The European Investment Trust


£348.5m market cap

866p last close

The European Investment Trust (EUT) aims to achieve long-term capital growth through a diversified portfolio of continental European securities. The trust was launched in 1972 and management was transferred to Edinburgh Partners on 1 February 2010 following a tender process. The manager follows a disciplined, long-term value approach. The trust has an indefinite life and is not subject to a periodic continuation vote.

Investment summary

The European Investment Trust (EUT) is managed by Craig Armour at Edinburgh Partners. This company follows a strict value-based investment process, based on the philosophy that there is a stable relationship between expected share price total returns and a company’s current share price compared with its long-term earnings per share (see chart below). In recent years, global markets have been led by growth rather than value stocks, and EUT’s investment performance has consequently lagged that of its benchmark FTSE All-World Europe ex-UK index. The board has announced that it is undertaking a review of EUT’s management arrangements and will update shareholders in due course.

Share price graph
Price performance
Actual 3.1 12.5 5.1
Relative* 2.0 9.0 (0.4)
52-week high/low 866.0p/754.0p
*% relative to local index
Key management
Craig Armour Fund manager
Jamie Mackintosh Client Service & Sales Partner
Kenneth Greig Legal Director

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