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TR European Growth Trust

LN: TRG

Market Cap£721.6m

Last Close 1440p

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) has enjoyed a stellar period of performance since the COVID-19-driven stock market sell-off in March 2020 (beating the benchmark by c 25pp over one year to 28 February 2021), helped by its managers sticking to their valuation-aware investment process, as well as a timely increase in the trust’s gearing. Lead manager Ollie Beckett says the team is optimistic on the prospects for small-cap European stocks – many of which have stronger balance sheets than their large-cap counterparts – as the economy recovers. TRG has a broadly diversified portfolio of c 130 stocks, allowing the managers to look for high-growth micro-caps as well as structural growth stories and recovery plays. Although the trust is now at the top of its peer group for NAV total returns over one and 10 years, it trades at the widest discount to NAV, suggesting significant scope for a re-rating similar to that seen in 2016/17.

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 (4.0) (0.7) 61.8
Relative* (2.7) (1.4) 39.4
52-week high/low 1535.0p/884.0p
*% relative to local index
Key management
Ollie Beckett Fund manager
Rory Stokes Fund manager

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