Mr Morse joined Fidelity in 1990 as a research analyst before becoming a portfolio manager in 1994 with responsibility for running several retail UK equity funds and mandates.

In 1997 Mr Morse joined M&G as head of UK equities, where he ran a number of retail UK equity funds including the M&G UK Growth Fund. He rejoined Fidelity in 2004 as head of the institutional UK equity team, where he was responsible for developing UK equity solutions for institutional clients as well as managing UK equity portfolios.

He managed managed the Fidelity European Fund since 2009 and then Fidelity European Trust since 2011. From November 1, 2026, existing portfolio managers, Marcel Stötzel and Sam Morse, will be joined by Alexander Laing, forming a three-person portfolio management team for the company. The team is supported by Fidelity International’s large global research platform and investment resources.   

There is no change to the Company’s investment   objective   or investment policy   as a result of   this change. Mr Laing brings deep experience as both a European analyst and portfolio manager, having been with Fidelity since 2011. He  is currently portfolio manager for the Fidelity Funds - Climate Solutions Fund and the Circular Economy strategy, and co-portfolio manager on the Fidelity Funds - Water & Waste Fund.   

The chairman of Fidelity European Trust, Davina Walter, said:  “Bringing Alexander into the portfolio management team at this stage provides an extended period for him to work closely alongside Sam and Marcel, supporting a smooth transition of responsibilities over a 12-month period. Alexander also brings complementary portfolio management experience and investment   expertise   to the team.”

“The Board and I are grateful to Sam for his continued commitment to the Company and his support   in   the long-term succession plan, as well as for the significant contribution he has made to FEV’s success over the past 15 years. During his tenure to date, Sam has delivered strong long-term returns for shareholders, outperforming the benchmark by approximately 1% per annum and generating an annualised return of around 10.5% over the period, on a NAV total return basis.”