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 on 10 November 2026. The shares were acquired at an average price of 423.33p, with transactions ranging between 422.50p and 423.50p per share. The buyback reduces the total voting rights figure to 477,594,150, a figure shareholders must monitor when calculating disclosure thresholds under FCA transparency rules.

Key Points

  • Fidelity European Trust plc (FEV) — London-listed closed-ended investment trust investing in European equities
  • The Company repurchased 300,000 ordinary shares into Treasury on 10 November 2026
  • Average price paid: 423.33p; lowest 422.50p; highest 423.50p; total Treasury holdings now stand at 50,755,915 shares
  • Investors should watch for further buyback announcements and any movement in the discount to net asset value that typically motivates such activity

FEV Buys 300,000 Shares into Treasury on 10 November 2026 at Prices Between 422.50p and 423.50p

The board of Fidelity European Trust plc confirmed the repurchase of 300,000 shares into Treasury, executed on 10 November 2026. The average price paid was 423.33p per share, with the lowest single transaction price recorded at 422.50p and the highest at 423.50p. The announcement was made on behalf of the board by Smita Amin, acting as Company Secretary for and on behalf of FIL Investments International, the investment management group that administers Fidelity European Trust. The company did not disclose the aggregate cost of this transaction in the announcement.

Treasury Holdings Rise to 50,755,915 Shares as Issued Capital Stands at 528,350,065

Following completion of the buyback, Fidelity European Trust's total shares held in Treasury increased to 50,755,915. The company's issued share capital remains at 528,350,065 shares in total. As the announcement notes, shares held in Treasury carry no voting rights, meaning the effective total voting rights now stand at 477,594,150. This voting rights figure is the relevant denominator for shareholders assessing whether they are required to make a disclosure notification under the FCA's Disclosure Guidance and Transparency Rules regarding interests in the company.

Share Buybacks at Investment Trusts Like FEV Are Commonly Used to Manage Discount to NAV

Investment trusts such as Fidelity European Trust routinely use share repurchase programmes as a capital management tool. When a trust's shares trade at a discount to net asset value, buying back shares at the prevailing market price can be accretive to remaining shareholders and may help narrow that discount over time. Fidelity European Trust invests in a diversified portfolio of European equities, aiming to generate long-term capital growth. Investors may be watching whether this latest repurchase forms part of a sustained buyback programme or reflects a more opportunistic approach tied to current market pricing.