European Opportunities Trust’s (EOT’s) manager, Alexander Darwall, invests in globally focused companies with unique technologies, favourable industry structures and multiple growth channels, with the aim of constructing a resilient portfolio capable of generating capital growth in all economic climates. EOT’s long-term performance is strong in absolute and relative terms, with average annualised returns of 11.4% on an NAV basis and 10.2% in share price terms over the 10 years to end-July 2022. This compares with a benchmark total return of 9.2%. Recent performance has improved notably after some setbacks in 2020 and 2021, providing confirmation of Darwall’s stock selection skills and vindication of his consistent, high-conviction, patient investment approach.