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 2014-2017. Pays a high yield part-funded from capital

This trust won Money Observer's Best European Trust award in 2014, 2015 and 2016. Its investment universe is small and medium-sized companies in Europe. The manager since 2011 has been F&C Asset Management's Sam Cosh.

His preference is for quality-growth companies, with sustainably high returns on capital, strong balance sheets and healthy cash flows. This means the trust may lag a bit when markets are storming ahead, but it is relatively resilient in more difficult times and with comparatively less volatility for a small and medium-sized company specialist.

Consequently it has regularly outperformed its benchmark, the Euromoney Smaller European Companies (ex UK) index.

One of the unusual features of the trust is its commitment to pay out 6 per cent of net assets in dividends each year. But it is important to note that these dividends, paid three times a year, are funded from a mix of income and capital so could potentially erode the value of your investment over time, though dividends can of course be reinvested.

Cosh is very much a 'bottom-up' stockpicker, as he contends there is a low correlation between stock market returns and economic growth, besides which he considers macroeconomic forecasting very unreliable. He draws on the expertise of F&C's whole European investment team. His focus is on quality businesses that can thrive through the market cycle.

3 Year Performance
Fund Performance58.6%
Average of Rated Funds Group75.8%
Sector Performance98.8%
Fund information
Fund name
European Assets Trust
Fund manager company
F&C (BMO Global Asset Manageme
Fund type
Investment Trust
Fund managers
  • Sam Coshsince 30/09/2011
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
  • Euromoney Smaller European Companies (ex UK) Index
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
36.7%
1 Year rank in sector
4/4
Sector
IT European Smaller Companies
Yield
5.4%
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.
1.12%
Fund size
£445m
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.
94
Mid price
1285
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.
1267.96
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.
+1.34
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.
101
Top in this sector
Fund name1 Year
TR European Gth Tst PLC63.3%
JPMorganEurnSmallerCoTstPLC 5P44.6%
Montanaro European Smlr Co Tst39.9%
European Assets Trust36.7%
...more in IT European Smaller Companies

Performance snapshot

Holdings snapshot

  • Germany20.7%
    Spain12.5%
    Sweden11.7%
    Ireland10.8%
    Norway9.1%
  • Industrials32.4%
    Consumer Goods23%
    Financials17.1%
    Consumer Services9.9%
    Basic Materials6.2%
  • German Equities20.7%
    Spanish Equities12.5%
    Swedish Equities11.7%
    Irish Equities10.8%
    Norwegian Equities9.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-1.5%-1.5%0.6%36.7%58.6%160.9%
Sector-1.1%-0.3%6.1%45.9%98.8%179.6%
Rank within sector3 / 43 / 44 / 44 / 44 / 43 / 4
Quartile3rd3rd4th4th4th3rd
Calendar performance
 YTD - 20172016201520142013
Fund33%-2.7%20.4%8.7%47.3%
Sector40.3%5.9%31.4%-5.5%47%
Rank within sector4 / 44 / 44 / 41 / 43 / 4
Quartile4th4th4th1st3rd
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.
-3.49
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.
0.82
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.
0.93
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%.
13.7
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.
6.66
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.
-1.1
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.
0.79
Price movement
52 week high1340
52 week low995
Current bid price1275
Current offer price1295
Current mid price1285
Region
1Germany20.7%
2Spain12.5%
3Sweden11.7%
4Ireland10.8%
5Norway9.1%
6Italy8.1%
7Switzerland7.2%
8Netherlands5.7%
9Denmark5%
Industry sector
1Industrials32.4%
2Consumer Goods23%
3Financials17.1%
4Consumer Services9.9%
5Basic Materials6.2%
6Health Care5.9%
7Technology5.5%
Asset type
1German Equities20.7%
2Spanish Equities12.5%
3Swedish Equities11.7%
4Irish Equities10.8%
5Norwegian Equities9.1%
6Italian Equities8.1%
7Swiss Equities7.2%
8Dutch Equities5.7%
9Danish Equities5%
Individual holdings
1CERVED INFORMATION SOLUTIONS SPA4.9%
2SPAREBANKEN SOR3.7%
3GERRESHEIMER AG3.6%
4STOREBRAND ASA3.6%
5FORBO HLDGS AG3.4%
6IRISH CONTINENTAL GROUP3.4%
7ORIGIN ENTERPRISES PLC3.4%
8CTS EVENTIM AG & CO KGAA3.3%
9NORMA GROUP SE3.2%
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
  • Euromoney Smaller European Companies (ex UK) Index
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Sam Cosh30/09/2011Sam 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
Domicile
No data available.
Fund for sale in
United Kingdom, Netherlands, Offshore
European Assets Trust
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 price1267.96
CurrencyGBX
Price updated11/12/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJJE
European Assets Trust 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 price1267.96
CurrencyGBX
Price updated11/12/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFP49
Data provided by

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