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Published Time: Wed, 18 Jun 2025 21:09:15 GMT

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# European Assets Trust PLC 

# As at 31 May 2025 

inv.trusts@columbiathreadneedle.com | 0345 600 3030 | www.europeanassets.co.uk Page 1 of 3

## Fund manager 

## Mine Tezgul 

## Manager Commentary 

The company ’s benchmark index rose by 6.0% in sterling total return terms during May. The company delivered a positive NAV total 

return of 7.6 %, outperforming the index in a month of continued volatility on the international stage caused by negotiations, variations 

and temporary postponements of President Trum p’s tariff programme. In the latest twist, there has been a court challenge in the US 

questioning the legality of the new tariff programme. 

The proposed US tariffs had boosted safe -haven assets and there appear to be more victims in the US than elsewhere. Equities 

recovered their poise in May, even as the ultimate outcome of trade negotiations remained uncertain. The impact of the propos ed tariffs 

varies by region – Europe (via the EU) seems to have fared worse than the UK, but not as badly as China and oth er Asian countries. 

News that the US and China had agreed to reduce bilateral tariffs contributed to the rally across equity markets. While government bond 

yields rose in the US and UK, as investors focused on growing fiscal deficits, Europe was better positioned compared to other regions 

with more room for interest rate cuts. The May Purchasing Manager’s Indices (a widely used economic indicator) for the Eurozo ne 

unexpectedly dipped into contractionary territory, sparking jitters that the eurozone econo mic recovery could be stalling, but this also 

supported the case for lower interest rates - despite inflation in April remaining the same as the previous month and slightly above the 

ECB’s target. 

Within the portfolio, good performance came from RENK and Rheinmetall, German stocks that are benefiting from renewed interest in 

the defence sector. They are both relatively recent additions to the portfolio and have made a positive contribution to retur ns so far. 

RENK’s Q1 results and accompanying outlook state ment were encouraging, but broker upgrades and share price appreciation had more 

to do with overall sentiment towards the sector. The same was true of Rheinmetall, which announced plans to increase artiller y shell 

production capacity. Kardex, the Swiss pro vider of warehouse storage and retrieval systems, also performed well, recovering after 

earlier weak performance on tariff concerns. The company is expected to benefit from increased European infrastructure expend iture. 

In terms of weaker performers, Vidra la, the Spanish wine -bottle maker, drifted following the announcement of quarterly results which 

were unexciting. Siegfried, the Swiss provider of pharmaceutical ingredients, also turned in pedestrian performance, with som e minor 

broker downgrades and conc erns over US tariffs. Elia Systems, which provides equipment for electricity transmission in Germany and 

Belgium, saw the shares mark time after stronger performance earlier in the year. 

## Key risks 

Stock market movements may cause the value of investme nts and the income from them to fall as well as rise and 

investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on 

the value, price or income of investments. If markets fall, gearing can magnify t he negative impact on performance. 

Where investments are made in smaller companies, their potential volatility may increase the risk to the value of, and the 

income from the investment. 

The mention of any specific shares or bonds should not be taken as a recommendation to deal. 

Past performance does not predict future returns. 

## Key facts as at 31.05.2025 

Trust aims: To achieve growth of capital through 

investment in quoted small and medium -sized 

companies in Europe, excluding the United Kingdom. 

A high distribution policy has been adopted and 

dividends are paid from a mix of income and capital 

reserves. 

Trust highlights: Diversified portfolio of small to mid -

cap growth businesses across Continental Europe 

and Ireland. This area of the market is less well 

researched, allowing value to be added from stock 

selection. 

Benchmark: MSCI Europe ex UK SMID Cap 

Index† 

Fund type: Investment Trust 

Launch date: 1972 

Total assets: £383.9 million 

Share price: 87.40p 

NAV: 98.43p 

NAV: €1.17 

Discount/premium( -/+): -11.21% 

Dividend payment dates: Jan, Apr, 

Jul, Oct 

Yield †† : 6.32% 

Net gearing/Net cash*: 4.1 0% / 0.0 0%

Management fee rate**: 0.75% 

Ongoing charges**: 1.01% 

Year end: 31 December 

Sector: European Smaller Companies 

Currency: Euros 

Website: www.europeanassets.co.uk 

**Ongoing charges calculated in accordance with AIC 

recommendations. Please refer to the latest annual report 

as to how the fee is structured. 

## Morningstar rating †European Assets Trust PLC 

inv.trusts@columbiathreadneedle.com | 0345 600 3030 | www.europeanassets.co.uk Page 2 of 3

## Fund performance as at 31.05.25 

## Cumulative performance as at 31.05.25 (%) 

1 Month YTD 1 Year 3 Years 5 Years 

NAV 7.62 10.38 0.97 11.28 27.20 

Share price 4.05 11.93 4.01 6.55 29.08 

Benchmark 5.99 17.40 11.88 23.19 58.76 

## Discrete annual performance as at 31.05.25 (%) 

2025/24 2024/23 2023/22 2022/21 2021/20 

NAV 0.97 13.52 -2.91 -20.60 43.96 

Share price 4.01 8.25 -5.36 -20.84 53.05 

Benchmark 11.88 15.95 -5.04 -8.71 41.18 

Past performance is not a guide to future performance. Source: Columbia Threadneedle Investments and LIPPER. Basis: Percentage growth, total return, bid to bid price with net incom e

reinvested in Sterling. The discrete performance table refers to 12 month periods, ending at the date shown. 

## Trust codes 

Stock exchange code: EAT 

Sedol: BD0BSY3 

## Top 10 holdings (%) 

Portfolio 

Weight 

Benchmark 

Weight Difference Sector 

Rheinmetall 5.8 3.4 2.4 Industrials 

CTS Eventim 3.4 0.3 3.1 Consumer Discretionary 

Elis 3.2 0.2 3.0 Industrials 

Ringkjoebing 

Landbobank 3.1 0.2 2.9 Financials 

Cairn Homes 2.9 0.1 2.8 Consumer Discretionary 

Nordnet 2.5 0.1 2.4 Financials 

FinecoBank 2.4 0.5 1.9 Financials 

Bank of ireland 2.3 0.5 1.8 Financials 

Konecranes 2.3 0.2 2.1 Industrials 

Storebrand 2.2 0.2 2.0 Financials     

> All figures are subject to rounding.
> 0
> 10
> 20
> 30
> 40
> 50
> 60
> 70
> 1 Month YTD 1 Year 3 Years 5 Years
> %

NAV Share Price Benchmark European Assets Trust PLC 

# To find out more visit columbiathreadneedle.com 

All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. All percentages are based on gros s assets. †With effect from 1 June 2023. Previously EMIX Smaller 

European Companies (ex UK) Index. ††The yield is calculated using the dividends declared for the company’s current financial year and the closing share price and exchange rate as at the end o f the 

relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents 

expressed as a percentage of shareholders funds after any offset against gearing. **A reduced management fee of 0.55% per ann um is charged on funds under management in excess of €300 millio n. 

***Ongoing charges calculated in accordance with AIC recommendations and as disclosed in the latest annual report. The share price may either be below (at a discount) or above (at a premium) to the 

NAV. Discounts and premiums vary continuously. Performa nce information excludes any product charges which can be found in the Key Investor Document (“KID”) for the relevant product .

© 2025 Columbia Threadneedle Investments . Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. 

This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK .

European Assets Trust PLC is an investment trust and its Ordinary Shares are traded on the main market of the London Stock Exchange. 

English language copies of the key information document (KID) can be obtained from Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6AG. Email: 

inv.trusts@columbiathreadneedle.com or elect ronically at www.columbiathreadneedle.com. Please read before taking any investment decision. 

The information provided in the marketing material does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or othe rwise transact in the fund. The manager 

has the right to terminate the arrangements made for marketing. 

Financial promotions are issued for marketing and information purposes; in the United Kingdom by Columbia Threadneedle Manage ment Limited, which is aut horised and regulated by the Financial 

Conduct Authority; in the EEA by Columbia Threadneedle Netherlands B.V., which is regulated by the Dutch Authority for the Fi nancial Markets (AFM); and In Switzerland: Issued by Threadneedle 

Portfolio Services A.G, ac ting as representative office of Columbia Threadneedle Management Limited. In the Middle East: This document is distributed b y Columbia Threadneedle Investments (ME) 

Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distribu tors: This document is intended to provide distributors with information about Group products and services and is 

not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only inte nded for persons with appropriate investment knowledge and who 

meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should ac t upon it. 

> †

© 2025 Morningstar. All Rights Reserved. Ratings are latest available at time of publication and may be lagged 1 month. The i nformation contained herein: (1) is proprietary to Morningstar and/or its 

content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible fo r any damages or losses 

arising from any use of this information. Past performance is no guarantee of future results. For more deta iled information about Morningstar Rating, including its methodology, please click here .

inv.trusts@columbiathreadneedle.com | 0345 600 3030 | www.europeanassets.co.uk Page 3 of 3

## Geographical breakdown (%) 

All figures are subject to rounding. 

## Net dividend distributions per share (£) 

2025 

January 0.0138 

March 0.0138 

July 0.0138 

October 0.0138 

Total 0.0552 

The Company has stated that, barring unforeseen circumstances, it will pay an annual 

dividend equivalent to 6 per cent of the Net Asset Value at the end of the preceding year. 

## Sector breakdown (%) 

## Glossary 

Bid price Investment trust shares are sold via the stock exchange at the bid 

price. This price is determined by supply and demand. 

Dividend Income paid to shareholders by the company they invest in. 

Net asset value A key measure of the value of a company or trust – the total value 

of assets less liabilities, divided by the number of shares. 

##  Germany 15.6 

##  France 13.3 

##  Switzerland 11.5 

##  Ireland 10.8 

##  Sweden 10.4 

##  Italy 9.1 

##  Netherlands 7.9 

##  Spain 4.9 

##  Denmark 4.2 

##  Norway 3.3 

##  Austria 2.6 

##  Finland 2.3 

##  Belgium 1.9 

##  Greece 1.1 

##  Lithuania 1.1 

##  Industrials 38.7 

##  Financials 22.2 

##  Consumer Discretionary 11.4 

##  Technology 6.6 

##  Consumer Staples 6.4 

##  Basic Materials 4.1 

##  Health Care 3.7 

##  Telecommunications 2.1 

##  Energy 1.8 

##  Utilities 1.5 

##  Real Estate 1.5