• 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

    1094.30p1.80p

    21 Feburary 2017

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 £353 million (as at 31.11.2016)
    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

    European small caps continued their positive momentum with a good start to the year, driven by better economic indicators, which are at multi-year highs, prompting economists to upgrade their growth forecasts. It appears that this is also now translating into profit growth with earnings expectations finally seeing positive revisions. This is important for the region which has seen profits stagnate following the global financial crisis. While valuations do not look obviously attractive, if profits recover anywhere near previous levels, European equities can still make good progress.

    The portfolio’s return was above the benchmark return, with broad based strength across the portfolio. Of note was the Italian industrial, Interpump, which benefitted from some broker upgrades and was tipped to benefit from any growth in US infrastructure. Strorebrand, the Norwegian life insurance business, performed similarly well, benefitting from rising Scandinavian bond yields. This also helped our other financials, Sparebank, the regional Norwegian bank and Ringkjobing Landbobank the regional Danish bank, contribute well during the month.

    Our main negative contributor came from CTT, the Portuguese post office, whose shares fell strongly following a weak quarterly update, highlighting a more challenging market in their traditional mail business with volumes falling more than expected. We hold the stock because we believe that the exposure to growing parcel deliveries and financial services will offset the decline of the traditional mail business, whilst we also receive a dividend yield of 9%.

    The outlook for European Smaller companies looks attractive given the improving economic activity in the region. Additionally the prospect of deflation appears to be diminishing which is encouraging investors to reassess their exposure to ‘bond proxies’ which are valued excessively, and look towards stocks which can benefit from improving growth and bond yields, where valuations are far more attractive. We welcome this return to fundamentals.

    As at 31 January 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

    1094.30p1.80p

    21 Feburary 2017

  • 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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