Portfolio Holdings as at 30 September 2019

THE EUROPEAN INVESTMENT TRUST PLC

PORTFOLIO HOLDINGS AS AT 30 SEPTEMBER 2019

				% of
Rank	Company	Sector	Country	Net Assets

1	Sanofi	Health Care	France	4.4
2	Roche *	Health Care	Switzerland	3.5
3	Deutsche Post	Industrials	Germany	3.4
4	Royal Dutch Shell **	Energy	Netherlands	3.4
5	Telefonica	Communication Services	Spain	3.3
6	Nokia	Information Technology	Finland	3.2
7	Orange	Communication Services	France	3.1
8	Adecco	Industrials	Switzerland	3.0
9	Gerresheimer	Health Care	Germany	2.9
10	Stora Enso	Materials	Finland	2.9
11	Ipsos	Communication Services	France	2.9
12	Total	Energy	France	2.8
13	ING	Financials	Netherlands	2.8
14	Novartis	Health Care	Switzerland	2.8
15	ENI	Energy	Italy	2.8
16	Sopra Steria	Information Technology	France	2.8
17	Michelin	Consumer Discretionary	France	2.7
18	BNP Paribas	Financials	France	2.6
19	Cyfrowy Polsat	Communication Services	Poland	2.5
20	PostNL	Industrials	Netherlands	2.5
21	BBVA	Financials	Spain	2.4
22	Siemens	Industrials	Germany	2.4
23	Indra Sistemas	Information Technology	Spain	2.4
24	ISS	Industrials	Denmark	2.4
25	Valeo	Consumer Discretionary	France	2.3
26	E.ON	Utilities	Germany	2.3
27	Bayer	Health Care	Germany	2.3
28	United Internet	Communication Services	Germany	2.3
29	Ryanair	Industrials	Ireland	2.3
30	Ahold Delhaize	Consumer Staples	Netherlands	2.2
31	Rocket Internet	Consumer Discretionary	Germany	2.2
32	Getinge	Health Care	Sweden	2.1
33	Glanbia	Consumer Staples	Ireland	1.9
34	Commerzbank	Financials	Germany	1.9
35	Outotec	Industrials	Finland	1.8
36	Ontex	Consumer Staples	Belgium	1.8
37	Fresenius Medical Care	Health Care	Germany	1.8
38	Petroleum Geo-Services	Energy	Norway	0.9
39	Leoni	Consumer Discretionary	Germany	0.7

	Total equity investments			98.7
	Cash and other net assets			1.3

	Net assets			100.0

	* The investment is in non-voting shares ** The investment is in A shares

GEOGRAPHICAL DISTRIBUTION

30 September 2019	% of Net Assets

France	23.5
Germany	22.3
Scandinavia	13.3
Benelux	12.7
Southern Europe	10.9
Switzerland	9.3
Ireland	4.2
Poland	2.5
Cash and other net assets	1.3
	100.0

Scandinavia (Denmark, Finland, Norway, Sweden)

Benelux (Belgium, Netherlands)

Southern Europe (Italy, Spain)

SECTOR DISTRIBUTION

30 September 2019	% of Net Assets

Health Care	19.7
Industrials	17.8
Communication Services	14.0
Energy	9.9
Financials	9.7
Information Technology	8.3
Consumer Discretionary	8.0
Consumer Staples	6.0
Materials	2.9
Utilities	2.3
Cash and other net assets	1.3
	100.0