• European Assets Trust
  • 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

    The value of your investments can go down as well as up, and you may not get back what you originally invested.

  • Share price

    1,271.25p-8.75p

      

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 £437.9 million (as at 31.08.2017)
    ISIN NL0000226090
    SEDOL 322566
    Currency Euros
    Ticker Symbol EAT.L
    Key dates
    Annual general meeting May
    Shareholders' and Investors' Briefing May                                      
    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

    Despite a strong slate of economic indicators across Europe and relatively good second quarter earnings results, increasing geopolitical concerns arising from the North Korean peninsula and an appreciating euro pressured the European small cap market down in August.  Investor sentiment was also weighed down by what appeared to be the slow pace of Brexit negotiations, which have been cause for concerns for many UK broadrooms.

    The fund followed the downward trend of the market, underperforming it. The fund, however, started the month on a strong note and it wasn’t until the last two weeks of August that it started to underperform its benchmark. Stock selection was the primary detractor of the month’s relative underperformance. Despite the negative returns in August, many of the fund’s holdings fared well. Amongst these were Norwegian regional bank Sparebank. Investors have been attracted to the well-capitalised bank’s strong market position. We believe that the financial institution is well positioned to continue to deliver good long-term growth. Danish natural food ingredients company CHR Hansen was also a good performer. The company has leading technology within sectors such as Food Cultures and Enzymes and is at the forefront of probiotic research. Detracting and contributing to the month’s relative underperformance were Lenzing, an Austrian-based textile manufacturer. The stock price fell despite producing 2Q17 results that were above market expectations. While the market was expecting capacity expansions in the industry, this may have prompted some investors to consider that we are close to a cyclical peak and decided to sell based on the short term outlook. Guidance remains for 2017 results to be considerably better than 2016 and earnings forecasts haven’t moved materially, so the valuation has become more attractive. Irish dairy and nutrition products manufacturer Glanbia was also a weak performer. The stock price fell on the back of a weaker US dollar given the fact that Glanbia generates 70 to 75% of turnover State side. We exited the position as we believe that the environment for nutritional products is becoming increasingly competitive which may put the group’s profit profile in jeopardy.

    Trading activity was limited during the month. In addition to existing Glanbia, we added to Swedish-based climate control products manufacturer Dometic Group, facility management provider Coor Service Management, also of Sweden, and Lenzing.

    As at 31 August 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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