• Europe Asset Trust - NEW BANNER
  • The Trust seeks to generate attractive long-term capital growth through investment in quoted small and medium-sized companies in Europe, excluding the UK. As well as capital growth the company aims to offer an attractive dividend, with payments made in January, May and August of each year.

  • How to Invest

    Open an F&C Savings Plan

    Call: 0800 136 420

    Invest online now

  • Share price

    1198.00p-4.50p

    25 April 2017

Key facts


  • NEW - Fund Manager update video

     

    F&C European Asset Trust - foundation video

     
    • A high-conviction trust that taps into the huge potential of small and medium-sized companies in Europe
    • Attractive combination of capital growth and income; 6% of the year end NAV paid to shareholders as dividends*
    • Under researched asset class which offers the potential for significant performance from stock picking
    • The strategy has delivered strong investment performance

    Past performance is no indication of future returns.

     

  • 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 £467.5 million (as at 31.03.2017)
    ISIN NL0000226090
    SEDOL 322566
    Currency Euros
    Ticker Symbol EAT.L
    Key dates
    Annual general meeting 21 May 2017
    Shareholders' and Investors' Briefing 10 May 2017                                      
    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

  • Fund manager commentary

    European equities continued their positive start to the year as leading economic indicators remain in positive territory, earnings continue to be revised upwards and the majority of businesses reported improving profits. In addition during the month the outcome of the Dutch general election, the first of three perceived political hurdles for the region this year, did not result in the rise of anti EU sentiment many feared. The portfolio slightly lagged the strong benchmark in NAV terms but remains ahead over the course of the quarter.

    A number of holdings delivered double digit share price returns as a result of announcing earnings ahead of expectations. The main contributor was Swiss manufacturer Forbo, the market leader in linoleum flooring, whose share price rose 12.0% after full year results showed improving profitability, better than expected cash flow, increased dividend and the start of a buy-back programme. Elsewhere shares in Irish building merchant Grafton Group increased 14.0% as their results showed improved profits, impressive growth and management delivered an upbeat outlook.

    Detractors during the month included two financials, Norweigan regional bank Sparebank (-7.1%) and financials services company IFG (-7.8%). Sparebank has been a strong performer over the course of the last 12 months (+83.1%) and was hampered by some profit taking. Profits at IFG were hit by increased investments in the business as well as the continued impact of low interest rates. We continue to believe in the long term investment thesis and that management have taken the correct steps to accelerate growth. Overall, selective financials continue to represent an appealing investment proposition, offering the combination of unrecognised quality and attractive valuations.

    During the month we initiated a new position in Vidrala, the Spanish glass bottle manufacturer. This business benefits from strong market positions in both its home market as well as the UK & Ireland protected by high barriers to entry. They have a track record of consistent growth and solid cash generation and the opportunities to improve profitability.

    As at 31 March 2017

  • The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market movements. Past performance is not a guide to future performance. When you sell your shares, you might get back less than you originally invested. If markets fall, gearing can magnify the negative impact on performance. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Emerging Markets, Unquoted Companies and Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess.

    * The Board has stated that barring unforeseen circumstances it will pay an annual dividend equivalent to 6% of the NAV. The dividend is funded from a combination of accumulate capital gains and income but the dividend may fluctuate. Dividend payments may constitute a return of capital in whole or in part and may be achieved by foregoing future capital growth.

  • Share price

    1198.00p-4.50p

    25 April 2017

  • 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.

Information in this section of the Website is directed solely at persons who are located in the UK and can be categorised as retail clients. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Please read our full terms and conditions before proceeding further with any investment product referred to on this website. This website is not suitable for everyone, and if you are at all unsure whether an investment product referenced on this website will meet your individual needs, please seek advice before proceeding further with such product.

  • MOBS TAW BMO Global 2016          Rated fund logo 2017
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