Fidelity launches European Dynamic Value fund

Fidelity has launched a European Dynamic Value fund, managed by Neil Madden and seeking to identify cheap and disliked stocks with improving fundamentals.

The fund, a Luxembourg SICAV, will have a concentrated portfolio of between 35 and 50 holdings, focusing on European names with a market cap in excess of €3bn. Madden, who has worked at Fidelity for nine years, has managed the pan-European equity portion of Richard Skelt’s £275m International fund since November 2009, having previously been assistant portfolio manager on Alexander Scurlock’s €7.7bn European Growth fund. Madden will seek out stocks with an asymmetric return profile, and will first assess a company’s downside risks before considering upside potential, though the portfol...