Europe

Introduction to Europe

European funds focus on companies that are domiciled in Europe. These could be companies that generate the majority of their revenues domestically or those that have extensive revenues from outside Europe. Equally, some funds will take a broad definition of Europe - including Scandinavia and even Eastern Europe, while others will limit their investment universe to developed Europe or the EU.

Among the European stock markets, Germany and Switzerland are the largest. Germany is characterised by its high quality exporters - car companies BMW and Volkswagen, electronics group Siemens - while Switzerland holds high quality consumer goods companies such as Nestle, Richemont or Swatch. Benchmark indices include the Eurofirst 300 or MSCI Europe, plus individual indices such as the French CAC 40 or German Dax.

European markets tend to be seen as 'cyclical', more sensitive to the global economic outlook. They may rise faster than other developed stock markets at times of economic expansion, but may also all further than other stock markets at times of risk aversion among investors. European managers follow a variety of styles, some prioritising quality global companies, others preferring more domestically focused smaller companies.

The tax treatment of investments is subject to tax law and HMRC practice which are subject to change. The value of investments may be affected by exchange rate movements where the underlying investments are not denominated in Pounds Sterling.

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington European Z Acc22.8626.9397.5668.472.23Buy
AXA Pan European High Yield Bond Z Gross Acc9.9820.5765.6127.705.83Buy
AXA Pan European High Yield Bond Z Acc8.7316.4456.4127.704.99Buy
AXA Rosenberg European Z Acc22.6325.0376.5219.053.98Buy
Aberdeen Euro Corporate Bond I Acc24.6316.8434.3031.890.60Buy
Aberdeen European Equity I Acc28.5722.8069.39311.811.80Buy
Aberdeen European High Yield Bond I Acc6.9917.2256.31150.995.90Buy
Aberdeen European Property Share I Acc13.0353.1098.3973.582.80Buy
Aberdeen European Smaller Companies Equity I Acc22.0019.6064.58108.731.30Buy
Aberdeen Global European Equity X2 EUR5.819.4256.50207.892.10Buy
Aberdeen Global European Equity I2 EUR5.859.5457.73207.892.10Buy
Aberdeen Global European Equity Ex UK R2 GBP26.5919.9964.83109.791.40Buy
Aberdeen Global European Equity Dividend X2 EUR6.1710.1451.9773.872.90Buy
Aberdeen Global European Equity Dividend I2 EUR6.2210.2653.1473.873.00Buy
Aberdeen Global Russian Equity X231.67-6.4213.2316.840.70Buy
Aberdeen Global Russian Equity I231.73-6.3214.5316.840.70Buy
Aberdeen Global Select Euro High Yield Bond X2 EUR7.5519.5053.40957.684.76Buy
Aberdeen Global Select Euro High Yield Bond I2 EUR7.6019.6565.68957.684.80Buy
Aberdeen Global II European Convertibles Bond X20.7612.3742.39158.710.92Buy
Aberdeen Global II European Convertibles Bond I20.7912.5143.54158.710.96Buy

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington European Z Inc22.8725.6793.9068.472.23Buy
AXA Pan European High Yield Bond Z Gross Inc10.0420.5865.6827.706.00Buy
AXA Pan European High Yield Bond Z Inc8.7916.4456.7227.704.90Buy
Aberdeen Euro Corporate Bond I Inc24.6316.7834.2531.890.60Buy
Aberdeen European High Yield Bond I Inc6.9817.1956.30150.995.90Buy
Aberdeen European Property Share I Inc13.0153.0597.9573.582.80Buy
Aberdeen Global Select Euro High Yield Bond X1 EUR7.5519.5053.38957.684.76Buy
Aberdeen Global Select Euro High Yield Bond R1 GBP25.3722.7462.90957.684.76Buy
Aberdeen Global II European Convertibles Bond I10.8012.5143.19158.710.96Buy
Aberdeen Global II Euro Government Bond X16.9122.1534.93240.860.06Buy
Aberdeen Global II Euro Short Term Bond X11.092.135.08122.94-0.03Buy
Allianz Europe Equity Growth P GBP27.7538.89103.806,852.65-Buy
Allianz European Equity Income C Inc19.4023.4965.4323.793.42Buy
Artemis European Opportunities I Inc23.2333.83-278.281.34Buy
Artemis European Opportunities I Hedged Inc5.9626.72-278.281.49Buy
Baillie Gifford European B Inc34.5436.81114.09188.241.36Buy
Barclays Europe (ex-UK) Alpha R Dis GBP12.9324.0184.9738.901.40Buy
Baring Europe Select I Inc GBP34.7955.75144.911,722.401.40Buy
Baring European Growth I Inc GBP17.4825.8687.3575.901.80Buy
Baring German Growth I Inc GBP27.5836.52109.07416.171.40Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
AXA Property Trust Limited Ord NPV16.8041.7438.49-17.7268.82Buy
Adams PLC Ord EUR0.01-51.43-10.531,061.26--Buy
Alcentra European Floating Rate Income Limited Ord1.387.06--5.12104.47Buy
Alpha Pyrenees-83.00-98.45-99.658,375.04-Buy
BlackRock Greater Europe IT18.2522.9282.62-3.55289.15Buy
Bluefield Solar Income Limited11.8321.64--100.13Buy
CVC Credit Partners European Opportunities Limited Ord EUR2.006.83---Buy
Dolphin Capital Investors-64.50-86.17-83.49-87.9044.00Buy
Duet Real Estate Finance Limited Ord42.89125.94147.76470.061.15Buy
Dunedin Enterprise IT plc5.12-13.4637.75-31.47475.70Buy
European Assets Trust11.5238.98162.84-2.391,088.50Buy
European Real Estate Investment Trust Limited61.37164.4244.87-24.22225.00Buy
Fidelity European Values PLC14.0426.47101.76-12.67204.75Buy
Gresham House Strategic Plc 50P3.82-30.3740.32-1,084.90Buy
Hammerson plc-1.2926.6680.38-678.00Buy
Hansteen Holdings PLC6.7139.71108.48-2.74120.50Buy
Henderson Euro Trust12.4327.86123.65-9.741,019.30Buy
Henderson European Focus Trust Ord 50P10.5235.45142.10-5.871,141.00Buy
JP Morgan European IT Growth11.3927.83105.74-9.67274.55Buy
JP Morgan European IT Income7.9032.39101.24-10.98143.79Buy

ETFs

Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
Amundi ETF MSCI Europe Energy GBP24.9438.363.4122.24GBXCommodity & EnergyBuy
Amundi ETF MSCI Europe Ex UK GBP14.7121.7323.7573.62GBXEquity - Europe ex UKBuy
Amundi ETF MSCI Europe Healthcare GBP13.7413.2436.01103.35GBXEquity - Pharma Health & BiotechBuy
Amundi ETF MSCI Italy GBP1.90-6.041.1019.40GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Spain GBP12.0611.105.8120.30GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Europe Minimum Volatility Factor UCITS ETF GBP13.2225.2835.23104.39GBXEquity - Europe inc UKBuy
DB X-Trackers II Eonia UCITS ETF 2C GBP10.2016.362.76-0.56GBXCurrency - EuroBuy
DB X-Trackers MSCI Russia Capped Index UCITS ETF 1D GBP31.6647.19-11.83-0.39GBXEquity - Europe Single CountryBuy
DB X-Trackers STOXX Europe 600 Oil & Gas UCITS ETF 1C GBP24.7239.402.3621.46GBXCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Utilities UCITS ETF 1C GBP14.0624.3224.0934.09GBXEquity - Other SpecialistBuy
DB X-Trackers Stoxx Europe 600 Basic Resources UCITS ETF 1C GBP47.1056.94-4.67-3.11GBXCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Banks Short Daily UCITS ETF 1C GBP3.2725.33-4.92-GBPEquity - FinancialBuy
DB X-Trackers Stoxx Europe 600 Banks UCITS ETF 1C GBP8.36-6.32-14.3917.29GBXEquity - FinancialBuy
DB X-Trackers STOXX Europe 600 Food & Beverage UCITS ETF 1C GBP16.4132.9045.83105.04GBXEquity - Other SpecialistBuy
DB X-Trackers STOXX Europe 600 Health Care UCITS ETF 1C GBP16.4716.6642.90105.57GBXEquity - Pharma Health & BiotechBuy
DB X-Trackers Stoxx Europe 600 Insurance UCITS ETF 1C GBP7.7014.0031.39114.31GBXEquity - FinancialBuy
DB X-Trackers Stoxx Europe 600 Technology UCITS ETF 1C GBP22.5542.1140.21110.17GBXEquity - Tech Media & TelecomBuy
DB X-Trackers Stoxx Europe 600 Telecommunication UCITS ETF 1C GBP3.6010.0924.0950.06GBXEquity - Tech Media & TelecomBuy
DB X-Trackers Stoxx Europe 600 Industrial Goods UCITS ETF 1C GBP18.2034.0122.9089.26GBXEquity - Other SpecialistBuy
DB X-Trackers DAX UCITS ETF (DR) - Income 1D GBP15.5427.7622.21-GBPEquity - Europe Single CountryBuy

VCTs

Name1 Year (%)3 Years (%)5 Years (%)NAVDiscountNDYSector
Hazel Renewable Energy VCT1 PLC A Shs 0.1P0.508,668.418,668.410.104,949.85-VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT1 PLC Ord 0.1P8.7857.4646.26116.58-8.654.69VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT2 PLC A Shs 0.1P0.508,668.418,668.410.104,949.85-VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT2 PLC Ord 0.1P20.5458.2646.99111.62-4.584.69VCT Specialist EnvironmentalBuy
KW Europe Real Estate PLC Ord NPV-7.77--1,233.80-20.574.60Property - Direct EuropeBuy

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