For individual investors in the UK

ESCT The European Smaller Companies Trust PLC

Providing unique access to Europe’s growing small- and medium-sized companies with the sole aim of increasing shareholder capital

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ISIN
GB00BMCF8689

Share price
150.50p
As of 07/12/2023

Estimated NAV
176.49p
As of 07/12/2023

Discount / Premium
-14.73%
As of 07/12/2023

Yield
3.12%
As of 07/12/2023

Overview

INVESTMENT OBJECTIVE

The Company seeks capital growth by investing in smaller and medium sized companies which are quoted, domiciled, listed or have operations in Europe (excluding the UK).

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Potential investors must read the latest annual report and where relevant, the key investor information document before investing. This website is for promotional purposes and does not qualify as an investment recommendation.

ABOUT THIS COMPANY

  • Invests mainly in Western Europe, excluding the UK, typically with a long list of more than 120 companies
  • Holds companies with an average market cap of around £1bn and rarely above £3bn
  • Leverages Janus Henderson’s European equity expertise to find quality growth companies
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Past performance does not predict future returns. 
 

Knowledge Shared

Knowledge Shared

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge Shared.

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ANNOUNCEMENTS

View the latest announcements for this Company: London Stock Exchange

FREQUENTLY ASKED QUESTIONS

Source: Morningstar. Ratings updated quarterly.

PORTFOLIO MANAGEMENT

Ollie Beckett

Ollie Beckett

Portfolio Manager

Industry since 1995. Joined Firm in 2005.

Performance

Past performance does not predict future returns.
Discrete Performance (%)
As of 30/09/2023
Net Asset Value Price
 
Quarter End
As of 30/09/2023 		2022/2023 2021/2022 2020/2021 2019/2020 2018/2019
Net Asset Value 18.60 -25.60 46.81 16.76 -8.42
Price 21.35 -29.59 56.77 13.41 -11.45
© Morningstar 2023. All rights reserved. The Price and Net Asset Value are total returns. YTD returns are calendar year.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Cumulative Performance (%)
As of 30/11/2023
NAV (Net) Price (Net)
 
As of 30/11/2023 1MO 3MO YTD 1YR 3YR 5YR 10YR
NAV (Net) 8.99 -0.39 3.58 5.47 14.69 63.37 187.74
Price (Net) 11.54 0.64 5.32 2.55 11.03 61.25 182.13
© Morningstar 2023. All rights reserved. The Price and Net Asset Value total returns.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
DIVIDENDS
Ex Dividend Date Pay Date Amount div p/ps
02-Nov-23 01-Dec-23 3.25
30-Mar-23 28-Apr-23 1.45
20-Oct-22 02-Dec-22 3.10
31-Mar-22 29-Apr-22 1.25
21-Oct-21 03-Dec-21 2.10
25-Mar-21 23-Apr-21 1.03
22-Oct-20 27-Nov-20 1.78
26-Mar-20 17-Apr-20 0.98
23-Oct-19 29-Nov-19 1.81
14-Mar-19 12-Apr-19 0.94
25-Oct-18 30-Nov-18 1.75
15-Mar-18 13-Apr-18 0.63

Portfolio

Top Holdings (As of 31/10/2023)
% of Fund
Van Lanschot Kempen 3.13
TKH Group 2.93
KSB 1.95
DFDS 1.90
u-blox 1.84
Nordnet AB publ 1.71
Fugro 1.67
Mytilineos 1.59
IPSOS 1.57
Gaztransport Et Technigaz 1.53
View full holdings
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
Sector Allocation % OF FUND % OF FUND (As of 31/10/2023)
Country/Geographic Exposures % OF FUND % OF FUND (As of October 31, 2023)

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
The European Smaller Companies Trust plc: Full-Year Results 2023
10 Oct 2023
Investment Insights

The European Smaller Companies Trust plc: Full-Year Results 2023

Portfolio Manager, Ollie Beckett, discusses the full-year results for The European Smaller Companies Trust (ESCT) including performance attribution over the course of the year, changes to the portfolio and his outlook for the year ahead.

7 min read

European Smaller Companies Trust – separating the value from the discount
21 Aug 2023
Investment Insights

European Smaller Companies Trust – separating the value from the discount

Europe has felt the brunt of recent market volatility, particularly within Small Caps, but this period of discomfort has created a rare opportunity for investors to access quality companies at meaningful discounts.

7 min read

The European Smaller Companies Trust PLC – Tapping into Europe’s race to decarbonise
3 Apr 2023
Investment Insights

The European Smaller Companies Trust PLC – Tapping into Europe’s race to decarbonise

Investing in a cleaner global economy is crucial but finding the right opportunities can be challenging. Here, we look at how the European Smaller Companies Trust is tapping into Europe’s race to decarbonise its economy.

4 min read

  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance does not predict future returns
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries.
  • Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise.
  • Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies.
  • This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
  • The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
  • The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.
  • Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be significantly greater than the cost of the derivative.
  • If the Company seeks to minimise risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or negative for performance.
  • The Company confirms that it currently conducts its affairs so that its ordinary shares of 12.5p each can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future.
  • The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions.
  • The Company underwent a 8 for 1 stock split on 13 December 2021; comparative NAV, share price and dividend figures have, where possible, been adjusted to reflect this, but historic dividends and earnings per share up to 13 December 2021 may reflect the previous position, unless otherwise stated.
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