• 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

    1278.00p8.00p

    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 £414.6 million (as at 30.04.2017)
    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

    April marked another positive month for European Equities, and in particular smaller companies. The combination of perceived reduced political risk following the first round of the French presidential election and a very strong earnings season reinforced investor’s confidence in the region. During the month the fund delivered performance significantly ahead of a strong benchmark.

    Our top two contributors for the month were both Swedish industrials highlighting the improving economic environment in the Nordic region. Engineering and equipment business Indutrade rose 20.8% as the company reported a strong quarter comprising good levels of organic growth, improved margins and earnings ahead of expectations. This marked a turnaround from the previous six months when the business had been experiencing temporary weakness in some regions and industries. Shares in wooden window manufacturer Inwido increased 15.1% as sales and profitability improved and order bookings for the following quarter were substantial. On the whole the reporting season for the first quarter of 2017 for European stocks delivered ahead of expectations which not only boosts share prices but also the attractiveness of the region.

    Detractors during the month primarily comprised of those that did not keep pace with the strong market rally. Our holding in German pharmaceutical manufacturer Gerresheimer fell 3.1% as the healthcare uncertainty in the US resulted in some caution from customers which alongside some timing issues resulted in weaker growth. Having spoken with the company we remain confident in the prospects for the business. Finnish sporting goods manufacturer Amer Sports fell 5.3% as although their results highlighted increased sales they disappointed in terms of profitability. We are undertaking a full review of the business to ensure the long term thesis remains on track.

    Whilst the rally in April suggests a number of investors consider that Europe has gone past peak levels of political risk we are cognisant that it still remains. The addition of a UK election adds an additional twist to the Article 50 negotiations whilst the German federal elections remain on the horizon. We believe that predicting the outcomes or investing on this basis is prone to error and instead focus on identifying high quality, attractively valued businesses that can deliver operational improvement regardless of the outside environment.

    As at 30 April 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.

  • 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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