• 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

    1046.50p-8.50p

    24 January 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 equity markets and smaller companies in particular, had a strong finish to the year.  Economic news on the whole remains supportive despite the political upheaval continuing in the region as Italy’s Renzi resigned following the outcome of the referendum. Consumer confidence is rising whilst unemployment falls and PMIs remain in positive territory. Returns were further boosted by the continued recovery in the oil price as production cuts were announced by both OPEC and non-OPEC countries. Whilst the trust was behind a very strong benchmark, comparison versus peers is favourable.

    A number of holdings delivered double-digit returns during the month. Spanish free to air broadcaster Mediaset Espana saw its share price increase 15.8% on the basis of bid speculation from French operator Vivendi for their Italian counterpart and major shareholder. We hold the share due to its strong position in a duopolistic Spanish market where it stands to benefit from the continued recovery in the region and believe corporate buyers are likely also to recognise this potential.  Our financial holdings continued to deliver as the European Central Bank announced a reduction in its bond purchasing rate from April 2017 onwards and the yield curve steepened. Italian asset manager Azimut weathered the storm surrounding the referendum result to deliver a share price increase of 12.6% and Norwegian bank Sparebank added to its 97% return for the year by rising 8.5%.

    In terms of detractors, no shares within the portfolio suffered substantial declines in price but rather some of the higher quality names did not keep up with a value rally in the market. Holdings such as Forbo (+1.5%) and Glanbia (-0.7%) were the biggest detractors despite there being no newsflow related to them.

    Prior to the final quarter of 2016 the market had become increasingly polarised with obviously high quality, high returning stocks being attributed stellar valuations which were impossible to justify on a discounted cash flow basis and unfashionable areas trading at attractive prices. This disparity continued to unwind in December and we believe our portfolio is well positioned as rationality returns to the market.

    As at 31 December 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

    1046.50p-8.50p

    24 January 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
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