F & C Investments

European Assets Trust

  • Investing with real conviction

  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

    The value of your investments can go down as well as up, and you may not get back what you originally invested.

  • Key facts

    Europe is home to a wide range of small and medium sized companies - a diverse opportunity set that includes fast growing world-leaders, innovative niche specialists and high quality sustainable businesses. The portfolio contains what the manager believes to be the very best investment opportunities from across the region with a clear emphasis on well-managed, strong businesses whose real potential isn’t yet reflected in their share price. As well as the superior growth potential inherent in small and medium sized companies, the trust has historically offered an attractive income of 6%1 per annum.

    Highlights

    • Access an often overlooked asset class
    • Small and mid-cap focus
    • High conviction portfolio of 40-60 investment ideas

    Suitability for retail distribution

    The Company’s shares are excluded from the FCA's restrictions which apply to non-mainstream products as the Company's portfolio is wholly or predominantly made up of shares, debentures or government and public securities which are not themselves issued by other investment funds. The Company conducts its affairs so that its shares can be recommended by Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority's rules relating to non-mainstream investment products and intends to continue to do so.

  • Fund manager commentary

    The European small cap equity market took a bit of a breather in June, posting its first loss in seven months. The market started with a positive tone as anxiety over the European political landscape had been alleviated following the election of centrist Emmanuel Macron as the next president of France. News that French President Macron had won a strong majority in parliamentary elections solidified sentiment as did evidence of further economic momentum and a sound corporate earnings season. Whilst investors will still be faced with the German federal election this fall and possibly an early Italian election call, the strong fundamentals that have supported the market thus far remain in place. We believe that the challenges that prevented investors from embracing European equities, including political, economic and corporate, have disappeared for the most part, encouraging market participants to reconsider their allocation.

    The fund followed the downward trend of the general market, slightly underperforming. From an attribution point of view, several holdings enjoyed good returns during the month, contributing positively. Amongst these were Finnish-based sports equipment manufacturer and distributor Amer Sports, which rose over 6% in June and Spanish-based glass bottle manufacturer Vidrala, which added 7%. Storebrand, a Norwegian insurer and wealth manager, was also a good performer, gaining 4.3% in June on the back of strong fundamentals. Contributing to the relative underperformance relative to the benchmark were Lectra, a French manufacturer and distributor of computer systems for the fashion industry, which fell 13.7% in June, German-based glass and plastic manufacturer Gerresheimer and UK-based buildings supplies manufacturer and retailer Grafton Group, which declined 9.2% during the month. The latter’s share price fell on profit taking following strong performance. Gerresheimer’s 7.7% drop in its share price was primarily due to falling revenues. Lectra’s share price fell 13.7% on profit taking following strong first quarter results.

    In addition to adding to and trimming a limited number of holdings. We initiated three positions in June, including Coor Service Management Holding, a Swedish facility management group, Austrian-based Lenzing, a textile fibres materials group and Nordic Waterproofing Holding, a Swedish waterproofing solutions provider. These were partly funded by our decision to sell Interpump Group, an Italian pump and hydraulics manufacturer, following strong performance.

    As at 30th June

  • Fund facts
    Investment manager F&C Investment Business Limited
    Benchmark Euromoney Smaller European Companies (ex-UK) Index
    AIC2 sector European Smaller Companies
    Launch date 1972
    Total assets £423.2 million (as at 30.06.2017)
    ISIN NL0000226090
    SEDOL 322566
    Currency Euros
    Ticker Symbol EAT.L
    Key dates
    Annual general meeting May
    Shareholders' and Investors' Briefing May                                      
    Year end 31 December
    Dividend payment date(s) January, May and August
    Ex-dividend date(s) January, May and August

     

    1Calculated with reference to December 31 net asset value with dividend payments made in January, May and August of each year.

     2Association of Investment Companies

  • Share price

    1299.35p-0.65p

    closed

  • Sam Cosh

    Sam Cosh

    Fund Manager

Past performance is not a guide to future results. The value of investments can go down as well as up.

The shares of the Company are listed on the London Stock Exchange. Information in this section of the website concerning the Company is directed solely at persons who are located in the UK. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Potential investors must read our full terms and conditions before proceeding further with any investment product referred to on this website. The information on this website may not be suitable for everyone, and retail investors unsure whether an investment product referenced on this website will meet their individual needs should seek advice before proceeding further with such product.

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