Review: Europe specialist with strong valuation discipline
The European Investment Trust (EUT) is a focused portfolio of continental European companies chosen for their ability to outperform the market on a five-year view. Valuation is a key tenet of the investment process, with the manager working on the basis that the best-performing stocks will be those with a year five P/E ratio of 11x or less. Because of the strong valuation discipline, the portfolio may underperform peers in a bull market, although both NAV and share price total returns have been ahead of benchmark over most periods under the current management. While the main focus is on achieving capital growth, EUT also currently yields in excess of the peer group average.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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