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”).

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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.

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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:

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  • to notify you about changes to our service;
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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

Wednesday 17 November, 2010

TR European Growth

Interim Management Statement

RNS Number : 3520W
TR European Growth Trust PLC
17 November 2010
 



TR EUROPEAN GROWTH TRUST PLC

 

HENDERSON GLOBAL INVESTORS

 

17 November 2010

 

 

TR EUROPEAN GROWTH TRUST PLC

 

Interim Management Statement

Review of the period from 1 July 2010 to 31 October 2010

 

 

 

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

 

The directors confirm the following material events and transactions which have occurred during the period from the Company's year end on 30 June 2010 to 31 October 2010.

 

Portfolio:  New holdings during the period included Lindab, the Swedish producer of ventilation products and building components, Unibet, the Swedish online betting and gaming company, Axel Springer, the German media group and Kabel Deutschland, the German cable TV and broadband provider.

 

Gearing:  the Company was ungeared at the end of the period (30 June 2010: 2.4% geared).

 

Dividends:  following shareholder approval at the Annual General Meeting held on 8 November 2010, a final dividend of 3.40p per ordinary Share and a special dividend of 0.85p per ordinary Share, in respect of the year ended 30 June 2010, will be paid on 19 November 2010 to holders registered on 8 October 2010.

 

Discount:  the share price discount to net asset value at 31 October 2010 was 14.4% (30 June 2010: 10.3%).

 

Share capital:  on 18 August 2010 the Company had a general meeting to renew its share buy-back authority.  During the four months the Company bought back 688,560 ordinary shares at a cost of £2.5m.

 

Announcements:   on 29 September 2010 the Company announced its results for the year to 30 June 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

 

Financial Position

at 31 October 2010 (1)

at 30 June 2010 (2)

Net assets

£240.0m

£199.5m

Net asset value (income inclusive)

471.1p

386.4p

Ordinary share price

403.5p

346.5p

Discount

14.4%

10.3%

 

Information derived  from (1) Factsheet at 31 October 2010; (2) annual report to 30 June 2010

 

 

 

 

 

 

Total Return Performance at 31 October 2010

4 months

1 year

3 years

5 years

Share Price

17.8%

10.8%

-16.8%

39.5%

Net Asset Value per ordinary share

24.7%

18.3%

-11.5%

49.4%

Benchmark *

20.4%

17.2%

-1.2%

60.3%

HSBC Smaller Europe (ex UK) Index

20.4%

15.7%

-1.0%

59.9%

S&P/Citigroup EMI Europe (ex UK) Index

19.9%

18.2%

-2.0%

59.9%

Average European Smaller Investment Trust Net Asset Value †

22.3%

22.2%

-6.1%

52.9%

 

Sources:  Morningstar; † AIC Information Services Limited

 

* to 30 June 2010 the Company's benchmark was 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); since 1 July 2010 the benchmark is only the return of the HSBC Smaller Europe (ex UK) Index

 

THE PORTFOLIO

 

Top 10 Investments

% of portfolio

 

at 31 October 2010 (1)

 

Selçuk Ecza Deposu

4.2

 

OHL

4.0

 

21 Centrale Partners III

3.9

 

Wirecard

3.4

 

Fresenius

3.2

 

STS Group

2.9

 

BrainLAB

2.8

 

Vallourec

2.6

 

Continental

2.3

 

Andritz

2.3

 

Top 10 Investments

% of portfolio

at 30 June 2010 (2)

21 Centrale Partners III

4.5

OHL

4.0

Selçuk Ecza Deposu

4.0

BrainLAB

3.3

Fresenius

3.2

Vallourec

2.9

STS Group

2.8

Wirecard

2.6

KazMunaiGas

2.3

Heidelbergcement

2.3

 

Information derived from (1) Factsheet at 31 October 2010; (2) annual report to 30 June 2010

 

Geographic Breakdown

% at 31 October 2010 (1)

% at 30 June 2010 (2)

Austria

4.1

4.7

Belgium

1.6

1.4

Bulgaria

0.1

0.1

Finland

0.9

0.8

France

19.2

19.6

Germany

27.0

24.4

Greece

0.2

0.7

Ireland

1.1

1.3

Italy

4.0

4.1

Kazakhstan

1.6

2.5

Luxembourg

1.2

3.2

Netherlands

4.1

6.2

Norway

6.0

4.6

Romania

1.0

0.8

Russia

-

0.1

Spain

7.1

6.9

Sweden

3.1

0.9

Switzerland

11.0

11.1

Turkey

4.2

4.0

Ukraine

0.7

0.8

Other

1.8

1.8

 

Information derived from (1) Factsheet at 31 October 2010; (2) annual report to 30 June 2010



 

 

Sector Breakdown

% at 31 October 2010 (1)

% at 30 June 2010 (2)

Basic Materials

20.9

23.1

Business Providers

16.5

12.8

Consumer Goods

12.0

13.2

Financials

12.8

13.8

Industrial Goods

12.9

12.2

Natural Resources

7.3

7.7

Retail Providers

5.3

4.3

Technology

12.3

12.9

 

Information derived from (1) Factsheet at 31 October 2010; (2) annual report to 30 June 2010

 

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 an 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 -

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

 

 

 

 

 

 


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