Strategy

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The endless grinding negativity of Brexit has driven investors away from Europe in scores, leaving rich pickings for opportunistic buyers...
William Sobczak
Last update 28 November 2018

It was only last year that Europe was considered one of the hottest places to invest, and we produced research (‘En Garde!’) highlighting the sheer pace at which discounts were narrowing. At the same time, the IA Europe sector was witnessing its highest inflows since 2015. Over a one-year period, to the end of July 2017, the average trust in the sector had delivered NAV total returns of 26% which – supported by that closing discount – translated to share price total returns of 39%. To put that in context, the average fund in the sector outperformed the average fund in any and all of the Investment Association’s other OEIC sectors over the same period.

However, this has all but completely been forgotten and, rightly or wrongly, Europe is now one of the most out of favour regions in the world. Having met with multiple European fund managers, there appears to be a wide discrepancy between the opportunities managers are seeing on the ground in Europe, and the sentiment of retail investors. We look at a range of investment trusts and examine the case for Europe.

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Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.