Share Name Share Symbol Market Type Share ISIN Share Description
Tr European Growth Trust Plc LSE:TRG London Ordinary Share GB0009066928 ORD 12.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -30.00 -2.08% 1,410.00 1,420.00 1,430.00 1,450.00 1,420.00 1,445.00 35,216 16:35:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.2 6.7 11.9 118.1 1,729

Tr European Growth Share Discussion Threads

Showing 51 to 74 of 175 messages
Chat Pages: 7  6  5  4  3  2  1
Winterfloods research summary; · On 1 July, Ollie Beckett will take over responsibility for TR European Growth from Stephen Peak, who has managed the fund since its launch in 1990. Ollie has 16 years investment experience in Continental European equity markets, specialising in European smaller companies for over five years. · Under Ollie's management, the fund will return to its stock-picking roots with less exposure to large cap companies and speculative plays, such as E&P stocks. However, the emphasis remains on bottom up stock selection and the new manager has a growth orientated investment approach. · The portfolio has already seen a significant transition. Holdings in larger cap companies, such as Volkswagen and Heidelberg Cement, have been sold. The portfolio remains diversified with 70 holdings; the top 10 account for around a third of assets. · We believe that the appointment of Ollie Beckett is a positive development for TR European Growth. In our opinion, the renewed emphasis on small cap investing makes sense as there are clearly inefficiencies in the European small cap universe that an active manager can exploit. · In addition, the current discount level of 16.5% represents a value opportunity, in our opinion. If the new manager can improve the performance record, we would expect the discount to tighten in line with its peers. In addition, if Europe were to come back into favour, we believe that there is scope for the subsector to be rerated as a growth play.
Discount to NAV is c.17% As at close of business on 3 June 2011, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items) was 536.8p.
Westhouse view; New fund manager to take over the management of TR European Growth (TRG LN) The Board of TR European Growth announces that Ollie Beckett will take over the management of the TREG portfolio with effect from 1 July 2011 replacing Stephen Peak, while Simon Savill will remain as assistant fund manager. Beckett, who joined the Henderson Pan European Equities Investment Team in 2005 and the TREG team in 2010, has 15 years of investment experience in Continental European equity markets across a variety of mandates. He has been a specialist in European smaller companies for over five years and is the manager of the €479 million Henderson Horizon Pan-European Smaller Companies Fund which has enjoyed first quartile performance over one and three years and second quartile performance over five years. With TRG trading at close to 17% discount (currently the widest discount in the peer group) the change of fund manager should be the catalyst for a re-rating of the fund. Comparative performance data to 12 May 2011 Performance % total return Fund 1Y 3Y 5Y Henderson Horizon Pan European Smaller Companies Fund (accumulation units)* 32.1 37.6 37.0 TR European Growth (NAV Total return) 23.6 11.8 17.7 JPMorgan European Smaller Companies (NAV Total return) 29.3 30.9 52.5 HSBC Smaller Europe (ex UK) Index 22.1 17.3 27.4 * adjusted for £ Comparative price performance chart - 3 years to 29 April 2011
The discount is quite normal. In fact, given the uncertainties over the Euro and 1-5 year economic outlook in Europe, I think it is rather modest.
What's going on here? NAV is 470 but the share price is languishing down below 400. Talk about a discount!
It now seems a good time to buy. There is a distinct recovery in confidence in Europe, to add to which you can expect the usual year-end rise in stocks. I have never understood why this happens but year by year sees the same rise, lasting until about Feb/Mar. Take advantage of it now.
In the short-term, sterling will rise after the increase in interest rates, and European shares will therefore drop back. My advice is to wait a little longer before buying - perhaps a couple of months.
Buying now more attractive after recent shakeout.
ben gunn
Sterling's recovery appears over so TRG as a currency safe long term holding looks good for medium term. Problem for me is that my system only allows me to buy half of NMS unless I can buy at 98% of most recent high. It is doing too darn well to get on board fully!
ben gunn
Yes, to quote Keynes: "in the long term we are all dead" - .......but in the short term we are poised to go back through £3! :-)
Ah, long term. The only thing I know about long term is that every stock will go down, as will I!!
Wouldn't disagree with either of you, but bear in mind the experts' views were for the long term.
I've been holding since Nov 03 and is showing 42%pa return. Current NAV 330p I think thus a reasonable discount. It is the only investment trust I hold and did me well before the crash. The Henderson lads on this are quite good, as are those on TR's property investment trust but unfortunatley didn't buy that one. The currency is only one aspect, some of the underlying assets are doing very well. Go with the flow.
Maybe a counter-intuitive approach is appropriate when it comes to trying to predict the direction of currencies! :-) I remember many "experts" recently predicting the US dollar would go into freefall. ($2+ etc to the £!) -look what's actually happened recently, now 1.75 and strenghtening! I've had a smallish TRG holding for quite a while, I'm holding. Will consider selling at around £3.25, or if the uptrend appears to reverse significantly - I don't expect the share price to collapse "overnight".
The £ had risen significantly against the Euro already. I actually managed to (accidently) time my Euro purchase for the hols quite well. It was low when I bought and has firmed up since our return, so I'll hang onto what I have left rather than changing them back. Sterling may be highish against the Euro, but the Euro economies aren't strong at the moment. Any drop in the £ will be good for the UK economy and further emphasise the weakness of the Euro economies. RB doesn't say over what period he expects the drop to occur, although he talks about 18 months for the drop against the Dollar.
Indie: That's interesting but in the Sunday Telegraph yesterday Roger Bootle says: "My forecast is for the pound to fall from its current rate of around 69p against the euro (or 1.45 euros to the pound) to a rate of 82p (1.21), a fall of some 15 per cent. In these circumstances, the pound would hold reasonably steady against the US dollar." Full article at: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/07/17/ccecag17.xml And if his predictions are right TRG could continue rising!
A further warning by the OECD of the long term problems facing the European economies due to the high economic costs of liberal social policies-unemployment pay, pensions etc. http://www.timesonline.co.uk/printFriendly/0,,1-5-1691580,00.html Meanwhile TRG wends its merry way in the opposite direction.....Cassandra had nothing on me.
Stoic, Thanks. To counterbalance that, I should point out that I actually sold at the low and could have made a nice turn had I bought more instead. Doh! We've just got back from Italy. The Euro is seen as a disaster there and most bills are presented in both Euros and Lire. The cost of living has skyrocketed and is now comparable to, or more than, the UK (London excluded). Italy is in serious economic trouble-the worst in about 50 years-and an exit from the Euro is a near-certain vote winner. Against that is the political trouble it would cause in the EU. Many Italian politicians are brave rhetorically; few are brave in reality. We travelled through Sicily. Can you believe that wanted senior Mafiosi are free to wander the streets in full sight of the police in inland villages. Everyone knows about it; no one does anything. Rhetoric vs reality again. 18 months ago in Holland, the Dutch were very anti-Euro, again saying that it had been used to force prices much higher.
Indieman - your insight on this has proven v.good. You also pointed up the eurozone problems in the fineprint of news these last 3 months which is now headline news. And yesterdays MPC release indicating potentential UK rate drop adds another star to the top of your page. I'm selling my TRG here today.
stoic warrior
The recent decline in consumer confidence in UK/Europe suggests rates in the UK at least have topped already.
That's plausuble, Indie. As I said earlier, TRG has been driven higher over the past twelve months by the strength of the euro and the further the euro declines, the more TRG will drop. And if, as some predict, the BoE raises interest rates here in the next few months, sterling could strengthen further vis-vis the euro which may mean even more downside for TRG!
From Yesterday's Telegraph:- Stagflation fears beginning to stalk eurozone By Ambrose Evans-Pritchard (Filed: 04/05/2005) Fears of stagflation cast a pall over the eurozone yesterday as fresh data pointed to the double curse of rising unemployment and inflation. The Organisation for Economic Co-operation and Development said inflation had edged up to 2.2pc across the 12-nation bloc, reaching levels that are starting to unsettle economists. At the same time, the EU's Eurostat data office reported that the eurozone's jobless rate rose from 8.8pc to 8.9pc in March. Unemployment for those under 25 was 19.2pc. The latest figures follow a shock decline in the eurozone's PMI manufacturing index released on Monday, which dropped through the 50 level usually seen as a recession indicator. Business confidence has tumbled in Germany, France and Italy. Eric Chaney, an economist at Morgan Stanley, said the eurozone was now flirting with a dreaded "triple-dip" recession, citing a disturbing build-up of inventory and a "sharp deterioration" in overall economic conditions in France and Italy. Inflation is now clearly above the European Central Bank's limit of 2pc fixed by treaty law but the bank's governing council is expected to hold interest rates steady when it meets today. Jean-Philippe Cotis, the OECD's chief economist, said yesterday it would be "premature" for the bank to tighten monetary policy. He said the ECB was less able to manage the ups and downs of the economic cycle than the Bank of England or the US Federal Reserve because of the rigid structure of the eurozone's financial system. He said the Anglo-Saxon practice of flexible rate mortgates made their economies much more responsive to tweaks in interest rates. The ECB is now in the awkward position of presiding over "negative" real interests - below the rate of inflation - a policy that would have been regarded as dangerously lax by the former German Bundesbank, but a rate rise in the current political climate is becoming unthinkable. Both the Italian and German governments lashed out at the bank last week, demanding rate cuts to drive down the exchange rate of the euro. The currency markets are now starting to give their own verdict on the eurozone's outlook. The euro has fallen to 10-week lows against the Japanese yen and has slipped to 1.288 against the dollar, far off its highs earlier this spring.
phil, Hard to agree if you can time it right. Even after the large drop last Monday, I took almost 20% profit in about 5 months. Would have been 25% had I obeyed my instincts (See Post 30) and not waited until Monday. Che sera.
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