TR European Growth Trust

European Equities

Rated Fund 2017-20. Buys undervalued smaller companies and readily takes profits    

TR European Growth was named Best European Trust in Money Observer’s 2017 and 2018 awards, and highly commended in 2019. We retain faith in manager Ollie Beckett and his process, despite the shine coming off his performance in 2018, when the value of the fund’s shares fell by more than the sector average – something he attributes to over-exposure to cyclicals, a few poor individual stockpicks and being value-oriented in a market focused on earnings momentum. Recently, performance has picked up, and gearing of 13% is testament to Beckett’s confidence in the outlook.

Beckett has run the trust since 2011. He strives to achieve the trust’s growth objective by investing primarily in small and medium-sized firms. The portfolio is diversified across almost 150 holdings, so he is prepared to venture down the size spectrum in search of firms with exceptional growth potential. He looks for undervalued companies that can deliver substantial growth or have the potential to improve their profitability.

Beckett and Janus Henderson’s European equities team generate investment ideas themselves and spend a lot of time meeting company management teams. Beckett believes a selling discipline is vital in small company investing, so he doesn’t hesitate to take profits.

Narrative and ratings content all as of 01 January 2020.

See all Money Observer rated funds
Name
TR European Growth Trust
Manager
Janus Henderson Investors Ltd
Type
Closed Ended Investment Company
ISIN
GB0009066928
Sector
European Smaller Companies
Launched
06/09/1990
OCF
0.71 %
Risk Rating
5
3 Year Sharpe
0.13
3 Year Alpha
-4.99
Yield
2.3 %
Benchmark
EMIX Smlr European Coms Ex UK TR USD
Fund Size
£ 304.66 million
NAV
769
Gearing
115
Discount Premium
-21
The Company seeks capital growth by investing in smaller and medium sized companies which are quoted, domiciled, listed or have operations in Europe.
Holding %
DFDS A/S 2.62 %
Van Lanschot Kempen NV 2.57 %
Nexans 2.12 %
TKH Group NV 2.06 %
Karnov Group AB 1.66 %
Conzzeta AG Bearer Shares 1.52 %
Banca Farmafactoring SpA 1.49 %
Gaztransport et technigaz SA 1.49 %
SAES Getters SPA Rsp 1.47 %
Dermapharm Holding SE Bearer Shares 1.47 %
Region %
Eurozone 68.56 %
Europe - ex Euro 29.16 %
Sector %
Industrials 26.43 %
Technology 15.42 %
Consumer Cyclical 14.77 %
Financial Services 12.57 %
Healthcare 9.43 %
Basic materials 6.60 %
Communication Services 6.40 %
Name
Janus Henderson Investors Ltd
Address
EC2M 3AE, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Rory Stokes
Joined 06/30/2017

Rory Stokes is a Portfolio Manager of European equities at Janus Henderson Investors, a position he has held since 2015. Rory joined Henderson in 2013 as a European equity analyst. He worked for Liberum Capital Limited in small- and mid-cap equity sales from 2007 and prior to that held several roles at Credit Suisse. He began his career at HOLT Value Associates as a research analyst in 2001. Rory graduated with a degree in philosophy, politics, and economics from Oxford University. He holds the Chartered Financial Analyst designation and is FCA registered.

Ollie Beckett
Joined 07/01/2011

Ollie Beckett is a Portfolio Manager of European equities at Janus Henderson Investors responsible for the European Focus and International Small Cap Equity strategies. Ollie first joined Henderson as an assistant portfolio manager for European equities upon the firm’s merger with AMP Asset Management in 1998 and was named fund manager in 1999. He moved to the Global Technology Team in 2000. He left Henderson in 2003 to pursue other interests before returning to his current role with the firm in 2005. Ollie received a BA degree in economics and government from the University of Manchester.

Data provided by Morningstar.

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