Fund Research

TR European Growth

Last update 02 January 2019

The aim of TR European Growth Trust is to deliver capital growth through investing in small and medium-sized companies in Europe (ex-UK). The manager uses a purely bottom up approach, and holds a well diversified portfolio of 120-150 companies. This approach includes splitting companies based on their stage of life cycle, helping the manager to decipher opportunities and diversify the fund’s risk exposure. Additionally, different attributes, valuation metrics and sell signals are looked at, helping to further understand the life cycle stage in which the company operates.

2018 has been an extremely difficult period for the trust, largely because of macroeconomic factors (as opposed to company specific performance). Alongside this, the manager’s approach has been a particularly out of favour, as 2018 has very much been a momentum led year, as opposed to the value driven strategy that TR European Growth has favoured. With this said, the manager remains optimistic about the outlook of Europe where he thinks valuations continue to look cheap. That said the manager, Ollie Beckett, admits that there are headwinds going into 2019, mainly the FED raising rates, political uncertainty (including Brexit) and global trade wars.

As one might expect against this backdrop, the discount has widened significantly throughout 2018, starting at a premium of 1%, and descending to a discount of close to 10%. Towards the end of 2018, the discount widened to as much as -14.3%.

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