TR European Growth Trust
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
|Van Lanschot Kempen NV||2.58 %|
|DFDS A/S||2.38 %|
|Dermapharm Holding SE Bearer Shares||2.03 %|
|TKH Group NV||1.96 %|
|Gaztransport et technigaz SA||1.82 %|
|Karnov Group AB||1.74 %|
|Banca Farmafactoring SpA||1.61 %|
|Aareal Bank AG||1.59 %|
|Conzzeta AG Bearer Shares||1.58 %|
|Europe - ex Euro||28.97 %|
|Consumer Cyclical||17.32 %|
|Financial Services||12.22 %|
|Basic materials||9.34 %|
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 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.
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 Morningstar. 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.