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 Information Document (KID)

    ISIN Trust name English Dutch
    NL0000226090 European Assets Trust NV KID KID

    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

    European small cap equities finished the year well with signs of further momentum in the European economy: December saw the fastest growth in business activity for the region in seven years and consumer confidence for the Eurozone area turned positive for the first time in nearly seventeen years. Additionally some apparent progress in the Brexit negotiations appeared to reduce a potential headwind for the region. Elsewhere the US capped off a remarkable year with the S&P 500 Index rising every consecutive month as markets were buoyed in December by the approval of corporate tax reform.

    The fund outperformed the market as a result of a number holdings performing strongly during the period. Swiss industrial conglomerate Metall Zug rose 12.3% as they announced the acquisition of a majority stake in medtech player Haag-Streit. This adds a whole new division to their business and gives them access to one of the global leaders in ophthalmology, pulmonology and optics. Irish housebuilder Cairn Homes, added to the portfolio in October, rose 10.3% as a result of continued positive newsflow regarding the nation’s housing market. Other contributors included Irish listed Financial Services company IFG group which rose 11.0% and new addition Wizz Air which was up 10.1%.

    Detractors included Irish agronomy service provider Origin Enterprises (-3.5%). Swedish facilities management business Coor (-3.0%) & German ticket distributor CTS Eventim (-3.5%). Nothing has changed regarding their investment cases and we remain holders of all three. We made limited changes to the portfolio during the period.

    As at 31 December 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 £442.9 million (as at 30.11.2017)
    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, April, July and October
    Ex-dividend date(s) January, April, July and October

     

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

     2Association of Investment Companies

  • Share price

    1,330.00p +5.00p

      

  • 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, and the relevant Key Information Documents (KID), 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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