• 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

    985.20p-4.80p

    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 £373.1 million (as at 31.10.2016)
    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

    Whilst European large caps ended October broadly flat, smaller companies had a more difficult month, returning some of the gains of the last couple of months during the period. In the face of limited change to global economic data it is politics that continues to dominate headlines and generate uncertainty not just in the US but also through the referendum on constitutional reform in Italy. The fund underperformed the wider market as a result of some stock specific issues.

    The main detractor was Swedish window manufacturer Inwido which fell -14.0% after issuing a disappointing trading statement. Their issues were mainly located in Sweden where the combination of a strong comparison period last year and a gradual slowdown resulted in some underwhelming growth numbers. We continue to believe in their strategy of small acquisitions where they can benefit from synergies in procurement and production.

    Irish ingredients supplier Glanbia had a weak end to the month and the share price fell -10.0%. Newsflow was very limited but there were some concerns that revenues would be volatile when they reported. This did not prove to be the case when Q3 results were released on November 2nd and the share price has since recovered.

    In terms of positives our financial holdings performed strongly during the month, German property lender Aareal bank rose +16.0%, Norwegian bank SpareBank +11.4% and Norwegian life insurer Storebrand +10.9% as bond yields rose as inflation expectations improved.

    During the month, we initiated a new position in German cable processor Komax after detailed initial research. The company matches our criteria of high quality businesses able to earn sustainably high returns and yet are trading on valuations whereby we feel there is an attractive margin of safety. We also exited our position in Swiss structured products supplier Leonteq. In the face of more attractive alternatives we no longer felt the shares merited a place in the portfolio.

    As at 31 October 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.

  • 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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