• EAT Hero 18 Standalone
  • 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, April, July and October 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

    1,224.20p +4.20p

      

Key facts

  • Key Information Document (KID)

    ISIN Trust name English Dutch
    NL0000226090 European Assets Trust NV KID KID
    • 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 £439.3 million (as at 31.03.2018)
    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, April, July and October
    Ex-dividend date(s) January, April, July and October

     

    1Calculated with reference to December 31 net asset value with dividend payments made in January, April, July and October of each year.

     2Association of Investment Companies

  • Fund manager commentary

    The turbulent start to 2018 for equity markets continued in March, as the potential for a global trade war rose significantly. Tariffs on steel and aluminium were announced by the US, followed by further restrictions on Chinese imports. This resulted in retaliation from those impacted, and increased uncertainty for a number of companies who source, manufacturer or distribute globally.

    In macroeconomic terms, Europe’s leading indicators have pulled back from their peaks but remain firmly in positive territory, and the unemployment rate continues to decline. The fund underperformed the market due to stock-specific issues.

    Swiss flooring company Forbo detracted from performance, falling -15.6%. Its results included a conservative outlook for 2018, which disappointed the market, and there is a time lag in adapting prices to compensate for rising raw material prices.

    German business equipment supplier Takkt gave back all of the gains it has made so far this year, falling -14.6% as its guidance also suggested a slowdown in growth and potential margin pressure. Swedish recreational vehicle appliance manufacturer Dometic fell -13.3% on limited news flow, having performed strongly into the end of 2017.

    In terms of positive contributors, recycling machine manufacturer Tomra rose 15.7% as the UK confirmed it would be introducing a bottle deposit scheme. It should be noted that while Tomra has attended a meeting with the UK government, it is too early to comment on the commercial opportunity. Should it materialise, this would represent a very large new market for the company. Spanish swimming pool equipment manufacturer Fluidra rose 15.1% as the final approval of its merger with US player Zodiac was granted and it released further details of the combined entity.

    We initiated two new positions during the month in Sligro and Tecan Group. Sligro is a leading food services business in the Netherlands that has recently disposed of its retail business, leaving the group as a market leader with potential to expand into neighbouring geographies. Tecan is a laboratory automation manufacturer with market-leading positions and strong partnership relations in a fast-growing industry.

    As at 31 March 2018

  • 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

    1,224.20p +4.20p

      

  • Sam Cosh

    Sam Cosh

    Fund Manager

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 and the relevant Key Information Documents (“KID”) 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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