reports
- Mel Jenner
The European Investment Trust - Review of management arrangements
The European Investment Trust (EUT) is managed by Craig Armour at Edinburgh Partners. This company follows a strict value-based investment process, based on the philosophy that there is a stable relationship between expected share price total returns and a company’s current share price compared with its long-term earnings per share (see chart below). In recent years, global markets have been led by growth rather than value stocks, and EUT’s investment performance has consequently lagged that...
- Mel Jenner
The European Investment Trust - Trade dispute weighing on investor se...
The European Investment Trust (EUT) is managed by Craig Armour at Edinburgh Partners (EP, which is now a wholly owned subsidiary of Franklin Templeton Investments). He aims to generate attractive investment returns from a diversified portfolio of continental European equities, employing a disciplined, valuation-based stock selection strategy. The manager believes investor sentiment has become too negative, on the back of slowing global growth in response to the US/China trade dispute. He says th...
- Mel Jenner
European Investment Trust (The) - Managing risk in a transition period
The European Investment Trust (EUT) adopts a strict valuation-based investment approach to construct a relatively concentrated portfolio of stocks that can be held for the long term. Manager Craig Armour says that monetary conditions are slowly normalising following the extreme policies adopted as a result of the global financial crisis. He believes that this process will lead to an increase in stock market volatility, which will in turn lead to a greater investor focus on company valuations. Ar...
- Mel Jenner
European Investment Trust (The) - Maintaining disciplined valuation-ba...
The European Investment Trust (EUT) has been managed by Edinburgh Partners (EP) since 2010. Lead manager Craig Armour employs EP’s strict valuation-driven investment process, aiming to generate long-term capital growth from a diversified portfolio of continental European equities. Following a period of outsized equity returns, Armour says that investors will once again pay more attention to individual company fundamentals and valuations. Since July 2017, EUT pays semi-annual, rather than annua...
- 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...
- Mel Jenner
European Investment Trust (The) - Improving performance under new lead...
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 e...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Review: Concentrating on long-term value
The European Investment Trust (EUT) focuses on continental European stocks expected to deliver superior returns based on five-year earnings forecasts. Performance has weakened over the last 12 months on market volatility and outperformance of growth stocks. However, the manager is sticking to a disciplined, valuation-driven process; expensive names have been reduced and the concentration in core ideas increased. Moreover, the trust moved from net cash to net gearing in February, towards the rece...
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 ...
Review: Looking through the short-term noise
The European Investment Trust (EUT) aims to achieve long-term capital growth from a portfolio of continental European companies chosen for their potential to outperform over a five-year time horizon. Medium-term outperformance points to some success in achieving this objective. Over the past six to nine months there has been a major rotation in the portfolio, with the manager taking profits from cyclical stocks bought when they were out of favour, and tilting the portfolio towards healthcare, wh...
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