About us
Investing in small and medium-sized European companies
The Trust seeks to generate attractive long-term capital growth through investment in quoted small and medium-sized companies in Europe, excluding the UK. The trust can offer investors:
- 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.
Mine Tezgul is a portfolio manager in the European equities team where she is lead portfolio manager of Threadneedle European Smaller Companies strategy and co-manager of the Threadneedle Pan European Small Cap Opportunities strategy. Mine joined the company in 2018 as an equity analyst and became deputy portfolio manager of the European Smaller Companies and Pan European Smaller Companies strategies in 2019.
Prior to this, Mine spent over 10 years as an equity analyst focusing on developed market equities, working at Lansdowne Partners, SAC Global Investors and Highbridge Capital Management. She started her career with Citigroup as a financial analyst in its investment banking division.
She holds a BA in Economics with General Honours from the University of Chicago and an MBA with Distinction from INSEAD.
Philip Dicken joined the company in 2004 and has managed the pan European smaller companies strategy since it was launched in 2005, and jointly manages the pan European small cap opportunities strategy. He became head of European equities in 2012 and head of international equities in 2022.
He started his career with Merrill Lynch as an analyst in the Corporate Finance division and holds a first class degree in Mechanical Engineering with study in Continental Europe from Bristol University.
He holds the Chartered Financial Analyst designation and is a member of the CFA Society of the UK.
Long-term capital growth in a focused portfolio
Our aim is to secure long-term growth of capital through investment in quoted small and medium-sized companies in Europe, excluding the United Kingdom, defined as those with a market capitalisation below that of the largest company in the MSCI Europe ex UK SMID Cap 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.
Let's talk about risk
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. The value of property reflects the opinion of valuers and is reviewed periodically. These assets can also be illiquid and significant or persistent redemptions may require the manager to sell properties at a lower market value adversely affecting the value of your investment. Investments which are concentrated in a specific sector or country may result in less diversification and hence more volatility in investment values. 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
Investment Manager | Columbia Threadneedle Investment Business Limited |
Benchmark | MSCI Europe ex UK SMID Cap Index |
AIC sector | European Smaller Companies |
Total assets | £382.4 million (as at 30.09.2024) |
Yield* | 6.83% (as at 30.09.2024) |
Currency | EUR |
ISIN | GB00BHJVQ590 |
SEDOL | BHJVQ59 |
Ticker symbol | EAT.L |
Key Dates
Launch date | 1972 |
Annual general meeting | May |
Shareholders’ and Investors’ Briefing | May |
Year end | 31 December |
Dividend payment date(s) | January, April, July and October |
Calculated with reference to December 31 net asset value with dividend payments made in January, April, July and October of each year. The yield is calculated using the dividends declared for the company’s current financial year and the closing share price and exchange rate as at the end of the relevant month.
The Board
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*The yield is calculated using the dividends declared for the company’s current financial year and the closing share price and exchange rate as at the end of the relevant month.
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