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

    Or contact your usual investment broker

  • 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.


    • 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

    European small cap equities continued to rise during September as macroeconomic data suggested that the region’s recovery remained on course, though there was some divergence in sector performance.  The decision by OPEC to cut production for the first time in eight years led to a rally in the oil price and consequently the energy sector, however concerns regarding Deutsche Bank’s capital position weighed heavily on the financial sector which detracted from gains. Additionally, the upcoming Italian constitutional reform referendum added further to political instability for the region. A combination of portfolio positioning and stock specific issues led to the fund underperforming the benchmark this month.

    The portfolio is yet to shake off the reverberations of the UK referendum and a number of our holdings which were adversely impacted by the result continue to struggle. Building merchant Grafton Group (-8.2%) and Irish ferry operator Irish Continental Group (-5.0%) all declined during the month as the market is yet to accept that they can weather this period of uncertainty for the UK consumer.  Both of these companies holds strong market shares, managed well through periods of uncertainty before, are run by strong management teams and trade at attractive valuations where aggressive assumptions regarding growth and profitability improvements are not required to yield an attractive margin of safety.  We remain confident that they merit their position within the portfolio for their long term potential despite short term periods of underperformance. Portuguese postal operator CTT (-7.3%) continued to be weak following disappointing results during the prior month. The holding is being reviewed to establish if the long term thesis remains valid.

    Despite the negative sentiment to the financial sector as a whole we are benefiting from strong performance from a number of our holdings within this area. Norwegian bank SpareBank rose 18.0% and Norwegian life insurer Storebrand rallied 19.7%, both benefitting from rising bond yields in the region.

    During the month we initiated a position in Swiss conglomerate Metall Zug as the family run business has displace market leading positions in the household appliance division and global wire processing market, a strong balance sheet and the opportunity to turnaround its underperforming sterilisation equipment business.  We also exited our holding in Danish insurer Topdanmark due to potential changes in the shareholder base and limited margin of safety in the valuation.

    As at 30 September 2016

  • 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 £367.4 million (as at 30.09.2016)
    ISIN NL0000226090
    SEDOL 322566
    Currency Euros
    Ticker Symbol EAT.L
    Key dates
    Annual general meeting 10 May 2016
    Shareholders' and Investors' Briefing 11 May 2016                                      
    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

  • 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.