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TR European Growth Trust

LN: TRG

Market Cap£736.6m

Last Close 1470p

TR European Growth Trust seeks capital growth by investing in smaller and medium-sized companies that are quoted, listed or have operations in Europe (excluding the UK).

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Investment summary

TR European Growth Trust (TRG) stands out among its more mid-cap focused peers for being a genuinely small-cap fund with a strong valuation awareness. This has served it well over the past year, and while it has yet to report its FY21 results, over the year to 30 June 2021 it posted share price and NAV total returns of 79.5% and 63.5% respectively, well ahead of comparator indices. The management team (lead manager Ollie Beckett, assisted by Rory Stokes and Julia Scheufler) caution that this was an exceptional year, but long-term annualised returns of c 15%+ underline the validity of TRG’s approach even when its more value-orientated style has largely been out of favour. Despite the strong run of performance, TRG’s shares trade at a double-digit discount to NAV, which has failed to close as it did in the previous period of exceptional performance from Q416 to Q417 (see chart), despite absolute NAV returns having been stronger.

Content on TR European Growth Trust
TR European Growth Trust – executive interview
Investment companies | Edison TV | 23 June 2021
TR European Growth Trust – Back to winning ways
Investment companies | Review | 22 March 2021
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Investment companies
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Share price graph
Price performance
%
1m
3m
12m
Actual (0.7) (3.9) 48.2
Relative* 1.9 (2.9) 25.0
52-week high/low 1535.0p/946.0p
*% relative to local index
Key management
Ollie Beckett Fund manager
Rory Stokes Fund manager

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