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TR European Growth (TRG)

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Monday 17 May, 2010

TR European Growth

Interim Management Statement

RNS Number : 0650M
TR European Growth Trust PLC
17 May 2010
 



TR EUROPEAN GROWTH TRUST PLC

 

HENDERSON GLOBAL INVESTORS

 

17 MAY 2010

 

 

TR EUROPEAN GROWTH TRUST PLC

 

Interim Management Statement

Review of the period from 1 January 2010 to 31 March 2010

 

 

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 2009.

 

Portfolio:  We added a new holding in Medica. This French group manages nursing homes and medical centres in both France and Italy and we believe has good prospects for growth. We started a new position in Lifewatch, the Swiss telemedicine company which we believe should benefit from the increased usage of remote medical monitoring of patients. We also bought a holding in Tom Tailor. This German clothing retail business has reinvented itself over the last few years under new management and we believe that it has now built a platform from which it should be able to grow strongly.

 

Discount:  the share price discount to net asset value at 31 March 2010 was 9.4% (31 December 2009: 7.9%).

 

Share Capital:  during the quarter the Company bought back 1,985,453 ordinary shares at a cost of £7.9m.

 

The Board: Mr Christopher Casey was appointed to the Board with effect from 1 March 2010.  

 

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 2010


3 months

1 year

3 years

5 years

Share Price

4.7%

72.2%

-9.0%

69.4%

Net Asset Value per ordinary share

6.4%

71.3%

-7.8%

70.4%

Benchmark  †

9.2%

70.2%

-0.3%

77.6%

European Smaller Companies - size weighted average net asset value

 

8.3%

65.3%

-5.3%

78.1%

 

Sources:  Henderson Factsheet / Morningstar for the AIC

 

† 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 2010

at 31 December 2009

Total assets

£254m

£247m

Net asset value (income-inclusive)

458.8p

431.3p

Ordinary share price

415.75p

397.00p

Discount

9.4%

7.9%

Gearing

Nil

Nil

 

 

THE PORTFOLIO

 

Top 10 Investments

% of total assets


Top 10 Investments

% of total assets

at 31 March 2010


at 31 December 2009

OHL

4.7


OHL

4.2

Fresenius

3.7


Selçuk Ecza Deposu

4.1

Selçuk Ecza Deposu

3.6


21 Centrale Partners III

3.3

21 Centrale Partners III

3.4


Fresenius

3.1

Vallourec

2.9


Arcelormittal

2.8

Arcelormittal

2.8


BrainLAB

2.8

BrainLAB

2.8


Heidelbergcement

2.8

KazMunaiGas

2.6


Vallourec

2.5

Norwegian Energy

2.3


KazMunaiGas

2.5

Heidelbergcement

2.2


Temenos

2.3

 

 

 

Geographic Breakdown

% at 31 March 2010

% at 31 December 2009

Austria

4.1

4.0

Belgium

1.5

1.6

Bulgaria

0.1

0.1

Finland

2.5

2.5

France

18.5

17.0

Germany

24.9

21.7

Greece

1.0

1.1

Italy

3.5

4.9

Kazakhstan

3.4

3.4

Luxembourg

2.8

2.9

Netherlands

6.9

8.8

Norway

4.2

4.3

Romania

0.6

0.7

Russia

1.3

1.1

Spain

8.7

9.5

Switzerland

9.6

9.5

Turkey

3.6

4.1

Other

2.8

2.8



 

Sector Breakdown

% at 31 March 2010

% at 31 December 2009

Basic Materials

24.1

26.1

Consumer Goods

13.4

15.0

Retail Providers

3.8

2.2

Financials

17.4

18.6

Industrial Goods

8.9

6.6

Natural Resources

9.9

11.9

Technology

9.8

10.5

Business Providers

12.7

9.1

 

 

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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