European Assets Trust (EAT); total NAV return of -0.4% in H1 2018

Published on 25-07-2018 07:31:31
Author Sparks Team

EAT reported a total NAV return of -0.4% and -0.9% in EUR and GBP terms, respectively, for the six months ending 30 June 2018. These returns lagged the EMIX Smaller European Companies (ex UK) Index’s total returns of 1.0% and 0.7% in EUR and GBP terms, respectively.

EAT reported that lack of exposure to the two best performing sectors — Telecommunication and Oil and Gas— coupled with low weighting in Healthcare led to the underperformance with respect to the benchmark.

During the period, EAT made new investments in Sligro (the leading Dutch food distributor), Tecan Group, Diasorin, TGS (a leading seismic company) and Rocket Internet. EAT sold its positions in Nordic Waterproofing, and Atresmedia and Mediaset Espana (Spanish media companies).

EAT paid €0.044 per share in total dividends during the period. It expects two more dividend payouts worth €0.022 per share each in July and October this year.

EAT believes in its investment philosophy and stock picking will help weather the disturbances created by escalation in trade fears. It has concentrated on buying businesses that have sound business models irrespective of economic conditions.

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