Every month in IPE we analyse the portfolio style of a fund using the return-based Portfolio Analyser developed by London-based firm Style Research.
For this issue we have chosen the Fiduciary European Equity fund, managed by investment management group Fiduciary Trust.
The Fiduciary European Equity fund is an Dublin-based authorised UCITS and was launched in January 1997. The investment objective of the fund is to achieve long-term growth of capital through investments in European securities.
The graph shows the changes in style that the fund’s portfolio has had during a period of 12 months starting in July 2000, and it’s based on the fund’s monthly historical data for the last four years provided by Standard & Poor’s Micropal.
In July 2000, and according to our analysis, the fund had around 61% of its assets invested in large growth stocks across Europe, 32% in small value investments, with the remaining assets invested in large value equities. The percentage of total assets invested in large growth stocks decreased during the following months, representing 54% of the fund’s portfolio at the beginning of this year and 48% at the end of the period analysed.
Our portfolio style analysis shows how the assets invested in large value stocks increased during the last quarter of 2000, accounting for almost 20% of total assets at the end of December. At the end of the period analysed in the graph, large value stocks accounted for 16% of total assets.
The proportion of small value stocks also decreased during the period analysed, representing 15% of the fund’s total assets at the end of July. On the other hand, the fund increased considerably its exposure to small growth stocks during the year. At the end of July the proportion of assets invested in small growth securities represented 20% of the fund’s portfolio, in comparison to less than 4% of assets invested this way 12 months earlier.
The Fiduciary European Equity fund has been rated with four stars by Standard & Poor’s Micropal, and has a three year performance of -5.84% with a volatility of 5.56.
The fund has remained in line with the MSCI Europe growth, but lagged this benchmark by 1.8% at the end of July.
At the end of July the fund had assets of E10.24m with 23% of its portfolio invested in France, 19% in the UK and 22% in Switzerland, followed by Italy with 9% and the Netherlands with 7%. Around 20% of the fund’s portfolio is invested in the health care sector and 18% in industrials.

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