Fidelity European Trust plc (FEV), the London-listed investment trust focused on European equities, has announced the repurchase of 300,000 ordinary shares into Treasury following a transaction dated 13 November 2026. The shares were acquired at a uniform price of 425.5p per share, with both the lowest and highest prices paid matching the average exactly. The buyback reduces the total voting rights in the Company and forms part of an ongoing capital management programme that investors in closed-ended funds routinely monitor as a signal of board confidence and discount management activity.

Key Points

  • Fidelity European Trust plc (FEV), managed by FIL Investments International
  • The Company repurchased 300,000 shares into Treasury at 425.5p per share on 13 November 2026
  • Total voting rights now stand at 477,294,150; total shares held in Treasury stand at 51,055,915
  • Investors should watch the pace and scale of further buybacks as an indicator of discount management strategy

FEV Repurchases 300,000 Shares at a Fixed 425.5p on 13 November 2026

The board of Fidelity European Trust plc confirmed that 300,000 ordinary shares were bought into Treasury on 13 November 2026. The average, lowest, and highest price paid per share were all recorded at 425.500p, indicating the entire transaction was executed at a single uniform price. The total consideration implied by the transaction was not separately disclosed in the announcement beyond the per-share price. Treasury shares carry no voting rights under UK company law, and the repurchased shares will be held in Treasury rather than cancelled outright, preserving the option for future reissuance.

Fidelity European Trust's Share Capital and Voting Rights Following the Transaction

Following the buyback, Fidelity European Trust's issued share capital stands at 528,350,065 shares, with 51,055,915 of those now held in Treasury. The resulting total voting rights figure is 477,294,150. The Company's announcement notes that this voting rights figure serves as the regulatory denominator for shareholders calculating whether they must disclose interests or changes in interests under the FCA's Disclosure Guidance and Transparency Rules. Shareholders are advised to use this updated figure for any such compliance calculations going forward.

FIL Investments International's Role as Investment Manager to the European Trust

Fidelity European Trust is managed by FIL Investments International, one of the UK's prominent active fund management groups, with the Company secretarial function also fulfilled by that entity. The trust targets capital growth by investing primarily in European equities, giving investors exposure to continental European markets through a closed-ended structure. The announcement was made on behalf of the board by Smita Amin, company secretary, acting for FIL Investments International. Share buybacks in investment trusts of this type are commonly employed to manage discounts to net asset value, though no NAV figure was disclosed in this announcement.