TR European Growth Trust PLC Edison issues review on TR European Growth Trust
19 Maggio 2020 - 9:33AM
RNS Non-Regulatory
TIDMTRG
TR European Growth Trust PLC
19 May 2020
London, UK, 18 May 2020
Edison issues review on TR European Growth Trust (TRG)
TR European Growth Trust (TRG) suffered in the recent equity
market sell-off for a number of reasons, including its relatively
high level of gearing, procyclical bias and structural focus on the
smaller end of the European small-cap market. However, by taking
advantage of the chance to buy good companies at low valuations,
and disposing of holdings whose balance sheets looked vulnerable,
manager Ollie Beckett has so far outperformed the EMIX Smaller
Europe ex-UK Index since the mid-March lows. The manager argues
that while the COVID-19 pandemic may have wide-ranging effects, and
an EU-wide approach to rebuilding economies is key to the union's
long-term survival, there are many opportunities for small-cap
investors to benefit from the recovery, whatever shape it
takes.
At 15 May 2020, TRG's shares traded at a 14.9% discount to
cum-income NAV. This is wider than both short- and longer-term
averages (range of 9.6% to 13.6% over one, three, five and 10
years), suggesting scope for a re-rating, particularly if
outperformance in recent weeks is maintained. Although focused on
capital growth, TRG offers a 3.0% yield, and has a substantial
revenue reserve to support future dividend payments.
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Mel Jenner, +44(0)20 3077 5720
investmenttrusts@edisongroup.com
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