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TR European Growth (TRG)

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Monday 14 May, 2012

TR European Growth

Interim Management Statement

RNS Number : 3014D
TR European Growth Trust PLC
14 May 2012
 



TR EUROPEAN GROWTH TRUST PLC

 

HENDERSON GLOBAL INVESTORS

 

14 May 2012

 

 

TR EUROPEAN GROWTH TRUST PLC

 

Interim Management Statement

Review of the period from 1 January 2012 to 31 March 2012

 

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

 

The directors confirm the following material events and transactions which have occurred during the period from 1 January 2012 to 31 March 2012.

 

Portfolioduring the first quarter of the year we added a number of new holdings to the portfolio.  These included the Irish cider producer C & C whose brands include the well known Magners.  In Germany, we acquired Krones which manufactures production machinery for the food and beverage industries.  From Norway, we added the supplier of automated transport and toll collection systems; Q-Free.  We have also added the French property developer, Nexity and the Spanish IT services company, Indra.

 

We sold our holdings in Aalberts, the Dutch diversified industrial and Cramo, the Finnish rental equipment company.  We also disposed of the Polish fish processing company, Morpol and the German manufacturer of car washing systems.

 

Gearing:  the Company was 9.5% geared at the end of the quarter (December 2011: 10.0% geared).

 

Discount:  the share price was trading at a discount of 19.6% to the net asset value at 31 March 2012 (31 December 2011: discount of 22.5%).

 

Share Capital:  during the quarter the Company bought back 334,545 ordinary shares at a cost of £1.165m.

 

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 March 2012

at 31 December 2011

Net assets

£232m

£178m

Net asset value (income-inclusive)

425.3p

352.8p

Ordinary share price

342.0p

273.5p

Discount

19.6%

22.5%

 

 

Total Return Performance at 31 March 2012

3 months

1 year

3 years

5 years

Share Price 1

+25.1%

-19.9%

+45.1%

-23.3%

Net Asset Value per ordinary share 1

+20.6%

-17.8%

+60.8%

-12.9%

Benchmark 2

+13.2%

-19.1%

+63.7%

-7.0%

Average European Smaller Investment Trust Net Asset Value 1

 

+15.0%

 

-13.4%

 

+71.6%

 

-2.2%

 

Sources:

1  Morningstar for the AIC using cum income fair value NAV for 3 months, 1 and 3 years, and capital NAV plus income reinvested for 5 years

2  Datastream.  The Company's benchmark is the HSBC Smaller Europe (ex UK) Index expressed in sterling

 

THE PORTFOLIO

Top 10 Investments

% of portfolio

at 31 March 2012

Brainlab

2.8

21 Centrale Partners III

2.3

SAF-Holland

2.2

Wirecard

2.2

ASM International

1.9

Norma

1.8

Azimut

1.8

Inficon

1.7

Altran Technologies

1.5

Yoox

1.5

Top 10 Investments

% of portfolio

 

at 31 December 2011

 

21 Centrale Partners III

3.7

 

Brainlab

3.3

 

Wirecard

2.5

 

Norma

2.1

 

SAF-Holland

1.8

 

ASM International

1.8

 

Carl Zeiss

1.7

 

Schöller-Bleckmann

1.6

 

Azimut

1.6

 

Schmoltz + Bickenbach

1.6

 

 

 

  

Geographic Breakdown

% at 31 March 2012                                    

% at 31 December 2011

Austria

4.2

5.3

Belgium

3.2

3.9

Denmark

0.9

-

Finland

0.8

1.7

France

16.0

15.9

Germany

29.8

30.1

Ireland

1.5

1.2

Italy

10.3

8.3

Luxembourg

1.2

0.6

Netherlands

4.4

5.9

Norway

5.6

6.0

Spain

3.5

3.0

Sweden

3.1

2.9

Switzerland

14.6

14.3

Ukraine

0.6

0.4

Other

0.3

0.5

 

 

Sector Breakdown

% at 31 March 2012

% at 31 December 2011

Basic Materials

11.4

12.1

Business Providers

10.9

14.0

Consumer Goods

11.5

10.2

Financials

12.2

11.8

Industrial Goods

17.5

16.9

Natural Resources

5.9

5.9

Retail Providers

11.2

10.0

Technology

19.4

18.4

 

 

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 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:

 

Ollie Beckett

Fund Manager

TR European Growth Trust PLC

Telephone: 020 7818 4331

 

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
 
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