European Investment Trust (The) (EUT)

Business description

The European Investment Trust (EUT) aims to achieve long-term capital growth through a diversified portfolio of continental European securities. The trust was launched in 1972 and management was transferred to Edinburgh Partners on 1 February 2010 following a tender process. The manager follows a disciplined, long-term value approach. The trust has an indefinite life and is not subject to a periodic continuation vote.

Stock data

Market cap.£393.2m
Last close936.00p
High / Low (52 weeks)958.0p / 705.0p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Investment summary

The European Investment Trust (EUT) aims to generate long-term capital growth from a diversified portfolio of European equities. Since August 2016, EUT has been managed by Craig Armour, who follows the disciplined Edinburgh Partners valuation-driven investment process, aiming to buy stocks that are trading on a five-year P/E multiple (Y5 P/E) of less than 11x. The manager is currently more cautious on the outlook for continental European equities as EUT’s portfolio Y5 P/E is towards the high end of its 7x to 11x long-term historical range. As a result, EUT is currently ungeared and Armour is not planning to increase cyclical exposure in the near term. Near-term investment performance has improved versus the peer group and the benchmark, and EUT has increased or maintained its ordinary annual dividends since 2009.

Last updated on 06/06/2017

Key management

Craig Armour, Fund manager
Kenneth Greig, Legal Director
Jamie Mackintosh, Client Service & Sales Partner

Company address

Beaufort House
51 New North Road
Exeter
EX4 4EP
United Kingdom
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