Tr European Growth Share Discussion Threads

[davebowler] 26/11/2013 11:32

4 Nov Winterfloods;


We have published an analyst note today on TR European Growth*, which is available through the Analyst Notes section of our new research website www.winterfloodresearch.com and is summarised below.



Turnaround in performance under Beckett

Ollie Beckett took over responsibility for TR European Growth from Stephen Peak in July 2011. Since then, the fund's performance has stabilised and its portfolio has been extensively repositioned with an emphasis on good quality, mid and small cap companies. Stock selection is on a bottom-up basis with macro factors a secondary consideration. Traditionally this fund has been very growth orientated, and although the manager is a growth investor, the fund has a balanced portfolio of growth and value stocks at present.



TR European Growth's long-term performance record has been volatile, although over the last ten years, the fund's NAV is up 257% compared with 235% for its benchmark, the HSBC Smaller European Companies ex UK index. Performance has improved under Ollie Beckett and since he assumed responsibility for the fund in July 2011, the NAV is up 17% compared with 14% for the benchmark. Performance has been stronger in share price terms over the period, up 25% on a total return basis, due to the discount tightening.



Winterflood View

Ollie Beckett has done a good job for shareholders in TR European Growth. Performance has picked up and the portfolio has been realigned in line with its mandate. It is now a genuine European mid and small cap equity fund. Given this turnaround, we believe that shareholders will be supportive at the fund's continuation vote at its AGM later this month. The manager makes a strong case for investing in European smaller companies at this stage of the cycle and, despite a partial recovery this year, valuations are still reasonable compared with longer-term averages. European smaller companies offer greater potential returns albeit with greater risk than mainstream European companies. Discounts on European large cap investment trusts have tightened considerably this year and a number are trading on premiums. In contrast TR European Growth is trading on a 13% discount. We believe that this presents an opportunity to investors who accept the manager's thesis that Europe is in a recovery phase that will benefit smaller companies.

[davebowler] 24/10/2013 11:54

NAV Details As at close of business on 23 October 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 580.9p. As the Company's shares
are now ex-dividend, the dividend has been deducted
from the net asset value.

[davebowler] 09/10/2013 16:41

TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 8 October 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 561.2p.

[davebowler] 20/9/2013 12:29

TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 19 September 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 558.6p.

[davebowler] 11/9/2013 13:18

TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 10 September 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 549.6p.

[davebowler] 06/8/2013 13:11

As at close of business on 5 August 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 543.2p.

[1philipio] 02/8/2013 21:11

Softly softly. Still got a way to go to reach the heady heights of 2007 but at least share price is moving in the right direction.

[davebowler] 01/8/2013 15:28

As at close of business on 31 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 537.9p.

[davebowler] 26/7/2013 11:09

As at close of business on 24 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 529.3p.

[davebowler] 23/7/2013 09:43

As at close of business on 19 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 522.9p.

[davebowler] 18/7/2013 10:29

TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 16 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year revenue items) was 520.5p.

[davebowler] 16/7/2013 09:50

TR EUROPEAN GROWTH TRUST PLC

12 July net asset value per share calculated in accordance
with the AIC formula (including current financial revenue items) was 515.4p.

[markth] 09/7/2013 08:33

Breakout coming...

[davebowler] 04/7/2013 11:21

Baring's view;

A major factor underpinning this positive view is the fact that we believe European small-cap equities remain well supported from a valuation perspective. In this regard, it is important to recognise that European smaller companies appear attractively valued in our opinion relative not only to their historical means, but also cash, bonds and smaller companies in other regions, which, as the table above shows, have also performed well in recent years.

We are also encouraged that business confidence in Europe has seemingly stabilised, with purchasing managers indices now indicating that confidence has started to recover from the lows of 2012. Our recent round of company meetings has also confirmed that individual smaller companies are becoming more upbeat over the outlook for sales and profitability in the second half of the year.

We believe this backdrop supports the outlook for European smaller companies. As we head into the second half of 2013, we expect a combination of attractive valuations and rising corporate confidence – underpinned by a slowly improving economic and political landscape across Europe – to drive further strong performance from the asset class over the medium and long-term.

[davebowler] 19/6/2013 16:32

19 June 2013


Trust Name TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 18 June 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 505.2p.

[davebowler] 18/6/2013 13:37

hxxp://www.fundweb.co.uk/1072960.article?cmpid=fwnews_1300463566&cmptype=Film+scheme+appeal+delayed+after+HMRC+officer+arrest%3B+Former+UBS+and+Citigroup+trader+charged+over+Libor+manipulation

[davebowler] 22/5/2013 10:47

At 20 May 2013, the unaudited net asset value per share was 508.0p.

[davebowler] 20/3/2013 12:43

https://www.brighttalk.com/webcast/2001/68281

[davebowler] 13/3/2013 10:02

At 11 March 2013, the unaudited net asset value per share.......... was 500.8p.

[davebowler] 08/3/2013 13:52

7 March 2013, the unaudited net asset value was 497.4p

[davebowler] 25/2/2013 11:49

As at close of business on 21 February 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula was 487.9p

[davebowler] 08/1/2013 11:49

08 January 2013


Trust Name TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 7 January 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 443.3p.

[davebowler] 27/11/2012 14:21

TR EUROPEAN GROWTH TRUST PLC
NAV Details As at close of business on 26 November 2012, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 397.9p.

[davebowler] 26/9/2012 09:55

Winterfloods;

· With TR European Growth on an 18% discount and facing a continuation vote in 16 months time, the manager is clearly focused on improving performance. Consequently we are recommending this fund at present as a recovery play, particularly for contrarian investors comfortable with the risks of investing in European small caps.