European Assets Trust

Sam Cosh

Director, Portfolio Manager, Global Smaller Companies Equities

Sam Cosh is a Director at BMO. Sam joined BMO in 2010 from BNP Investment Partners and was appointed Lead Manager for European Assets Trust during 2011. Sam also manages the European investments of BMO Global Smaller Companies PLC. He has twenty years’ experience in European equities, principally within small and mid cap mandates.

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

Objectives

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
Benchmark
Euromoney Smaller European Companies (ex-UK) Index
AIC sector
European Smaller Companies
Total assets
£540.1 million (as at 30.07.2021)
Dividend Yield*
4.77% (as at 30.07.2021)
Currency
EUR
ISIN
GB00BHJVQ590
SEDOL
BHJVQ59
Ticker Symbol
EAT.L

Calculated with reference to December 31 net asset value with dividend payments made in January, April, July and October of each year. The yield is calculated using the dividends declared for the company’s current financial year and the closing share price and exchange rate as at the end of the relevant month

Key Dates

Launch date
1972
Annual general meeting
May
Shareholders’ and Investors’ Briefing
May
Year end
31 December
Dividend payment date(s)
January, April, July and October

Sustainability and ESG

Environmental, Social and Governance (“ESG”) issues are the three central factors in measuring sustainability and can present both opportunities and threats to the long-term investment performance the Company aims to deliver to Shareholders. The Board is therefore committed to taking a responsible approach to ESG matters. There are two strands to this approach. The Company’s own responsibilities on matters such as governance and the impact it has through the investments that are made on its behalf by its Manager.

Find out more about our approach to sustainability and ESG issues here

The Board

Jack Perry CBE

Chairman and Chair of the Management Engagement Committee

Jack is a portfolio non-executive director and has served on the Boards of FTSE 250 and other public and private companies. He is currently Chairman of ICG-Longbow Senior Secured UK Property Debt Investments Limited and a non-executive director and Chairman of the Audit and Risk Committee of Witan Investment Trust plc. In his executive career he was Chief Executive of Scottish Enterprise and prior to this, Managing Partner, Glasgow and a Regional Industry Leader for Scotland and Northern Ireland for Ernst and Young LLP. He is a member of the Institute of Chartered Accountants of Scotland and is a past Chairman of CBI Scotland.

Julia Bond OBE

Senior Independent Director and Chair of Remuneration and Nomination Committee

Julia has 28 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, Strategic Command and the British Foreign and Commonwealth Development 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.

Martin Breuer

Non-Executive Director

Martin is Founder and CEO of 2M SRLS and Gruppo Glossip Srl. Previously he was an executive with Siemens, Chief Financial Officer of SEVES and Intercos Group and Chief Executive Officer of Italian cosmetic manufacturer Gotha Cosmetics.

Pui Kei Yuen

Non-executive Director

Pui Kei has over 20 years’ experience in the fund management and investment banking industries at Mercury Asset Management, UBS and Bank of America Merrill Lynch. Her roles included UK institutional equity portfolio management and research, and Pan-European responsibilities for equity sales advising a large range of institutional investors and hedge funds. She is currently a director of Capital for Business Ltd.

How to invest

Invest with BMO

BMO offer a range of cost-effective savings plans designed to make it easy for you to invest in our range of funds.

Starting from £25 per month or a lump sum of £100, with the flexibility to start and stop contributions whenever you want.

There are no dealing charges on investments made online or through a monthly direct debit.

Invest with a broker

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

Information in this section of the Website is directed solely at persons who are located in the UK and can be categorised as retail clients. Nothing on this website is, or is intended to be, an offer, advice, or an invitation, to buy or sell any investments. Please read our full terms and conditions and the relevant Key Information Documents (“KID”) before proceeding further with any investment product referred to on this website. This website is not suitable for everyone, and if you are at all unsure whether an investment product referenced on this website will meet your individual needs, please seek advice before proceeding further with such product.