BAILLIE GIFFORD EUROPEAN GROWTH TRUST PLC The full Annual Report and Financial Statements can be accessed via the Company's website at www.theeuropeaninvestmenttrust.com or by contacting the Company Secretary by telephone on 0131 270 3800.
To achieve long-term capital growth through a diversified portfolio of Continental European securities. A detailed description of the Company's investment policy is set out in the Strategic Report below.
£312,239,000 at 30 September 2015.
£283,127,000 at 30 September 2015.
As at 30 September 2015 and at the date of this report, the Company had 42,069,371 ordinary shares of 25p each in issue.
The Company's ordinary shares are traded on the London Stock Exchange and the New Zealand Stock Exchange and can be bought or sold through a stockbroker or financial adviser. The ordinary shares are eligible for inclusion in ISAs, Junior ISAs and SIPPs. These are available through Alliance Trust Savings, who also offer the opportunity to invest in the Company through a dealing account. The Company's shares are also available on other share trading platforms.
The Company is a member of the Association of Investment Companies ('AIC').
Edinburgh Partners AIFM Limited (the 'AIFM').
The AIFM has delegated the function of managing the Company's investment portfolio to Edinburgh Partners Limited ('Edinburgh Partners' or the 'Investment Manager').
0.55% per annum of the Company's equity market capitalisation payable monthly in arrears.
Performance (rebased to 100 at 30 September 2005) | |||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
NAV per share | 100.0 | 117.0 | 143.6 | 95.9 | 101.5 | 104.1 | 89.6 | 97.6 | 122.9 | 128.1 | 118.8 |
Share price | 100.0 | 118.7 | 145.1 | 92.5 | 98.9 | 97.3 | 82.6 | 90.7 | 122.2 | 133.7 | 120.2 |
Earnings per share | 100.0 | 125.3 | 115.4 | 205.2 | 190.0 | 197.8 | 243.5 | 220.7 | 258.5 | 213.1 | 228.8 |
Dividends per share | 100.0 | 120.0 | 110.7 | 198.7 | 181.3 | 186.7 | 213.3 | 213.3 | 240.0 | 200.0 | 213.3 |
Retail price index | 100.0 | 103.6 | 107.7 | 113.1 | 111.5 | 116.7 | 123.2 | 126.5 | 130.5 | 133.4 | 134.4 |
Results for year | 30 September 2015 | 30 September 2014 | Change |
Shareholders' funds | £312.24m | £336.73m | (7.3)% |
Net asset value per ordinary share ('NAV') | 742.20p | 800.41p | (7.3)% |
Share price per ordinary share | 673.00p | 748.75p | (10.1)% |
Share price discount to NAV | 9.3% | 6.5% |
Year to 30 September 2015 | Year to 30 September 2014 | |
Revenue return per ordinary share* | 15.95p | 14.85p |
Capital return per ordinary share* | (59.16)p | 35.26p |
Total return per ordinary share* | (43.21)p | 50.11p |
Final dividend per ordinary share** | 14.00p | 14.00p |
Special dividend per ordinary share** | 2.00p | 1.00p |
Total dividend per ordinary share** | 16.00p | 15.00p |
* Based on the weighted average number of shares in issue during the year.
** Proposed dividend for the year.
Year's high/low | Year to 30 September 2015 | Year to 30 September 2014 |
NAV - high | 909.07p | 870.31p |
- low | 729.12p | 777.76p |
Share price - high | 843.50p | 794.50p |
- low | 665.00p | 690.00p |
Share price discount to NAV | ||
- low | 1.7% | 6.4% |
- high | 11.4% | 12.4% |
Performance | Year to 30 September 2015 | Year to 30 September 2014 |
NAV Total Return | (5.5)% | 6.4% |
FTSE All-World Europe ex UK Index Total Return* | (1.8)% | 5.3% |
* In sterling.
The NAV Total Returns are sourced from Edinburgh Partners and include dividends reinvested. The index performance figures are sourced from Thomson Reuters Datastream. Past performance is not a guide to future performance.
Cost of running the Company | Year to 30 September 2015 | Year to 30 September 2014 |
Ongoing charges* | 0.63% | 0.61% |
* Based on total expenses, excluding finance costs and certain non-recurring items, for the year and average monthly net asset value.
PORTFOLIO OF INVESTMENTSas at 30 September 2015
Rank 2015 | Rank 2014 | Company | Sector | Country | Valuation £'000 | % of Net Assets 2015 | % of Net Assets 2014 |
1 | 3 | BNP Paribas | Financials | France | 11,399 | 3.7 | 3.2 |
2 | 2 | Roche* | Health Care | Switzerland | 11,253 | 3.6 | 3.2 |
3 | 18 | United Internet | Technology | Germany | 11,080 | 3.5 | 2.6 |
4 | - | Bayer | Basic Materials | Germany | 10,880 | 3.5 | - |
5 | 6 | PostNL | Industrials | Netherlands | 10,732 | 3.4 | 3.1 |
6 | 5 | Novartis | Health Care | Switzerland | 10,649 | 3.4 | 3.1 |
7 | 13 | Ryanair | Consumer Services | Ireland | 10,446 | 3.3 | 2.7 |
8 | 10 | ENI | Oil and Gas | Italy | 10,037 | 3.2 | 2.9 |
9 | 27 | Total | Oil and Gas | France | 10,021 | 3.2 | 2.2 |
10 | 26 | KPN | Telecommunications | Netherlands | 9,675 | 3.1 | 2.3 |
11 | 17 | GAM | Financials | Switzerland | 9,596 | 3.1 | 2.6 |
12 | 8 | Sanofi | Health Care | France | 9,373 | 3.0 | 2.9 |
13 | 14 | Prysmian | Industrials | Italy | 9,301 | 3.0 | 2.7 |
14 | 11 | Royal Dutch Shell A | Oil and Gas | Netherlands | 8,999 | 2.9 | 2.9 |
15 | - | DIA | Consumer Services | Spain | 8,355 | 2.7 | - |
16 | - | Stora Enso | Basic Materials | Finland | 8,325 | 2.7 | - |
17 | - | Telecom Italia | Telecommunications | Italy | 8,294 | 2.7 | - |
18 | 28 | Swedbank A | Financials | Sweden | 8,244 | 2.6 | 2.1 |
19 | 12 | Valeo | Consumer Goods | France | 8,198 | 2.6 | 2.7 |
20 | 25 | Unipol Gruppo | |||||
Finanziario | Financials | Italy | 8,157 | 2.6 | 2.3 | ||
21 | 38 | Leoni | Industrials | Germany | 8,064 | 2.6 | 1.5 |
22 | - | Commerzbank | Financials | Germany | 7,937 | 2.5 | - |
23 | 15 | BBVA | Financials | Spain | 7,804 | 2.5 | 2.7 |
24 | - | E.ON | Utilities | Germany | 7,699 | 2.5 | - |
25 | - | DNB | Financials | Norway | 7,532 | 2.4 | - |
26 | - | Rocket Internet | Financials | Germany | 7,485 | 2.4 | - |
27 | 29 | SAP | Technology | Germany | 7,482 | 2.4 | 2.1 |
28 | - | Petroleum Geo-Services | Oil and Gas | Norway | 7,350 | 2.4 | - |
29 | 31 | Hexagon B | Technology | Sweden | 7,268 | 2.3 | 2.1 |
30 | 30 | ABB | Industrials | Switzerland | 7,062 | 2.3 | 2.1 |
31 | 34 | Aryzta | Consumer Goods | Switzerland | 6,675 | 2.1 | 2.0 |
32 | 22 | Piaggio | Consumer Goods | Italy | 6,019 | 1.9 | 2.4 |
33 | 36 | TDC | Telecommunications | Denmark | 5,945 | 1.9 | 1.8 |
34 | 9 | Delta Lloyd | Financials | Netherlands | 5,916 | 1.9 | 2.9 |
35 | 24 | Orange | Telecommunications | France | 5,770 | 1.8 | 2.4 |
36 | 37 | Outotec | Industrials | Finland | 4,675 | 1.5 | 1.8 |
37 | 39 | Ipsos | Consumer Services | France | 4,531 | 1.5 | 1.5 |
Prior year investments sold during the year | 30.3 |
Total equity investments | 308,228 98.7 99.1 |
Cash and other net assets | 4,011 1.3 0.9 |
Net assets | 312,239 100.0 100.0 |
* The investment is in non-voting preference shares. |
Of the ten largest portfolio investments as at 30 September 2015, the valuations at the previous year-end, 30 September 2014, were BNP Paribas £10,739,000; Roche £10,819,000; United Internet £8,704,000; Post NL £10,438,000; Novartis £10,482,000; Ryanair £9,036,000; ENI £9,747,000; Total £7,480,000; and KPN
£7,778,000. Bayer was a new purchase made during the year ended 30 September 2015.
Distribution of Investmentsas at 30 September 2015 (% of net assets)
Sector | % |
Financials | 23.7 |
Industrials | 12.8 |
Oil and Gas | 11.7 |
Health Care | 10.0 |
Telecommunications | 9.5 |
Technology | 8.2 |
Consumer Services | 7.5 |
Consumer Goods | 6.6 |
Basic Materials | 6.2 |
Utilities | 2.5 |
Cash and other net assets | 1.3 |
100.0 | |
Country | % |
Germany | 19.4 |
France | 15.8 |
Switzerland | 14.5 |
Italy | 13.4 |
Netherlands | 11.3 |
Spain | 5.2 |
Sweden | 4.9 |
Norway | 4.8 |
Finland | 4.2 |
Ireland | 3.3 |
Denmark | 1.9 |
Cash and other net assets | 1.3 |
100.0 | |
All of the Directors are non-executive and independent of the AIFM and the Investment Manager. Douglas C P McDougall OBE (Chairman)
William D Eason
Michael B Moule (Senior Independent Director) Dr Michael T Woodward
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