Fact sheet: European Assets IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EUROPEAN EQUITIES
Sector
IT European Smaller Companies
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates European Assets IT

Rated Fund 2014-2018. Pays a high yield part-funded from capital

This trust won Money Observer's Best European Trust award in 2014, 2015 and 2016. It has a strong long-term track record investing in European smaller companies and differentiates itself from competitors by offering an attractive yield.A dividend equivalent to 6 per cent of net assets at the start of each financial year is paid out as portfolio income. It is important to note that these dividends, paid three times a year, are funded from a mix of income and capital so could erode the capital value of your investment over time, though dividends can of course be reinvested.The manager since 2011 has been F&C Asset Management's Sam Cosh. The fund is concentrated at around 40 holdings, with the top 10 accounting for 35 per cent of assets.Skerritts Wealth Management is a fan of this trust, viewing it as an 'ideal vehicle for investors seeking long-term capital growth but with the added benefit of an attractive yield'. Investment manager Charlie Lloyd says: 'Europe remains one of our most significant geographic exposures, and we predominantly play this through smaller companies funds.'Cosh is a bottom-up stock-picker, favouring quality growth companies, with high capital returns, strong balance sheets and cash flows. The trust may therefore lag when markets are storming ahead, but is relatively resilient in more difficult times and has comparatively low volatility for a small and medium-sized company specialist. Shares in the trust traded at a near 10 per cent discount at one point during 2017, but were on a very modest premium by the end of the year.<\p>

3 Year Performance
Fund Performance30.4%
Average of Rated Funds Group51.4%
Sector Performance64.3%
Fund information
Fund name
European Assets Trust NV Ord Eur0.10(DI)
Fund manager company
F&C (BMO Global Asset Manageme
Fund type
Investment Trust
Fund managers
  • Sam Coshsince 01/10/2011
Accolades
Winner - Best Europe Trust 
Highly commended - Regular savings Overseas Smaller Companies
Fund objective
To achieve growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom. A high distribution policy has been adopted and dividends are paid from a mix of income and capital reserves.
Benchmark
  • EMIX Smaller European Companies (ex UK) Index
Investment style
Growth
Investment method
Shares
Quick stats
1 Year return
2.5%
1 Year rank in sector
4/4
Sector
IT European Smaller Companies
Yield
6.9%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.07%
Fund size
£0m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
82
Mid price
123.15
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
122.21
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+0.77
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
JPMorganEurnSmallerCoTstPLC 5P19.4%
TR European Gth Tst PLC13.6%
Montanaro European Smlr Co Tst13.4%
Erpn Asts Tst NV2.5%
...more in IT European Smaller Companies

Performance snapshot

Holdings snapshot

  • Germany21.6%
    Sweden13.2%
    Switzerland12.1%
    Spain9.8%
    Ireland9.2%
  • Industrials32.7%
    Consumer Goods19.3%
    Financials17.6%
    Consumer Services11.7%
    Basic Materials7.1%
  • German Equities21.6%
    Swedish Equities13.2%
    Swiss Equities12.1%
    Spanish Equities9.8%
    Irish Equities9.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.1%-3.4%-1.2%2.5%30.4%94.6%
Sector6.1%-2%2.3%12.3%64.3%125.2%
Rank within sector4 / 43 / 43 / 44 / 44 / 43 / 4
Quartile4th3rd3rd4th4th3rd
Calendar performance
 YTD - 20182017201620152014
Fund-3.1%35.6%-2.7%20.4%8.7%
Sector-0.8%43%5.9%31.4%-5.5%
Rank within sector3 / 43 / 44 / 44 / 41 / 4
Quartile3rd3rd4th4th1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-3.07
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.8
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.52
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
13.53
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
6.64
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.94
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.8
Price movement
52 week high135
52 week low121.25
Current bid price122.5
Current offer price123.8
Current mid price123.15
Region
1Germany21.6%
2Sweden13.2%
3Switzerland12.1%
4Spain9.8%
5Ireland9.2%
6Norway8.5%
7Netherlands7.9%
8Italy6.9%
9France4.7%
Industry sector
1Industrials32.7%
2Consumer Goods19.3%
3Financials17.6%
4Consumer Services11.7%
5Basic Materials7.1%
6Health Care6.3%
7Technology5.3%
Asset type
1German Equities21.6%
2Swedish Equities13.2%
3Swiss Equities12.1%
4Spanish Equities9.8%
5Irish Equities9.2%
6Norwegian Equities8.5%
7Dutch Equities7.9%
8Italian Equities6.9%
9French Equities4.7%
Individual holdings
1CTS EVENTIM AG & CO KGAA3.9%
2GERRESHEIMER GROUP3.9%
3CERVED INFORMATION SOLUTIONS SPA3.7%
4FORBO HLDGS AG3.5%
5RINGKJOBING LANDBOBANK3.4%
6STOREBRAND ASA3.3%
7AAREAL BANK AG3.2%
8SPAREBANK 1 SR BANK ASA3.2%
9IMCD NV3%
Management
Fund manager group
F&C
Fund manager company
F&C (BMO Global Asset Manageme
Fund type
Investment Trust
Fund objective
To achieve growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom. A high distribution policy has been adopted and dividends are paid from a mix of income and capital reserves.
Benchmark
  • EMIX Smaller European Companies (ex UK) Index
Investment style
Growth
Investment method
Shares
Fund managers
NameSinceBiography
Sam Cosh01/10/2011Sam manages European smaller company assets. He is the lead manager of European Assets Trust, F&C European Small Cap and F&C European Small Cap ex UK. He began his career in 2000 as a European institutional analyst at Invesco before moving to Fortis Investments as a portfolio manager within their European smaller companies team. He joined the group in 2010 from BNP Investment Partners. Sam graduated with a BA (Hons) in Economics from Nottingham University in 1999. He is CFA charterholder.
Compliance
AIC Member, Transparent for Swiss Tax, Offshore
Domicile
No data available.
Fund for sale in
United Kingdom, Netherlands, Offshore
European Assets Trust NV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price122.21
CurrencyGBX
Price updated17/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJJE
European Assets Trust NV NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1211.22
CurrencyGBX
Price updated02/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFP49
European Assets Trust NV Ord Eur0.10(DI)
Initial charge-
Annual charge0.8%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)1.07%
Total expense ratio (TER)1.64%
Bid price122.5
Offer price123.8
Mid price123.15
CurrencyGBX
Price updated18/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeIO14
Data provided by

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Financial Express. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.