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Brief

Royal London&#39s £130m European growth fund is sixth out of 1,495 unit trusts over the last year with growth of 31.5 per cent.

The fund is one of the few in the top 10 to invest in Europe. Most of the others are North American funds. The Royal London fund, which is managed by Mark Greenhoff, is weighted mainly in services and financials.

Consumer goods and services make up 32.5 per cent of the fund and financials account for 23.5 per cent of the portfolio. Basic industries contribute 14.2 per cent and capital goods make up 11.8 per cent. The remaining 8.1 per cent of the fund is invested in utilities.

The fund is overweight in France and Spain and underweight in Germany although Royal London says this is of less significance than the individual stocks held in the fund.

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