TR European Growth Trust PLC invests predominately in smaller and medium sized companies in Europe (excluding the UK) and aims for capital growth from a net asset value total return greater than its benchmark. This is a 50/50 blend of the HSBC Smaller Europe (ex UK) Index and the S&P/Citigroup EMI Europe (ex UK) Index both expressed in sterling.
Renewal of buy-back authority
In order to ensure that the Company maintains sufficient shareholder authority to continue to buy back Ordinary Shares in the market, the Board wishes to renew its buy-back authority. View the Notice of a General Meeting of TR European Growth Trust PLC to be held at 201 Bishopsgate, London EC2M 3AE at 3.00pm on Wednesday 18 August 2010.
Key Facts
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Experience counts
TR European Growth Trust PLC was launced in 1990 and has always been managed by Stephen Peak.
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Diversify into EuropeThe company provides access to smaller and medium sized companies in Continental Europe.
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New opportunitiesLooks for opportunities amongst new growing companies in Europe's developed and emerging economies.
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Actively seeking growthThe manager will use active gearing on a selective basis with the aim of enhancing returns for shareholders.
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Reasons to Invest
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Driven by stock selectionYou can benefit from proven stock picking skills of a European specalist manager.
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A buying opportunity
Europe continues to offer good opportunities, with many stocks available at attractive valuations.
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Value for moneyCosts (Total Expense Ratio) are the lowest in its sector at 0.62% (Source: The AIC/FundData 18/08/09).
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Motivated to achieve
A performance fee closely aligns the interest of the manager with those of the shareholders.
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Price
| Price | NAV
28/07
2010 | Div Yield
(Net) | Discount |
|---|
| 352.3 | 405.5 | 0.9 | -13.92 |
As at
29/07/2010
Source: Financial Express
Fund Manager's Commentary - June 2010
Despite having made a solid start to the month European markets finished June in negative territory as sovereign fears once again took hold. Nervousness about the level of economic growth and uncertainty surrounding the banking sector caused many investors to continue to remove elements of risk from their portfolios. Small caps, on aggregate, performed broadly in line with large cap indices.
We initiated new holdings in YOOX, Storebrand and BYGGmax. YOOX is an Italian online luxury retailer and service provider. We believe the company is part of an exciting long-term growth story, selling top brands through its own website as well as running websites for leading designers such as Dolce & Gabbana. The Norwegian Life Insurance company Storebrand was added as we feel that the valuation looks too cheap after being oversold amidst sovereign debt nervousness. The BYGGmax position was obtained through a subscription in the specialist building material supplier’s initial public offering during the month.
We continued to buy back our own shares. These purchases were all done at a discount to the net asset value per share and hence enhanced the value attributable to the remaining shareholders.