Edison issues review on European Assets Trust

RNS Number : 5691K

European Assets Trust NV

10 July 2017

 

London, UK, 10 July 2017

Edison issues review on European Assets Trust (EAT)

European Assets Trust (EAT) aims to achieve long-term capital growth through investment in small and medium-cap companies in Europe (ex-UK). The investment approach is fundamental and bottom-up; EAT has a solid long-term track record and a high distribution policy underpins an attractive 5.2% yield. 2016 was a challenging year for EAT and NAV total return underperformed the index by 15.9pp. Since then, the performance has stabilised and the shares have returned to a modest premium to NAV (including income). The manager, Sam Cosh, is confident of the trust's investment philosophy and process and is positive on the economic outlook.

EAT trades at a 0.7% premium to cum-income NAV. The averages over one, three and five years show discounts of 4.5%, 1.1% and 2.0% respectively, which are skewed by events such as the EU referendum but belie the fact that EAT has mostly traded at a premium over the past few years. This premium is supported by its attractive 5.2% dividend yield, which is significantly higher than its peers.  

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