• 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

    1307.50p-2.50p

    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 £433.2 million (as at 31.05.2017)
    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

    As politics continued to dominate newsflow across Europe, markets once again delivered positive performance in the region. The result of the French election early in the month abated fears of the country taking a more Eurosceptic approach and once again, economic data was supportive across the continent. Consumer confidence reached a post financial crisis high whilst the unemployment rate continues to decline. The net asset value was positive in absolute terms but behind a strong benchmark over the course of the month. A weakening of sterling ahead of an increasingly uncertain general election helped this.

    Two of our holdings in the information technology space were among the top performers. French software and hardware equipment supplier Lectra rose 22.7% as their first quarter results delivered strong sales growth as well as a healthy order intake and profitability improvement, all ahead of expectations. Shares in German online ticket provider CTS Eventim increased 16.3% over the course of the month as their first quarter results showed growth and profitability improvements. Elsewhere Portuguese postal operator CTT’s shares rose 16.9% as results were ahead of expectations and the shares are attractively valued after a difficult period in the last year.

    The main detractor of note was Irish agronomist Origin Enterprises whose share price fell 6.8% during May after posting double-digit returns in April. Results were broadly in line with published expectations but in a favourable environment for farmers and with easier comparisons from the prior year, they perhaps should have been able to demonstrate a greater improvement. Operationally the business remains strong in both the UK and Ireland whilst continuing to make progress in Eastern Europe.

    We made limited changes to the portfolio over of the course of the month. We continue to focus our research into identifying high quality companies with attractive share prices. The improving economic outlook for the European region and continued elevated earnings expectations bodes well for business’ operational performance. These developments should disproportionally benefit smaller companies, as they are the most exposed to the domestic economy.

    As at 31 May 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

    1307.50p-2.50p

    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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