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TR European Growth (TRG)

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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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