• 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

    1052.50p-10.00p

    closed

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 £362.7 million (as at 31.08.2016)
    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

  • Fund manager commentary

    August was a relatively quiet month, though European equities continued their recovery path following the shock of the Brexit vote, with first half results dominating newsflow. These results were the principal factor behind the portfolio return, which marginally lagged the benchmark return. Sterling remains volatile but in aggregate, the weakness over the month aids the reported returns.

    The biggest detractor from performance was Portuguese postal operator CTT whose shares declined -11.4%. This business has a wide and difficult to replicate, network across Portugal that should enable it to benefit from increased parcel delivery but also allow it to roll out differentiated financial services. The results disappointed partially on a timing issue and less registered mail alongside some higher costs. We are in the process of reviewing this position to evaluate the validity of the investment thesis.

    A number of our holdings reported positively during August. Italian industrial Interpump, which makes power adaptors for “vocational” trucks (for example cement mixers, refuse collectors) and ultra-high pressure pumps rose +10.5% on the back of good sales and margin improvement. Swiss flooring manufacturer Forbo also exhibited strong growth figures and increasing profits, rising +8.6%.

    Some of our holdings that were particularly badly hit as a result of Brexit vote to leave the European Union and the ensuing uncertainty with regard to Europe’s economic and political future have continued on their path to recovery. This includes Norwegian life insurer Storebrand increasing +12.8% and Spanish media company Atresmedia rallying +13.9%. This serves both to highlight recent market volatility and the fact that we are still early in the post-Brexit environment. Despite disappointing recent performance, we continue to focus on our philosophy and process, which we believe, will deliver good performance over the long term.

    As at 31 August 2016

  • 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

    1052.50p-10.00p

    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
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