• The fund seeks to exploit the attractive capital growth potential of European smaller company equities through rigorous stock analysis.
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Key facts

  • Fund aim

    The fund aims to generate strong capital growth over the long term by investing in a focused portfolio of smaller company equities from across Europe, excluding the UK.

  • David Moss talks on the theme of disruption at the Investment Week Conference 2018


     Watch Sam Cosh - Director of European Equities, reveal his passion for skateboarding and how an early interest in economics led him to Fund Management.

     

    European Equity Capabilities - Foundation Video (UK version)  

  • Fund information
    Fund currencyGBX
    Launch date16/03/2015
    IA sectorEuropean Smaller Companies
    ISIN codeGB00BVVB7L88
    Sedol codeBVVB7L8
  • Key dates
    Ex-dividend date 31/10/2018
    Payment date 31/12/2018
  • Share ClassMinimum InvestmentInitial ChargeOngoing ChargeISINKiid
    C Inc 1,000,000 0.00%1.21%GB00BVVB7M95English
    C Acc 1,000,000 0.00%0.88%GB00BVVB7L88English
    3 Inc 50,000,000 5.00%0.60%GB00BVVB7K71English
    3 Acc 50,000,000 5.00%0.63%GB00BVVB7J66English
    1 Inc 1,000 0.00%1.72%GB00BVVB7P27English
    1 Acc 1,000 0.00%1.72%GB00BVVB7N03English
  • Fund commentary

    July was a strong month for European smaller companies as a pause in geopolitical tensions and comforting economic news allowed investors to focus on the first-half results season. The portfolio’s return was marginally ahead of the benchmark return.

    The portfolio’s performance was driven by many of our holdings’ reporting results. Coor, the Swedish-listed integrated facilities manager, announced accelerating organic growth as it continued to take advantage of the increase in outsourcing of facilities services to suppliers that can offer a suite of services. Lectra, the French-listed supplier of cutting machines and software, recovered strongly after delivering robust results. The shares have been weak so far this year over concerns that the company’s end markets were weakening, but these results went some way to assuage these concerns.

    Other strong contributors were IMCD, the specialist chemical distributor, which announced an encouraging acquisition, and Indutrade, the Swedish industrial business, which reported good progress.

    However, other holdings disappointed over the month. Fluidra, the Spanish swimming pool supplier, fell on anticipation of some challenging results. While the results did indeed point to a difficult quarter, influenced by poor early season weather in Iberia, the outlook was encouraging and the shares did recover some of their lost ground towards the end of the month. German industrial Norma also disappointed following a warning that its margins over the quarter had been impacted by rising raw material costs. We expect the company to recover these costs through increased prices and see this as a buying opportunity.

    As at 31 July 2018

  • Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amount invested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may be achieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. Smaller companies carry a higher degree of risk and their value can be more sensitive to market movement; their shares may be less liquid and performance may be more volatile. The fund may invest in fixed interest assets; receiving the income due from such debt instruments and the return of the principal is dependent upon the provider's ability to pay. Changes in interest rates can affect the value of the fixed interest holdings. The fund may be exposed to the use of derivatives for investment purposes; derivative values rise and fall at a greater rate than equities and debt instruments, therefore the value of the fund's investments may be volatile. The fund may invest in warrants; small movements in the price of the asset to which the warrant relates may result in a disproportionately large movement in the price of the warrant, which may cause volatility. The fund may place cash on deposit with approved counterparties, the return of which will be dependent upon the continued solvency of the counterparty.  

  • Sam Cosh

    Sam Cosh

    Fund Manager

    Lucy Morris

    Lucy Morris

    Fund Manager