European Investment Trust

Glen_Clark

The FT link gives the sector weighting for EUT - less than 4% in UK if anything.
The discount keeps widening, the share price will inevitably catch up unless there are skeletons in the cupboard which I have missed. Thats why I posted the thread really, to see if anyone has spotted anything I have missed

Glen_Clark

Share price ticking up nicely (£7.15p), only problem is I can't see what that the NAV is on the new fangled FT website now http://markets.ft.com/data/equities/tearsheet/summary?s=EUT:LSE
There is (or was) supposed to be a way you can get back to the old FT website but I can't find how to do it.

grey_gym_sock

you could try the AIC - http://www.theaic.co.uk/companydata/235 - or HL - http://www.hl.co.uk/shares/shares-search-results/e/european-investment-trust-ord-25p ... they don't precisely agree, but both put the current discount around 15%.

bowlhead99

You can get the daily NAV straight from the horse's mouth on the trust's own website. https://www.edinburghpartners.com/investment-trusts/the-european-investment-trust-plc/history?share_class=I&currency=GBP

May be worth noting that they announced last week that Dale Robertson who had managed the trust at Edinburgh since they took it over from F&C (and had also managed their European Opportunities fund) was replaced by a different manager last week and Dale has swiftly disappeared from their website.

Whether the new guy (who has also been at Edinburgh since it started) will improve performance and give the market confidence to reduce the discount remains to be seen - performance has been decent in the last month or two since this thread was started, but NAV growth significantly lags the sector over three years (and also over 5 but not to the same extent).

I bought some of these for my 'not researched a great deal, bit of fun, bit of a punt' portfolio when Glen highlighted it last month, but halved my position when share price recovered to a bit over £7 in a relatively short space of time.

Since 30 June the 12-13% growth isn't actually any better than my long term IT hold for this sector, HEFT. The discount for that one is about 9%. It's nice to get assets at a larger discount - but not to the extent that I'd switch most of my European exposure to a fund that has underperformed the sector for several years and just changed manager.

YMMV, DYOR etc

Glen_Clark

Thanks for the links. I particularly like the graphs showing the discount which used to be on the old FT website but seem to have disappeared on the new one.
Like everything else I suppose you can look at things in differnt ways. It doesn't necessarily put me off that performance has been below average because they have invested in sectors (like oil) which are currently out of favour but are likely to come back. The drop in (oil) shares is doubly factored into the trust price, so when the (oil) shares recover you tend to get a double bonus in the trust share price because the discount narrows too.
One of the things that interested me was the (trustees?) sacked F&C Management for poor performance, and now the EFM manager has gone. Which suggests the trustees are doing their job and holding the management to account. Something which should be but cannot always be taken for granted. But I can see it can be a negative like when Tesco sacked its manager after finding a black hole in the accounts.

grey_gym_sock

Glen_Clark wrote: »

I particularly like the graphs showing the discount which used to be on the old FT website but seem to have disappeared on the new one.

the AIC site also has a graph of how the discount has varied over time (if you go to the "Performance" tab, and scroll down).

Glen_Clark

grey_gym_sock wrote: »

the AIC site also has a graph of how the discount has varied over time (if you go to the "Performance" tab, and scroll down).

Thanks for that. The trough in the graph shows the discount as being particularly high at the beginning of July when I started this thread. So the rise in the share price since then has reduced the discount to a more normal level.