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TR European Growth Trust (TRG)

Business description

TR European Growth Trust’s objective is to achieve capital growth by investing in smaller and medium-sized companies in Europe (ex-UK). It aims to achieve a net asset value total return in excess of the benchmark Euromoney Smaller Europe ex-UK index (in sterling terms).

Stock data

Market cap.£506.1m
Last close1,010.00p
High / Low (52 weeks)1270.0p / 985.0p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Company news

Investment summary

TR European Growth Trust (TRG) lead manager Ollie Beckett says he and his team are still finding plenty of investment opportunities, in spite of the global bull market in equities arguably being closer to the end than the beginning. The managers focus on attractively valued smaller companies in continental Europe, where improving returns or management changes have not yet been appreciated by the wider market. After a stellar year of performance in FY17 (NAV and share price total returns of +54.0% and +75.5% respectively), recent returns have been more muted relative to the benchmark and peers, and the trust has moved from a slight premium to NAV to a discount, more in line with long-term averages. Beckett has recently taken profits in holdings where valuations looked stretched, and has increased TRG’s gearing to take advantage of a dip in investor sentiment. The stock list is towards the longer end of the historical range.

Last updated on 02/07/2018

Key management

Rory Stokes, Fund manager
Ollie Beckett, Fund manager

Company address

201 Bishopsgate
London
London
EC2M 3AE
United Kingdom
+442078181818
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