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.


    • 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 strong rally in European Equities continued unabated during October. Despite potential hurdles such as the Catalan crisis engulfing Spain, markets delivered a 1.3% gain during the period in Euro terms. The strength of the pound reduced this to 0.8% on a sterling basis. Macroeconomic data remains supportive for the region as unemployment figures showed reached an 8 year low and both Purchasing Managers’ Indices (a widely used indicator of economic health) and consumer confidence picked up. The European Central Bank’s announcement that their quantitative easing programme will stretch into September 2018, albeit at a lower rate, was perhaps more supportive then many were expecting helping to push the markets higher at the end of the month.

    The fund, lagged the strong market. This is always likely to be the case when areas to which we have limited exposure (such as information technology) or have no exposure (telecoms) lead the market. We were also hampered by stock specifics.

    In terms of detractors, Swedish wooden window manufacturer Inwido fell 12.1% as their quarterly results highlighted ongoing production disturbances as they try to keep up with increased demand. Whilst disappointed they have not been able to rectify this we have conducted a full review and remain confident this is a temporary issue, the company has not lost market share and the long term structural opportunity remains. The valuation remains very appealing. French IT hardware and software provider Lectra also declined, falling 5.8% as negative foreign exchange movements took the shine off their positive order intake and strong cash generation.

    In terms of positive contributors, Italian corporate credit data provider Cerved rose 9.9%. Quarterly results showcased continued improvement in credit management and the development of new partnerships. Shares in Swedish integrated facility management company Coor increased 12.0% as they delivered both strong growth and margin expansion.

    As at 31 October 2017

  • 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 £439.7 million (as at 31.10.2017)
    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

  • 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.