F&C Investments’s European Asset Trust posts positive H1 results
European Assets Trust, closed-ended investment company listed in London and Amsterdam and managed by F&C Investments, has announced a positive H1 performance, with an increase in net asset value of 11.8% from January to June 2012 in euro terms.
“Stock selection, rather than any country or sector positioning was primarily responsible for performance. Two companies that reported good performance were Irish companies Glanbia, from both investor interest and positive news flow, and Aer Lingus, one of the best managed operators within its sector,” F&C said.
The companies rose 23.3% and 54% respectively year to date. Other strong performers in the portfolio during the period included Ingenico, Azimut and Tomra Systems.
“The portfolio is currently at its upper weighting in the ‘Deep Value’ and ‘Transformation / Recovery’ segments of the portfolio, which include businesses currently unloved by the market but which we believe present good value and offer growth prospects. We are confident that our portfolio of quality assets remains very attractive and will deliver returns for investors over the long term,” said Sam Cosh, porfolio manager.
Cosh added that the recent European Summit was a step in the right direction for markets, but Europe will continue to face further waves of optimism and pessimism.
“While we believe the market is excessively pessimistic at present, we expect that at some point it will recover from its current position. European small and mid cap equities remain good value on both relative and absolute levels and the current economic worries must not distract us from the fact that our corporate holdings are in fine shape and should continue to improve their market position,” he said.