28 Nov 2017 13:56
London, UK, 28 November 2017
Edison issues review on TR European Growth Trust (TRG)
TR European Growth Trust (TRG) invests in a diversified portfolio of small and mid-cap European (ex-UK) companies, with the aim of achieving capital growth. Its manager at Janus Henderson Investors seeks companies that are undervalued as a result of being misunderstood by the market. The portfolio is weighted towards the smaller end of the market cap spectrum, where companies are less well-researched. As recovery has taken hold in Europe, TRG's recent performance has been exceptionally strong. It has beaten its benchmark, the EMIX Smaller Europe ex-UK index, in share price and NAV total return terms over the last five discrete years to 31 October, and cumulatively over one, three and six months, and one, three, five and 10 years. It also ranks first in its peer group over one, three and five years. TRG actively manages gearing in a range of up to 15% of net assets (13% at end-October 2017), does not tend to hedge currency exposure, and currently offers a dividend yield of 1.2%.
At 24 November 2017, TRG's shares traded at a 0.6% discount to cum-income net asset value. This is a significant rerating compared with average discounts of 8.8%, 10.9%, 12.1% and 13.3% respectively over one, three, five and 10 years, and comes on the back of exceptionally strong performance since mid-2016. The board has issued 395,000 new shares at a premium in order to satisfy investor demand.
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