European Opportunities (EOT)

European Opportunities Trust (EOT) is a pan-European equity trust with a concentrated portfolio of just under 30 stocks. The manager seeks to invest in companies with enduring qualities with high barriers to entry. Over the long term the portfolio has favoured investments in the healthcare, industrials and technology sectors. EOT’s pan-European approach differentiates it within the peer group, as does its all-cap portfolio, with currently about 16% of the portfolio in mid- and small-caps.

In June 2025 EOT’s manager, Devon Equity Management, announced it is to be acquired by River Global, a listed fund management business with c. £2.1bn under management. The Devon team will move to River and Alexander Darwall, who has managed EOT since inception in 2000, and Luca Emo will have senior roles at the new firm and continue to co-manage the trust.

EOT’s NAV and share price total return over the last five years is c. 31% and 35% respectively. The benchmark MSCI Europe Index has produced a total return of c. 61% over that period while the Morningstar Europe peer group’s NAV total return of c. 42% highlights that this has been a difficult period for some active managers. EOT has lagged the benchmark recently due to several factors including a low weight in banks, which have performed strongly, and underperformance by long-standing holdings such as pharmaceutical giant Novo Nordisk, which EOT has invested in for over two decades.

EOT's discount of c. 9% has narrowed over the last year as investor sentiment to Europe has improved and the trust’s board has conducted a series of buybacks and tender offers, returning over £450m to shareholders over 2024 and 2025 year to date. EOT has a further 25% conditional tender offer in 2026, discussed in the Discount section.

EOT is currently geared c. 11%, in line with its long-term average. The trust primarily targets capital growth and pays a small annual dividend, currently yielding c. 0.2%.