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TR European Growth (TRG)

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Monday 09 May, 2011

TR European Growth

Interim Management Statement

RNS Number : 2262G
TR European Growth Trust PLC
09 May 2011
 



TR EUROPEAN GROWTH TRUST PLC

 

HENDERSON GLOBAL INVESTORS

 

9 MAY 2011

 

 

TR EUROPEAN GROWTH TRUST PLC

 

Interim Management Statement

Review of the period from 1 January 2011 to 31 March 2011

 

 

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 2010.

 

Portfolio:  We added several new companies to the portfolio during the quarter, including holdings  in Pescanova (the Spanish fishing and processing group); Aperam (the French stainless steel producer); Cegedim (the French software and services provider); and RIB Software (the German producer of software for the construction industry).   We also bought a holding in Technicolor (the French media technology group, which is continuing to restructure its business); Cargotec (the Finnish materials handling equipment producer); KSB (the German industrial pumps and valves producer); and Kuoni (the Swiss travel services group).

 

Discount:  the share price discount to net asset value at 31 March 2011 was 17.2% (31 December 2010: 18.4%).

 

Share Capital:  during the quarter the Company bought back 133,000 ordinary shares at a cost of £563,000.

 

Management:  On 9 May 2011 the Company has announced that Mr Ollie Beckett will take over from Mr Stephen Peak as the Fund Manager of the portfolio with effect from 1 July 2011.

 

 

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 2011


3 months

1 year

3 years

5 years

Share price

+5.8%

+5.2%

+7.3%

+12.6%

Net asset value per ordinary share

+4.3%

+15.0%

+17.0%

+19.8%

Benchmark  †

+6.6%

+15.5%

+22.6%

+38.1%

 

Sources:  Henderson Factsheet / Morningstar for the AIC

 

† these figures represent the performance of the Company's former composite benchmark, being 50% of the total return of the HSBC Smaller Europe (ex UK) Index and 50% of the total return of the S&P/Citigroup EMI Europe (ex UK) Index, to 30 June 2010; and the performance of the current benchmark, the total return of the HSBC Smaller Europe (ex UK) Index, from 1 July 2010

 

 

Financial Position

 


at 31 March 2011

at 31 December 2010

Total assets

£277m

£260m

Net asset value (income-inclusive)

523.13p

501.74p

Ordinary share price

433.00p

409.25p

Discount

17.2%

18.4%

Gearing

5%

Nil

 

 

THE PORTFOLIO

 

Top 10 Investments

% of total assets


Top 10 Investments

% of total assets

at 31 March 2011


at 31 December 2010

OHL

3.9


21 Centrale Partners III

3.6

21 Centrale Partners III

3.8


OHL

3.5

Saf-Holland

2.9


Selçuk Ecza Deposu

3.1

Grifols

2.8


STS Group

2.7

BrainLAB

2.5


Northland Resouces

2.7

Northland Resources

2.5


BrainLAB

2.6

Wirecard

2.4


Fresenius

2.4

STS Group

2.4


Schmolz + Bickenbach

2.4

Selçuk Ecza Deposu

2.3


Vallourec

2.4

Schmolz + Bickenbach

2.1


Axel Springer

2.3

 

 

 

Geographic Breakdown

% at 31 March 2011

% at 31 December 2010

Austria

3.5

3.8

Belgium

2.7

1.4

Finland

1.7

0.6

France

18.2

17.7

Germany

24.5

27.3

Italy

4.0

3.7

Kazakhstan

-

1.6

Luxembourg

1.5

-

Netherlands

3.9

3.6

Norway

10.9

10.7

Romania

0.7

0.7

Russia

-

0.6

Spain

8.4

5.8

Sweden

3.2

3.1

Switzerland

12.7

14.8

Turkey

2.3

3.1

Ukraine

0.8

0.7

Other

1.0

0.8



 

Sector Breakdown

% at 31 March 2011

% at 31 December 2010

Basic Materials

21.2

22.3

Business Providers

14.8

14.8

Consumer Goods

14.1

11.6

Financials

9.4

10.5

Industrial Goods

8.7

10.1

Natural Resources

11.3

9.7

Retail Providers

5.8

7.5

Technology

14.6

13.5

 

 

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
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