TR European Growth Trust

European Equities

Rated Fund 2017-2018. Buys undervalued smaller companies

TR European Growth was named Best European Trust in Money Observer's 2017 investment trust awards, having notched stellar returns since Ollie Beckett took charge in 2011. This trust seeks to achieve its growth objective by investing primarily in small and medium-sized companies. With a diversified portfolio of around 150 holdings, Beckett is prepared to venture well down the size spectrum in search of companies with exceptional growth potential. He looks for undervalued companies that can either deliver substantial growth or where there is potential for improvements in profitability through self-help.

This focus means that Beckett does not try to allocate investments on a country or sector basis. However, the manager stresses that he does pay attention to the make-up of the portfolio to avoid concentration risk. Beckett's emphasis is on seeking to identify situations where he believes the market perception is wrong and the company is undervalued. He and the rest of Janus Henderson's European equities team are keen to generate their own investment ideas and spend a lot of time meeting companies' management teams. That way they can identify companies with strong competitive positions in niche markets.

Beckett also believes that a strong selling discipline is vital in small company investing and he does not hesitate to take profits, with individual holdings usually representing no more than just over 2 per cent of net assets. The trust's discount to NAV has narrowed significantly, from more than 20 per cent three years ago to around par at the end of 2017.

Narrative and ratings content all as of 01 January 2018.

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
0.75 %
Risk Rating
5
3 Year Sharpe
1.01
3 Year Alpha
-6.33
Yield
1.7 %
Benchmark
EMIX Smlr European Coms Ex UK TR USD
Fund Size
£ 501.08 million
NAV
1,146
Gearing
109
Discount Premium
-14
To invest predominantly in smaller and medium sized companies in Europe (excluding the UK) with the objective to achieve capital growth, aiming for a net asset value total return greater than the benchmark index.
Holding %
Van Lanschot Kempen NV 2.33 %
Brainlab Ag 1.90 %
Kaufman & Broad SA 1.37 %
Lenzing AG 1.29 %
DFDS A/S 1.27 %
Wallenius Wilhelmsen Logistics ASA 1.21 %
Gaztransport et technigaz SA 1.17 %
Soitec SA 1.14 %
Dermapharm Holding SE Bearer Shares 1.11 %
TKH Group NV 1.09 %
Region %
Eurozone 72.24 %
Europe - ex Euro 26.55 %
Sector %
Industrials 27.51 %
Consumer Cyclical 20.09 %
Technology 16.39 %
Financial Services 13.65 %
Basic materials 8.91 %
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 Fund Manager of European equities at Janus Henderson Investors, a position he has held, as part of the Henderson team, 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 from Oxford University with a degree in philosophy, politics, and economics. 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. Ollie first joined Henderson as an assistant portfolio manager for European equities upon the merger with AMP Asset Management in 1998 and was subsequently named fund manager in 1999. In 2000 he joined the Global Technology Equities team. Ollie left Henderson in 2003 to pursue other interests, before returning to Henderson in his current role in 2005. Ollie holds a BA (Hons) degree in economics and government from the University of Manchester, is a member of the Institute of Investment Managers and Research.

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