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

* 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.

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.
 

Stock split and total voting rights

At the General Meeting of the Company held on 18 April 2018, shareholders approved a resolution for a ten for one stock split such that each shareholder would receive ten shares with a nominal value of €0.10 each for every one share held currently. The record date for the stock split is after the close of trading on 2 May 2018.

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.

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
Launch date 1972
Total assets £406.5 million (as at 31.10.2018)
Currency EUR
ISIN NL0012838817
SEDOL BD0BSY3
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.

Key Dates
Annual general meeting May
Shareholders' and Investors' Briefing May
Year end 31 December
Dividend payment date(s) January, April, July and October
Dividend payment date(s) January, April, July and October

The Board

Jack Perry CBE
Chairman
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 30 years’ experience of capital markets in the financial sector and held senior positions within Credit Suisse including Head of One Bank Delivery. She is currently a non executive director and trustee of several governmental bodies and charities including the Supervisory and Management Board of the British Foreign and Commonwealth Office and a non executive advisor to the CEO of the Association of Certified Chartered Accountants.
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.
Professor Robert van der Meer
Deputy Chairman and Chair of Audit
Professor van der Meer has formerly held positions on the management boards of Fortis and AEGON. He served on the Boards of AEX companies and is emeritus professor of finance at the Rijksuniversiteit Groningen. He is currently the Chairman of the supervisory board of Contest Yachts and has non-executive advisoryships with a number of Dutch pension funds and charities. He is a member of the Dutch Accountants Insitute (NBA) and serves as Deputy Justice with the High Court Amsterdam (Ondernerningskamer).
Martin Breuer
Non-Executive Director
Martin has been Chief Executive Officer of Italian cosmetic manufacturer Gotha Cosmetics since August 2017. He was previously an executive with Siemens and Chief Financial Officer of SEVES and Intercos Group.

How to invest

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