• 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



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 £367.4 million (as at 30.09.2016)
    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 cap equities continued to rise during September as macroeconomic data suggested that the region’s recovery remained on course, though there was some divergence in sector performance.  The decision by OPEC to cut production for the first time in eight years led to a rally in the oil price and consequently the energy sector, however concerns regarding Deutsche Bank’s capital position weighed heavily on the financial sector which detracted from gains. Additionally, the upcoming Italian constitutional reform referendum added further to political instability for the region. A combination of portfolio positioning and stock specific issues led to the fund underperforming the benchmark this month.

    The portfolio is yet to shake off the reverberations of the UK referendum and a number of our holdings which were adversely impacted by the result continue to struggle. Building merchant Grafton Group (-8.2%) and Irish ferry operator Irish Continental Group (-5.0%) all declined during the month as the market is yet to accept that they can weather this period of uncertainty for the UK consumer.  Both of these companies holds strong market shares, managed well through periods of uncertainty before, are run by strong management teams and trade at attractive valuations where aggressive assumptions regarding growth and profitability improvements are not required to yield an attractive margin of safety.  We remain confident that they merit their position within the portfolio for their long term potential despite short term periods of underperformance. Portuguese postal operator CTT (-7.3%) continued to be weak following disappointing results during the prior month. The holding is being reviewed to establish if the long term thesis remains valid.

    Despite the negative sentiment to the financial sector as a whole we are benefiting from strong performance from a number of our holdings within this area. Norwegian bank SpareBank rose 18.0% and Norwegian life insurer Storebrand rallied 19.7%, both benefitting from rising bond yields in the region.

    During the month we initiated a position in Swiss conglomerate Metall Zug as the family run business has displace market leading positions in the household appliance division and global wire processing market, a strong balance sheet and the opportunity to turnaround its underperforming sterilisation equipment business.  We also exited our holding in Danish insurer Topdanmark due to potential changes in the shareholder base and limited margin of safety in the valuation.

    As at 30 September 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



  • 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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