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F&C European Assets Trust falls 10% in total returns

Interim figures from the F&C European Assets Trust show a 10.1 per cent fall in total returns performance in Sterling terms for the six months to 30 June 2008.

European Assets Trust is a London Stock Exchange listed investment trust managed by Crispin Longden from F&C Asset Management.

However, the trust, which targets Continental European small and mid cap companies, out performed during the first half of 2008 as the HSBC Smaller Europe Index, which excludes UK declined 11.9 per cent in Sterling total return terms over the same period.

Two dividends of 0.21p (€0.27) per share each were paid in January and May 2008 with a further dividend due in August 2008.

Commenting on the figures Longden says: “The result would have been considerably poorer had it not been for a rally in April and May, triggered by the dramatic rescue of the US investment bank, Bear Stearns which kindled hopes that the worst of the credit crisis might be past.

“The Company’s current portfolio of stocks in aggregate is trading on a ratio of less than one times, that is the price earnings ratio is less than the rate of long-term average earnings growth. A PEG ratio of less than one can serve as a useful indicator that a given stock or portfolio is cheap and holds out the prospect of share price appreciation despite the unremitting gloomy equity market sentiment.”


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