London, UK, 30 March 2022
Edison issues review on European Assets Trust (EAT)
European Assets Trust (EAT) aims to achieve long-term capital growth through a portfolio of 40-50 smaller European (ex UK) companies. EAT's managers Sam Cosh and Lucy Morris consider that such companies are often under researched, which leads to exploitable market inefficiencies. They believe that their strategy of identifying undervalued sustainable growth is key to delivering long-term returns for investors. EAT performed well through 2021, although thus far 2022 has been a difficult time for investors in European smaller companies. EAT has a unique feature within the peer group in that it provides investors a high and regular distribution from a portfolio of high-quality growth assets.
EAT's share price has historically traded at a narrower discount to its net asset value (NAV) than peers (Exhibit 18). This can in part be attributed to the trust's enhanced dividend policy. Despite the relative lack of buy backs from the board, the unique attractiveness of the mandate is likely to see a continuation of that trend.
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