Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

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
 
END
 
 
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