GREAT IDEAS UPDATES
14 | SHARES | 01 August 2019
ĨŽƌ Fidelity European Values
(FEV) ĂƚƚŚĞƐƚĂƌƚŽĨϮϬϭεĂŶĚŝŶ
ƚŚĞƐŝdžŵŽŶƚŚƐƚŽϯϬ:ƵŶĞƚŚĞ
ŝŶǀĞƐƚŵĞŶƚƚƌƵƐƚŚĂƐŝŶĐƌĞĂƐĞĚ
ŝƚƐŶĞƚĂƐƐĞƚǀĂůƵĞ;EsͿďLJ
ϭε͘εйĂŶĚŝƚƐƐŚĂƌĞƉƌŝĐĞŚĂƐ
ƌŝƐĞŶďLJϮκ͘ρй͕ďŽƚŚǁĞůůĂŚĞĂĚ
ŽĨƚŚĞďĞŶĐŚŵĂƌŬ͘
ĚŝǀŝĚĞŶĚďLJϭϬйƚŽς͘ςƉ͘
άϭϬ͕ϬϬϬŝŶǀĞƐƚŵĞŶƚŝŶ>Ăǁ
ĞďĞŶƚƵƌĞĂĚĞĐĂĚĞLJĞĂƌƐĂŐŽ
ǁŽƵůĚďĞǁŽƌƚŚάϯς͕ϬρϬĂƐĂƚϯϬ
:ƵŶĞϮϬϭε͘SLOW START FOR
TWO PUB COS
^ŚĂƌĞƐŝŶƉƵďƐ͕ůŽĚŐŝŶŐĂŶĚ
ďƌĞǁŝŶŐŐƌŽƵƉ Marston’s
(MARS) ĂƌĞƌŽƵŐŚůLJǁŚĞƌĞǁĞ
ƐĂŝĚƚŽďƵLJŝŶ:ƵŶĞ͘
dŚĞƐŚĂƌĞƐǁĞƌĞǁĞĂŬ
ĨŽůůŽǁŝŶŐƚŚĞϮκ:ƵůLJƚƌĂĚŝŶŐ
ƵƉĚĂƚĞ͕ǁŚŝĐŚƐŚŽǁĞĚůŝŬĞͲĨŽƌͲ
ůŝŬĞƐĂůĞƐŐƌŽǁƚŚƐůŽǁŝŶŐƚŽϬ͘ρй
ĨƌŽŵϮйĂƚƚŚĞŚĂůĨLJĞĂƌƐƚĂŐĞ͕
ŝŵƉĂĐƚĞĚďLJƚŽƵŐŚĐŽŵƉĂƌĂƟǀĞƐ͘
,ŽǁĞǀĞƌ͕ƚŚĞĐŽŵƉĂŶLJ
ĂŶŶŽƵŶĐĞĚĂŶĂĐĐĞůĞƌĂƟŽŶŽĨŝƚƐĚĞďƚƌĞĚƵĐƟŽŶƉůĂŶƐ͕ƉƌŽƉŽƐŝŶŐ
ƚŽĚĞĨĞƌάϳϬŵŽĨŶĞǁďƵŝůĚ
ŝŶǀĞƐƚŵĞŶƚŝŶŽƌĚĞƌƚŽƌĞĂůůŽĐĂƚĞ
άϮϬŵƚŽάϯϬŵŝŶƚŽŽƌŐĂŶŝĐ
ĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͕ǁŚŝĐŚŝƐ
ĞdžƉĞĐƚĞĚƚŽŐĞƚĂŚŝŐŚĞƌƌĞƚƵƌŶ͘
dŚŝƐǁŝůůĂůůŽǁƚŚĞĐŽŵƉĂŶLJƚŽ
ŐĞŶĞƌĂƚĞĂŶĂĚĚŝƟŽŶĂůάκϬŵƚŽ
άρϬŵŽĨĐĂƐŚŇŽǁŽǀĞƌƚŚĞŶĞdžƚ
ƚŚƌĞĞLJĞĂƌƐ͘
Fuller, Smith & Turner (FSTA)
ŚĂƐĂůƐŽďĞĞŶƋƵŝĞƚŝŶƚĞƌŵƐŽĨ
ƐŚĂƌĞƉƌŝĐĞŵŽǀĞŵĞŶƚ͘
dŚĞƌĞŚĂƐďĞĞŶĂůŽƚŽĨ
ŽƉĞƌĂƟŽŶĂůĐŚĂŶŐĞĨŽƌŝŶǀĞƐƚŽƌƐ
ƚŽĚŝŐĞƐƚ͕ŝŶĐůƵĚŝŶŐƚŚĞƐĂůĞŽĨ
ƚŚĞďƌĞǁĞƌLJďƵƐŝŶĞƐƐ͘
KŶĐĞƚŚĞŶĞǁĮŶĂŶĐĞĚŝƌĞĐƚŽƌ
ĚĂŵŽƵŶĐĞůůƚĂŬĞƐƵƉŚŝƐ
ŶĞǁƌŽůĞŝŶƵŐƵƐƚ͕ŝŶǀĞƐƚŽƌƐ200220240260
FIDELITY EUROPEAN VALUES2018 2019DĂŶĂŐĞƌ^ĂŵDŽƌƐĞƌĞŵĂŝŶƐ
ĐĂƵƟŽƵƐŽŶƚŚĞŽƵƚůŽŽŬĨŽƌ
ƵƌŽƉĞĂŶĞƋƵŝƟĞƐĂŶĚƚŚĞ
ƉŽƌƞŽůŝŽƌĞŵĂŝŶƐĨŽĐƵƐĞĚŽŶ
͚ĚĞĨĞŶƐŝǀĞŐƌŽǁƚŚ͛ƐƚŽĐŬƐǁŚŝĐŚ
ĐĂŶďĞďŽƵŐŚƚĂƚƌĞĂƐŽŶĂďůĞ
ƉƌŝĐĞƐ͘dŚĞĨƵŶĚŝƐŽǀĞƌǁĞŝŐŚƚ
ŚĞĂůƚŚĐĂƌĞĂŶĚƚĞĐŚŶŽůŽŐLJƐƚŽĐŬƐ
ĂŶĚƵŶĚĞƌǁĞŝŐŚƚĐŽŶƐƵŵĞƌĂŶĚ
ƵƟůŝƚLJƐƚŽĐŬƐ͘
dŚĞĚŝƐĐŽƵŶƚƚŽEsŚĂƐ
ƐŚƌƵŶŬĨƌŽŵϭϭ͘κйŝŶ:ĂŶƵĂƌLJ
ƚŽũƵƐƚςй͕ĂŶĚƚŚĞďŽĂƌĚŝƐ
ĐŽŵŵŝƩĞĚƚŽŬĞĞƉŝŶŐŝƚŝŶƐŝŶŐůĞ
ĚŝŐŝƚƐ͕ǁŝƚŚƚŚĞŽƉƟŽŶƚŽďƵLJ
ďĂĐŬƐŚĂƌĞƐŝĨŶĞĐĞƐƐĂƌLJ͘
KƵƌϮϭDĂƌĐŚϮϬϭε͚ďƵLJ͛ĐĂůů
ŽŶ Law Debenture (LWDB) ŝƐ
ŵŽĚĞƐƚůLJŝŶƚŚĞŵŽŶĞLJ͘,ĂůĨLJĞĂƌ
ƌĞƐƵůƚƐ;Ϯκ:ƵůͿƌĞǀĞĂůĞĚĂŐŽŽĚ
ƐƚĂƌƚƚŽϮϬϭεĨŽƌƚŚĞŝŶǀĞƐƚŵĞŶƚ
ƚƌƵƐƚǁŚŝĐŚůŽŽŬƐĨŽƌƋƵĂůŝƚLJ
ĐŽŵƉĂŶŝĞƐǁŝƚŚƚŚĞƉŽƚĞŶƟĂů
ĨŽƌůŽŶŐͲƚĞƌŵŐƌŽǁƚŚĂŶĚǁŚŝĐŚ
ŚĂǀĞďĞĞŶŵŝƐƉƌŝĐĞĚďLJƚŚĞ
ŵĂƌŬĞƚ͘
&d^ ϮρϬͲůŝƐƚĞĚ>Ăǁ
ĞďĞŶƚƵƌĞ͕ǁŚŝĐŚŝŶĂĚĚŝƟŽŶƚŽ
ĂƉŽƌƞŽůŝŽŽĨƐƚŽĐŬƐŵĂŶĂŐĞĚ
ďLJ:ĂŶƵƐ,ĞŶĚĞƌƐŽŶƉƌŽǀŝĚĞƐ
ƐĞƌǀŝĐĞƐƚŽĐŽƌƉŽƌĂƚĞƚƌƵƐƚĂŶĚ
ƉĞŶƐŝŽŶƚƌƵƐƚĞĞƐ͕ŐĞŶĞƌĂƚĞĚĂ
ĐƌĞĚŝƚĂďůĞEsƚŽƚĂůƌĞƚƵƌŶŽĨ
ϭϬ͘ϯйĂŶĚƵƉƉĞĚƚŚĞŝŶƚĞƌŝŵMarston’sPERFORMANCE DATA FOR A SELECTION OF OUR GREAT IDEASSTOCK ENTRY
PRICEENTRY
DATEPRICE
NOWGAIN/
LOSS TO
DATE
''ƌŽƵƉ κϮϮ͘ρƉ ϮϬͬϭϮͬϭΘ ρεε͘ςκƉ κϭ͘εй
ŝĂŐĞŽ άϮΘ͘ϬϮ ϮͬΘͬϭΘ άϯκ͘ρϮ Ϯϯ͘Ϯй
:ƵĚŐĞƐ^ĐŝĞŶƟĮĐ άϮΘ͘ρϬ ϭϭͬκͬϭε άϯκ͘ΘϬ ϮϮ͘ϭй
&ŝĚĞůŝƚLJ ƵƌŽƉĞĂŶsĂůƵĞƐ Ϯϭκ͘ρƉ ϭϳͬϭͬϭε Ϯρς͘ΘϳƉ ϭε͘Θй
ƐƚƌĂĞŶĞĐĂ άςϯ ϭρͬϭϭͬϭΘ άϳϭ͘ϳΘ ϭϯ͘εй
>ĂǁĞďĞŶƚƵƌĞ ρϳΘƉ Ϯϭͬϯͬϭε ςϬκƉ κ͘ρй
DĂƌƐƚŽŶ͛Ɛ ϭϬϳ͘ϮƉ ςͬςͬϭε ϭϬϳ͘εƉ Ϭ͘ϳй
&ƵůůĞƌΖƐ άϭϬ͘ϳϬ ϭκͬϮͬϭε άϭϬ͘ϳρ Ϭ͘ρй
SThree ϮεϬƉ Ϯϯͬρͬϭε ϮΘκ͘ρƉ Ͳϭ͘εй
&D εϮκƉ κͬκͬϭε ΘϮϳƉ ͲϭϬ͘ρй
^ŽƉŚĞŽŶ εϯϬƉ ϭϯͬεͬϭΘ ϳςϮƉ ͲϭΘ͘ϭй
Source: Shares, latest data taken 30 July 2019