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

ISIN
GB00BMCF8689

Share price
124.50p
As of 29/09/2022

Estimated NAV
148.87p
As of 29/09/2022

Discount / Premium
-16.37%
As of 29/09/2022

Yield
2.01%
As of 29/09/2022

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Overview

COMPANY UPDATE

As at 17 January 2022, TR European Growth Trust PLC (TRG) was renamed to The European Smaller Companies Trust PLC (ESCT). This is to make the Company’s investment proposition immediately clear to potential investors. The investment objective and policy has not changed and continues to meet investors’ demands and the Fund Manager’s approach to investing. For more information, read the Annual Report.

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 TRUST

  • 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.

View Our Investment Trust Insights

ANNOUNCEMENTS

View the latest announcements for this Trust: 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 30/06/2022
Net Asset Value Price
 
Quarter End
As of 30/06/2022 		2021/2022 2020/2021 2019/2020 2018/2019 2017/2018
Net Asset Value -21.03 63.50 2.94 -7.27 1.72
Price -23.08 79.48 -2.52 -10.36 -3.21
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.
© Morningstar 2022. All rights reserved. The Price and Net Asset Value total returns.
Cumulative Performance (%)
As of 31/08/2022
NAV (Net) Price (Net)
 
As of 31/08/2022 1MO 3MO YTD 1YR 3YR 5YR 10YR
NAV (Net) -2.76 -8.41 -17.63 -20.89 43.89 22.40 318.16
Price (Net) -3.17 -10.10 -22.29 -25.43 42.90 5.72 349.99
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.
© Morningstar 2022. All rights reserved. The Price and Net Asset Value total returns.
DIVIDENDS
Ex Dividend Date Pay Date Amount div p/ps
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
02-Nov-17 30-Nov-17 1.44
01-Nov-17 29-Nov-17 0.38
03-Nov-16 05-Dec-16 1.44

Portfolio

Top Holdings (As of 31/08/2022)
% of Fund
Van Lanschot Kempen 2.71
DFDS 2.44
TKH Group 2.30
u-blox 1.89
FLEX LNG 1.78
BFF Bank 1.53
eDreams ODIGEO 1.40
Grenergy Renovables 1.38
Criteo 1.37
Quadient 1.31
View full holdings
References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase. Holdings are subject to change without notice.
Sector Allocation % OF FUND % OF FUND (As of 31/08/2022)
Country/Geographic Exposures % OF FUND % OF FUND (As of August 31, 2022)

Documents

Document View
The European Smaller Companies Trust PLC - ESG approach
The European Smaller Companies Trust PLC - Annual Report 2021
The European Smaller Companies Trust PLC - Annual Report 2020
The European Smaller Companies Trust PLC - Annual Report 2019
The European Smaller Companies Trust PLC - Annual Report 2018
The European Smaller Companies Trust PLC - Annual Report 2017
The European Smaller Companies Trust PLC - Annual Report 2016
The European Smaller Companies Trust PLC - Annual Report 2015
The European Smaller Companies Trust PLC - Annual Report 2014
The European Smaller Companies Trust PLC - Annual Report 2013
The European Smaller Companies Trust PLC - Proxy Form
The European Smaller Companies Trust - July 2022 Commentary
Website copy used to link out to a third party website (Edison)
TR European Growth Trust PLC - Factsheet
The European Smaller Companies Trust PLC - Portfolio Disclosure
The European Smaller Companies Trust PLC - Half Year Report 2021
The European Smaller Companies Trust PLC - Half Year Report 2020
The European Smaller Companies Trust PLC - Half Year Report 2019
The European Smaller Companies Trust PLC - Half Year Report 2018
The European Smaller Companies Trust PLC - Half Year Report 2017
The European Smaller Companies Trust PLC - Half Year Report 2016
The European Smaller Companies Trust PLC - Half Year Report 2015
The European Smaller Companies Trust PLC - Half Year Report 2014
The European Smaller Companies Trust PLC - Half Year Report 2013
The European Smaller Companies Trust PLC - Half Year Report 2012
The European Smaller Companies Trust PLC - Half Year Update 2021
The European Smaller Companies Trust PLC - Notice of Meeting 2021
The European Smaller Companies Trust PLC - Key Information Document
The European Smaller Companies Trust PLC - AIFMD Disclosure
The European Smaller Companies Trust PLC - Proxy Votes 2021
The European Smaller Companies Trust PLC - Poll Results 2020
The European Smaller Companies Trust PLC - Terms of Reference of the Nominations Committee
The European Smaller Companies Trust PLC - Terms of Reference of the Audit Committee
The European Smaller Companies Trust PLC - Terms of Reference of the Management Engagement Committee

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
The European Smaller Companies Trust Fund Manager Commentary – August 2022
22 Sep 2022
Investment Insights

The European Smaller Companies Trust Fund Manager Commentary – August 2022

Ollie Beckett, Portfolio Manager of The European Smaller Companies Trust, delivers an update on the Trust highlighting the key drivers of performance and portfolio activity in August.

3 min read

The European Smaller Companies Trust Fund Manager Commentary – July 2022
23 Aug 2022
Investment Insights

The European Smaller Companies Trust Fund Manager Commentary – July 2022

Ollie Becket, Portfolio Manager of The European Smaller Companies Trust, delivers an update on the Trust highlighting the key drivers of performance in July and recent portfolio activity. Ollie also provides an outlook for the coming months.

6 min read

The European Smaller Companies Trust – Investing in the market leaders of tomorrow
9 Aug 2022
Investment Insights

The European Smaller Companies Trust – Investing in the market leaders of tomorrow

In this article, Ollie Beckett, Portfolio Manager of The European Smaller Companies Trust (ESCT), formerly the TR European Growth Trust, examines what the market leaders of tomorrow might look like and focuses on the prospects for specific stocks within key areas.

5 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 trust's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio diversified across more countries.
  • Where the trust invests in assets which are denominated in currencies other than the base currency then 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 price may fluctuate more than that of larger companies.
  • This trust is suitable to be used as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this trust.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times.
  • The trust could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the trust.
  • 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 trust’s shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the trust. As a result losses (or gains) may be higher or lower than those of the trust’s assets.
  • The trust may use gearing as part of its investment strategy. If the trust utilises its ability to gear, the profits and losses incured by the trust can be greater than those of a trust that does not use gearing.
  • Derivatives use exposes the trust to risks different from, and potentially greater than, the risks associated with investing directly in securities and may therefore result in additional loss, which could be significantly greater than the cost of the derivative.
  • If the trust seeks to reduce risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or detrimental.
  • 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.