BAILLIE GIFFORD EUROPEAN GROWTH TRUST PLC
THE EUROPEAN INVESTMENT TRUST PLC (the "Company")
PORTFOLIO HOLDINGS AS AT 31 DECEMBER 2014
% of Net
Rank Company Sector Country Assets
1 Ryanair Consumer Services Ireland 3.4
2 Valeo Consumer Goods France 3.2
3 Novartis Health Care Switzerland 3.1
4 Roche Health Care Switzerland 3.0
5 Orange Telecommunications France 3.0
6 PostNL Industrials Netherlands 3.0
7 BNP Paribas Financials France 2.9
8 Volkwagen* Consumer Goods Germany 2.9
9 United Internet Technology Germany 2.8
10 Royal Dutch Shell** Oil & Gas Netherlands 2.8
11 GAM Financials Switzerland 2.8
12 Nutreco Consumer Goods Netherlands 2.8
13 Delta Lloyd Financials Netherlands 2.8
14 Fresenius Medical Care Health Care Germany 2.8
15 Gerresheimer Health Care Germany 2.7
16 Prysmian Industrials Italy 2.7
17 Piaggio Consumer Goods Italy 2.7
18 BB Biotech Health Care Switzerland 2.7
19 Unipol Gruppo Finanziario Financials Italy 2.6
20 Sanofi Health Care France 2.6
21 GEA Industrials Germany 2.6
22 Danske Bank Financials Denmark 2.5
23 ENI Oil & Gas Italy 2.4
24 Heineken Consumer Goods Netherlands 2.4
25 KPN Telecommunications Netherlands 2.4
26 SAP Technology Germany 2.3
27 Leoni Industrials Germany 2.3
28 Hexagon Industrials Sweden 2.2
29 ABB Industrials Switzerland 2.2
30 Swedbank Financials Sweden 2.2
31 BBVA Financials Spain 2.2
32 DNB Financials Norway 2.2
33 Aryzta Consumer Goods Switzerland 2.1
34 Rocket Internet Financials Germany 2.1
35 Pirelli Consumer Goods Italy 2.0
36 Outotec Industrials Finland 1.9
37 Ipsos Consumer Services France 1.9
38 TDC Telecommunications Denmark 1.9
39 Total Oil & Gas France 1.8
40 Portugal Telecom Telecommunications Portugal 0.3
Total equity investments 99.2
Cash and net assets 0.8
100.0
* The investment is in non-voting shares
** The investment is in Class A ordinary shares
GEOGRAPHICAL DISTRIBUTION
31 December 2014 % of Net Assets
Germany 20.5
Netherlands 16.2
Switzerland 15.9
France 15.4
Italy 12.4
Denmark 4.4
Sweden 4.4
Ireland 3.4
Spain 2.2
Norway 2.2
Finland 1.9
Portugal 0.3
Cash and other net assets 0.8
100.0
SECTOR DISTRIBUTION
31 December 2014 % of Net Assets
Financials 22.3
Consumer Goods 18.1
Health Care 16.9
Industrials 16.9
Telecommunications 7.6
Technology 5.1
Oil & Gas 7.0
Consumer Services 5.3
Cash and other net assets 0.8
100.0
As at 31 December 2014, the net assets of the Company were £341,236,000.
16 January 2015
Enquiries:
Kenneth Greig
Edinburgh Partners AIFM Limited
0131 270 3800
The Company's registered office address is:
Beaufort House
51 New North Road
Exeter
EX4 4EPEUROPEAN INVESTMENT : Portfolio Holdings as at 31 December 2014
January 16, 2015 at 10:45 am EST
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