European Assets Trust

Sam Cosh

Director, Portfolio Manager, European Equities

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The Trust seeks to generate attractive long-term capital growth through investment in quoted small and medium-sized companies in Europe, excluding the UK. As well as capital growth the company aims to offer an attractive dividend, with payments made in January, April, July and October of each year.

  • A high-conviction trust that taps into the huge potential of small and medium-sized companies in Europe
  • Attractive combination of capital growth and income; 6% of the year end NAV paid to shareholders as dividends*
  • Under researched asset class which offers the potential for significant performance from stock picking

European Assets Trust AGM 2020

The Trust held its Annual General Meeting on May 14 2020.   Due to UK Government Covid-19 guidance on public distancing and the prohibition of public gatherings, the Board made the difficult decision to amend the format of this year’s meeting.

This presentation discusses performance for the financial year 2019 and during the pandemic. It also highlights changes to the portfolio that have taken place this year as Sam and Lucy have taken advantage of market volatility to buy some new positions. The structure of the portfolio and its characteristics are also presented with a brief overview of the current investing climate. You can download a copy of the presentation here.

We’ve also put together a document answering any questions you may have around the trust’s performance, the coronavirus pandemic and the AGM. Download our FAQs here.

The results of the Annual General Meeting where all resolutions were passed can be downloaded here.

The Board very much looks forward to a resumption of the Company’s normal Annual General Meeting practices next year and to meet again the many familiar Shareholders that usually attend in person.


Long-term capital growth

To aim to secure long-term 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 have been paid mainly out of other reserves. 

A focused portfolio

The Company invests in small and medium sized companies in Europe, excluding the UK, defined as those with a market capitalisation below that of the largest company in the Euromoney Smaller European Companies (ex UK) Index. The Trust will not invest more than 20 per cent of its total assets in any one company and does not take legal or management control of any company in which it invests. The Trust does not restrict its investments to any specific industrial sectors and a diversified geographical spread has been maintained. The Trust does not seek to create a portfolio to take advantage of anticipated currency fluctuations. The Trust has the powers under its Articles to borrow an amount up to 20 per cent of its securities portfolio.

* The Board has stated that barring unforeseen circumstances it will pay an annual dividend equivalent to 6% of the NAV. The dividend is funded from a combination of accumulate capital gains and income but the dividend may fluctuate. Dividend payments may constitute a return of capital in whole or in part and may be achieved by foregoing future capital growth.

Investment Risks

The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Investments in smaller companies carry a higher degree of risk as their shares may be less liquid and investment values can be volatile. Changes in rates of exchange may also reduce the value of your investment. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

Fund Facts and Key Dates

Fund Facts

Investment manager

BMO Investment Business Limited


Euromoney Smaller European Companies (ex-UK) Index

AIC sector

European Smaller Companies

Launch date


Total assets

£390.3 million (as at 30.06.2020)







Ticker Symbol


Calculated with reference to December 31 net asset value with dividend payments made in January, April, July and October of each year.

Key Dates

Annual general meeting


Shareholders' and Investors' Briefing


Year end

31 December

Dividend payment date(s)

January, April, July and October

The Board

Jack Perry CBE
Jack was Managing Partner, Glasgow and Regional Industry Leader (Technology, Communications and Entertainment and Consumer Products) for Scotland and Northern Ireland for Ernst and Young. He was also Chief Executive of Scottish Enterprise. He is currently Chairman of ICG-Longbow Senior Secured UK Property Debt Investments Limited and a non-executive director of Witan Investment Trust plc. He has served on the Boards of FTSE 250 and other public and private companies and is a member of the Institute of Chartered Accountants of Scotland. He is a past Chairman of CBI Scotland.
Julia Bond OBE
Senior Independent Director
Julia has 27 years’ experience of capital markets in the financial services sector, most recently at Credit Suisse where she led global client facing teams alongside leading One Bank Delivery. She has served on various boards and is currently a non-executive director of International Public Partnerships and the British Foreign and Commonwealth Office. Julia is also Vice Chairman of the Royal Academy of Dance.
Stuart Paterson
Chair of Audit and Risk Committee
Stuart is a co-founder and partner of Scottish Equity Partners, one of Europe’s leading technology growth equity investors. He is an experienced technology investor with over 20 years of equity investing in European private companies and is a member of the Institute of Chartered Accountants of Scotland.
Laurence Jacquot
Non-executive Director
Laurence has extensive experience of financial markets and asset management in Continental Europe, having worked at COB, the French financial services authority regulator, and SCOR, the leading French reinsurance company. After being in multi-management and equity fund selection she is now an investment consultant with a specific focus on asset allocation.
Martin Breuer
Non-Executive Director
Martin was, until recently, Chief Executive Officer of Italian cosmetic manufacturer Gotha Cosmetics. He was previously an executive with Siemens and Chief Financial Officer of SEVES and Intercos Group.

How to invest

Invest with BMO

BMO offers a range of plans designed to meet different investment goals and help you make your money work harder.

As with all investments, you need to be comfortable that you may not get back the original amount invested.

Opening a BMO plan is easy. 

Choose your perfect plan.

Invest with a broker

You can invest through your usual financial adviser, or through a wide range of companies.


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