17 May 2017 15:19
Edison Investment Research Limited / Key word(s): Research Update Edison Investment Research Limited: Edison issues review on TR European Growth Trust (TRG) 17-May-2017 / 15:18 GMT/BST London, UK, 17 May 2017 Edison issues review on TR European Growth Trust (TRG) TR European Growth Trust (TRG) has enjoyed an exceptionally strong period of recent share price and NAV performance, posting gains of c 50% over 12 months to 30 April. While returns from all overseas investments have been boosted by the weakness of sterling since the UK's Brexit referendum, TRG's outperformance has been assisted by a focus on better-value cyclical stocks, and the decision of lead manager Ollie Beckett to increase gearing in the second half of 2016. The trust invests in European (ex-UK) smaller companies, with a particular focus on those at the lower end of the market cap spectrum, where both rewards and risks may be higher. Because of this, TRG has a longer stock list than peers. While the discount to NAV has narrowed somewhat, it remains at c 9% compared with an average of 0.7% for the investment company universe. At 16 May 2017, TRG's shares traded at an 8.9% discount to cum-income net asset value. This was close to the narrowest point over 12 months and compares with one-, three- and five-year average discounts of 14.2%, 12.3% and 13.8%, respectively. Shortly after the UK's EU referendum the discount had reached a three-year high of 19.3%. In September 2016, the board made its first share repurchases since 2012, although no further buybacks have taken place since October.Click here to view the full report. All reports published by Edison are available to download free of charge from its websitewww.edisoninvestmentresearch.com About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. Contact details: Learn more at www.edisongroup.com and connect with Edison on:
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