• 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

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

  • Share price

    1303.00p-4.00p

    closed

Key facts

    • 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 £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

  • 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

  • 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

    1303.00p-4.00p

    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.

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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