Information  X 
Enter a valid email address

TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Friday 25 April, 2008

TR European Growth

Interim Management Statement

TR European Growth Trust PLC
25 April 2008

TR EUROPEAN GROWTH TRUST PLC



HENDERSON GLOBAL INVESTORS



25 APRIL 2008





                          TR EUROPEAN GROWTH TRUST PLC



                          Interim Management Statement

           Review of the period from 1 January 2008 to 31 March 2008





MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD



The directors confirm the following material events and transactions which have
occurred since the Company's half year end on 31 December 2007.



Portfolio:  during the period, the number of holdings decreased from 85 to 83.
New purchases in the quarter included OHL, the Spanish construction and
concessions business with a large exposure to Latin America, Autogrill, the
Italian concessions company, providing food, beverage and retail services to
travellers and Puma, the German sports apparel business. We completely sold out
of our holding in Poweo, the French company involved in power generation and
distribution.



Gearing:  gearing at the end of the quarter was 4% (at 31 December 2007: 1%).



Discount:  the share price discount to net asset value at 31 March 2008 was 9.3%
(31 December 2007: 10.0%).



Share Capital:  during the quarter the Company bought back 2,395,000 ordinary
shares at a cost of £10.4m.



The directors are not aware of any other significant events or transactions up
to the date of this report which would have a material impact on the financial
position of the Company.



PERFORMANCE AND FINANCIAL HIGHLIGHTS



Total Return Performance at 31 March 2008
                                                                      1 year       3 years       5 years
Share Price                                                           -10.5%         66.6%        331.6%
Net Asset Value per ordinary share                                     -9.3%         67.7%        273.6%
Benchmark *  +                                                         -6.0%         67.3%        232.1%
Average European Smaller Investment Trust Net Asset Value

                                                                       -8.1%         73.5%        270.5%



Sources:  AIC Services Limited /  * Datastream / FundData.com



+ these figures show the performance of the Company's current benchmark, a blend
of 50% of the return of the HSBC Smaller Europe (ex UK) Index and 50% of the
return of the S&P/Citigroup EMI Europe (ex UK) Index (both expressed in
sterling), which was adopted from 1 July 2004






Financial Position (in accordance with the AIC formula, ie excluding current
financial year revenue items)


                                                        at 31 March 2008              at 31 December 2007
Total assets                                                       £363m                            £405m
Net asset value                                                   465.6p                           519.7p
Ordinary share price                                              423.0p                           467.8p
Discount                                                            9.3%                            10.0%
Gearing                                                             4.0%                             1.0%





THE PORTFOLIO
Top 10 Investments           % of total assets
                                   at 31 March

                                          2008
Lundin Petroleum                           3.3
Temenos Group                              3.2
Gerresheimer                               2.7
Tanganyika Oil                             2.7
Seadrill                                   2.4
Puma                                       2.2
Velcan Energy                              2.1
OHL                                        2.1
Lundin Mining                              2.1
RGI International                          2.0
Top 10 Investments              % of total assets
                                   at 31 December

                                             2007
Turkiye Halk Bank                             3.6
Fortis                                        3.2
STS Group                                     2.6
Temenos Group                                 2.6
Gerresheimer                                  2.6
Lundin Mining                                 2.4
Selcuk Ecza Deposu                            2.3
Velcan Energy                                 2.2
Givaudan                                      2.1
Urals Energy                                  2.1




Geographic Breakdown                                 % at 31 March 2008              % at 31 December 2007
Austria                                                             4.3                                4.0
Belgium                                                             2.3                                3.7
Bulgaria                                                            1.1                                1.1
Denmark                                                             1.5                                1.3
Finland                                                             4.0                                3.1
France                                                             13.7                               15.9
Germany                                                            12.6                               11.1
Greece                                                              3.1                                5.5
Italy                                                               7.4                                6.2
Kazakhstan                                                          1.9                                1.7
Netherlands                                                         9.1                                8.5
Norway                                                              5.7                                5.7
Portugal                                                            0.1                                0.9
Romania                                                             0.8                                1.4
Russia                                                              5.6                                5.8
Spain                                                               3.4                                1.4
Sweden                                                              8.0                                5.6
Switzerland                                                         5.8                                5.6
Turkey                                                              3.9                                5.9
Other                                                               5.7                                5.6





Sector Breakdown                                      % at 31 March 2008            % at 31 December 2007
Basic Materials                                                      9.6                             10.3
Consumer Goods                                                       9.3                              8.6
Consumer Services                                                    3.4                              2.2
Financials                                                          19.5                             22.6
Health Care                                                          4.5                              5.1
Industrials                                                         22.5                             21.5
Oil & Gas                                                           20.0                             15.8
Technology                                                           9.1                              9.2
Utilities                                                            2.1                              4.7





The objective of TR European Growth Trust PLC is to invest predominantly in
smaller and medium sized companies in Europe (excluding the UK).  The Manager is
Henderson Global Investors Limited.   Further information on the Company,
including up to date NAV and share price information, can be found at
www.treuropeangrowth.com





Audley Twiston-Davies

Chairman











For further information, please contact:


Stephen Peak                                            James de Sausmarez

Fund Manager                                            Head of Investment Trusts

TR European Growth Trust PLC                            Henderson Global Investors

Telephone: 020 7818 4334                                Telephone: 020 7818 3349


Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198





                                    - ENDS -


                      This information is provided by RNS
            The company news service from the London Stock Exchange