund invests at least 70% of its assets in equities of smaller companies that are listed in Europe, headquartered in Europe, or that derive a significant proportion of their business from Europe. Smaller companies are generally those with lower market capitalization versus large-cap peers. The fund may also invest in money market instruments on an ancillary basis.
Investment Process
In actively managing the fund, the Investment Manager applies bottom-up fundamental analysis across smaller-cap issuers, assessing valuation, earnings quality, balance-sheet strength, management execution, and long-term growth potential. ESG characteristics and sustainability risks are considered as part of the broader investment process.
SFDR Product Category
Article 8 (promotes environmental and/or social characteristics) ESG Tilt.
Derivatives and Techniques
The fund may use derivatives for hedging, efficient portfolio management and investment purposes. In addition to core derivatives (see How the Funds Use Instruments and Techniques), the fund may use TRS and related instruments subject to prospectus limits.
Benchmark
MSCI Europe Small Cap Index (reference benchmark for risk monitoring and performance comparison).
Base Currency
EUR.
Performance Snapshot
Modern Portfolio Theory (MPT) Metrics
- Expected Annualised Return: See MPT chart on the main fund page.
- Annualised Risk (Std Dev): See MPT chart on the main fund page.
- Sharpe Ratio: Evaluated against a risk-free rate of 4.5%.
Main Risks
- Counterparty and collateral
- Currency
- Derivatives
- Equities
- Hedging
- Liquidity
- Market
- Operational
- Small and mid cap equity
- Sustainable investing
Risk Management Method
Commitment.
Top Holdings
| Holding | Symbol | Weight |
|---|---|---|
| Ptt PCL | PTT-F | 7.88% |
| Advanced Info Service PCL | ADVANC-F | 7.78% |
| CP All PCL | CPALL-F | 7.06% |
| Delta Electronics Inc | 2308.TW | 5.75% |
| Central Pattana PCL | CPN-F | 4.86% |
| PTT Global Chemical PCL | PTTGC-F | 4.24% |
| True Corp PCL Units Non-Voting Depository Receipt | TRUE-R | 3.84% |
| PTT Exploration & Production PCL | PTTEP-F | 3.83% |
| Delta Electronics (Thailand) PCL | DELTA-F | 3.49% |
| Kasikornbank Public Co Ltd | KBANK-F | 3.31% |
Source
- Fidelity Funds, April 2026 Hong Kong Extract Prospectus:
data/fidelity/pr.ff.HK-en.HK.pdf
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.
Latest Official Fund Data
| Metric | Current official value |
|---|---|
| NAV (EUR) | 32.5800 |
| NAV date | 2026-10-23 |
| Daily NAV change | -0.0700 (-0.2144%) |
| 1-year performance | 6.6448% |
| 3-year performance | 28.4194% |
| Performance date | 2026-09-30 |
| Fund type | Equity Fund |
| ISIN | LU0261951528 |
Source: Fidelity Hong Kong mutual-fund directory, retrieved 2026-10-26. Observation dates are shown separately; performance figures are reproduced from the official directory in the share class currency. Historical risk and return analysis below has not been recalculated by this directory refresh.
Sector Allocation
| Sector | Weight |
|---|---|
| Energy | 17.6% |
| Communication Services | 14.4% |
| Financial Services | 11.6% |
| Technology | 10.0% |
| Health Care | 9.7% |
| Consumer Defensive | 9.3% |
| Basic Materials | 7.8% |
| Real Estate | 5.5% |
| Consumer Cyclical | 5.2% |
| Industrials | 5.1% |