Edison Investment Research - Baillie Gifford European Growth Trust (EUITF) Improving performance under new lead manager

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Edison Investment Research

Mel Jenner

Improving performance under new lead manager

The European Investment Trust (EUT) aims to generate long-term capital growth from a diversified portfolio of European equities. Since August 2016, EUT has been managed by Craig Armour, who follows the disciplined Edinburgh Partners valuation-driven investment process, aiming to buy stocks that are trading on a five-year P/E multiple (Y5 P/E) of less than 11x. The manager is currently more cautious on the outlook for continental European equities as EUT’s portfolio Y5 P/E is towards the high end of its 7x to 11x long-term historical range. As a result, EUT is currently ungeared and Armour is not planning to increase cyclical exposure in the near term. Near-term investment performance has improved versus the peer group and the benchmark, and EUT has increased or maintained its ordinary annual dividends since 2009.

06/06/2017 8 EN

Underlying

Baillie Gifford European Growth Trust

European Investment Trust is an investment trust company. Co. invests in a portfolio of Continental European securities. Edinburgh Partners Limited is the Investment Manager of Co. Edinburgh Partners AIFM Limited is the Alternative Investment Fund Manager.

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GB0003295010 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Mel Jenner

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Improving performance under new lead manager

The European Investment Trust - Review of management arrangements

The European Investment Trust - Trade dispute weighing on investor sentiment

European Investment Trust (The) - Managing risk in a transition period

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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