Fidelity European Trust plc (FEV), the London-listed investment trust focused on European equities, has announced the repurchase of 500,000 ordinary shares into Treasury on 3 November 2026. The shares were acquired at an average price of 413.86p each, with the transaction narrowing the total voting rights of the Company to 478,549,150 shares. Buybacks of this scale are typically used by investment trusts to manage discount to net asset value, making the development of interest to shareholders monitoring the trust's capital management strategy.

Key Points

  • Fidelity European Trust plc (FEV), managed by FIL Investments International
  • The Company repurchased 500,000 shares into Treasury on 3 November 2026 at an average price of 413.86p per share
  • Following the transaction, issued share capital stands at 528,350,065 shares, with 49,800,915 shares now held in Treasury and total voting rights of 478,549,150
  • Investors should watch for further buyback activity and any updates on discount management from the Board

FEV Repurchases 500,000 Shares at Average 413.86p on 3 November 2026

The Board of Fidelity European Trust plc confirmed the repurchase of 500,000 ordinary shares into Treasury, executed on 3 November 2026. The average price paid was 413.86p per share, with the lowest price recorded at 413.50p and the highest at 414.00p. The narrow spread between the lowest and highest prices paid suggests the transaction was conducted within a tight intraday range. Share buybacks into Treasury are a common tool used by closed-ended investment trusts to return capital to shareholders and to manage the discount at which a trust's shares may trade relative to its underlying net asset value.

Treasury Holdings Rise to 49,800,915 Shares Following Latest Repurchase

Following completion of this transaction, the Company's total shares held in Treasury have increased to 49,800,915. As the announcement notes, shares held in Treasury carry no voting rights, which is reflected in the revised total voting rights figure of 478,549,150. The issued share capital of the Company remains at 528,350,065 shares. Shareholders are reminded in the announcement that the total voting rights figure of 478,549,150 serves as the denominator for FCA Disclosure Guidance and Transparency Rules calculations, relevant to those assessing whether they must notify changes to their interests in the Company.

Fidelity European Trust's Ongoing Capital Management Under FIL Investments International

Fidelity European Trust is an investment trust that seeks long-term capital growth primarily from the stock markets of continental Europe. The Company is administered by FIL Investments International, with Smita Amin acting as Company Secretary. Buyback programmes at investment trusts are closely watched by investors as signals of a board's commitment to managing the discount to net asset value. The accumulation of nearly 49.8 million shares in Treasury since the trust's buyback programme began underlines an active approach to capital allocation, though the specific discount level and NAV were not disclosed in this announcement.