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TR European Growth (TRG)

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Monday 18 May, 2009

TR European Growth

Interim Management Statement

RNS Number : 4505S
TR European Growth Trust PLC
18 May 2009
 



TR EUROPEAN GROWTH TRUST PLC


HENDERSON GLOBAL INVESTORS 


18 MAY 2009



TR EUROPEAN GROWTH TRUST PLC


Interim Management Statement 

Review of the period from 1 January 2009 to 31 March 2009



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 2008.


Portfolio:  New purchases, during the period, included Swatch, the Swiss watches and components company and Wirecard, the German provider of internet payment and processing systems. We also added a holding in Carlsberg, the Danish brewer, Partners Group, the Swiss alternative assets investment manager and Acino, the Swiss generic drugs producer. We disposed of our holdings in Tanganyika Oil and NDS as a result of takeover bids for those companies. We also sold our holdings in Urals Energy, Lundin Petroleum, Poncin Yachts and New World Resources.


Discount:  the share price discount to net asset value at 31 March 2009 was 10.4% (31 December 20089.3%).


Share Capital:  during the quarter the Company bought back 2,560,500 ordinary shares at a cost of £6.1m.


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 2009


3 months

1 year

3 years

5 years

Share Price

-7.7%

-40.9%

-38.0%

+49.1%

Net Asset Value per ordinary share

-6.4%

-40.8%

-39.3%

+37.7%

Benchmark * †

-13.0%

-37.6%

-29.7%

+34.1%

Average European Smaller Investment Trust 

Net Asset Value


-9.9%

-37.1%

-32.3%

+48.4%


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 



at 31 March 2009 

at 31 December 2008

Total assets

£182.1m

£202.5m

Net asset value

273.5p

292.9p

Ordinary share price

245.0p

265.5p

Discount

10.4%

9.3%

Gearing

Nil

Nil



THE PORTFOLIO

Top 10 Investments 

% of total assets 

at 31 March 2009

21 Centrale Partners

5.7

BrainLAB

4.9

Selçuk Ecza Deposu

4.7

Temenos

3.3

Sampo

3.2

Carlsberg

3.1

Binckbank

2.9

KazMunaiGas

2.8

Hochtief

2.7

Enagas

2.6

Top 10 Investments 

% of total assets 

at 31 December 2008

Tanganyika Oil

8.0

NDS

6.3

21 Centrale Partners

4.9

BrainLAB

4.3

Selçuk Ecza Deposu

3.4

Enagas

3.3

Sampo

3.3

Temenos

3.1

Hochtief

3.0

Bauer

2.8
















Geographic Breakdown

% at 31 March 2009

% at 31 December 2008

Austria

4.2

3.5

Belgium

1.6

1.2

Bulgaria

0.9

0.6

Czech Republic

-

0.5

Denmark

3.2

0.6

Finland

5.4

4.9

France

18.1

16.2

Germany

17.0

16.4

Greece

1.6

1.8

Italy

7.6

4.7

Kazakhstan

3.7

2.9

Netherlands

6.9

5.8

Norway

1.8

2.8

Romania

0.6

0.6

Russia

0.5

1.0

Spain

5.5

6.8

Sweden

-

9.3

Switzerland

11.0

4.1

Turkey

5.9

5.4

Other

4.3

10.9


  

Sector Breakdown

% at 31 March 2009

% at 31 December 2008

Basic Materials

13.0

14.3

Consumer Goods

8.7

3.9

Retail Providers

-

-

Financials

22.4

19.9

Industrial Goods

11.6

8.9

Natural Resources

17.2

26.4

Technology

15.2

19.2

Business Providers

11.8

7.4



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

Fund Manager

TR European Growth Trust PLC

Telephone: 020 7818 4334


James de Sausmarez

Head of Investment Trusts

Henderson Global Investors

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
 
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