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 Acc30.7227.65101.9171.752.11Buy
AXA Pan European High Yield Bond Z Gross Acc11.8419.4862.4027.005.83Buy
AXA Pan European High Yield Bond Z Acc10.5815.3952.9027.004.99Buy
AXA Rosenberg European Z Acc33.0024.4788.7119.963.72Buy
Aberdeen Euro Corporate Bond I Acc20.0115.8236.3929.270.40Buy
Aberdeen European Equity I Acc32.5528.1769.85271.441.80Buy
Aberdeen European High Yield Bond I Acc9.2215.5854.17122.716.20Buy
Aberdeen European Property Share I Acc11.4439.40100.8168.943.00Buy
Aberdeen European Smaller Companies Equity I Acc33.7426.8177.68109.881.30Buy
Aberdeen Global European Equity Ex UK R2 GBP30.6424.8566.39115.811.60Buy
Alliance Trust Sustainable Future European Growth 2 Acc27.8629.8597.45166.021.47Buy
Allianz Continental European C25.5038.1299.87122.510.97Buy
Allianz European Equity Income C Acc32.0227.4984.0425.223.49Buy
Artemis European Growth I Acc32.8528.54117.46195.151.53Buy
Artemis European Opportunities I Hedged Acc7.6921.0490.66297.681.43Buy
Artemis European Opportunities I Acc25.4831.37106.49297.681.27Buy
Artemis Pan-European Absolute Return I Hedged Acc GBP9.49--74.530.09Buy
Baillie Gifford European B Acc39.4339.64115.80207.811.29Buy
Barclays Europe (ex-UK) Alpha R Acc GBP13.9817.0787.8036.601.40Buy
Baring German Growth I Acc GBP33.1932.11120.97407.281.30Buy

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington European Z Inc30.7526.7898.2171.752.11Buy
AXA Pan European High Yield Bond Z Gross Inc11.7719.3262.3527.006.00Buy
AXA Pan European High Yield Bond Z Inc10.6815.4053.2127.004.90Buy
Aberdeen Euro Corporate Bond I Inc20.0015.8036.3129.270.40Buy
Aberdeen European High Yield Bond I Inc9.2015.5854.17122.716.20Buy
Aberdeen European Property Share I Inc11.4239.42100.4068.943.00Buy
Aberdeen Global Select Euro High Yield Bond R1 GBP27.1523.5168.481,017.425.34Buy
Allianz European Equity Income C Inc31.1525.0479.3525.222.94Buy
Artemis European Opportunities I Inc25.5031.38106.52297.681.28Buy
Artemis European Opportunities I Hedged Inc8.5420.6889.95297.681.46Buy
Baillie Gifford European B Inc39.4439.61115.60207.811.29Buy
Barclays Europe (ex-UK) Alpha R Dis GBP13.9817.0987.3536.601.40Buy
Baring Europe Select I Inc GBP35.6950.93159.831,658.901.40Buy
Baring European Growth I Inc GBP30.0827.16103.0876.401.80Buy
Baring German Growth I Inc GBP33.2032.16118.12407.281.40Buy
BlackRock Continental European D Inc23.5829.54102.88496.731.37Buy
BlackRock Continental European Income D Inc21.8235.94113.321,483.234.18Buy
BlackRock European Dynamic FD Inc25.6632.87120.202,120.951.21Buy
CF Odey Continental European Inst Inc22.609.7478.13142.690.79Buy
CFIC Oriel European B Inc GBP21.3426.3887.3112.641.17Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
AXA Property Trust Limited Ord NPV17.2677.0988.72-13.1771.40Buy
Adams PLC Ord EUR0.01-10.00-18.18549.91--Buy
Alcentra European Floating Rate Income Limited Ord6.809.53--2.17105.29Buy
Alpha Pyrenees-25.00-98.85-99.69-96.882.40Buy
Axiom European Financial Debt Fund Limited Ord-4.60---2.8595.21Buy
BlackRock Greater Europe IT21.4123.6090.02-5.11304.03Buy
Bluefield Solar Income Limited13.8432.35-8.6699.39Buy
CVC Credit Partners European Opportunities Limited Ord EUR7.0115.79--1.991.06Buy
Dolphin Capital Investors-36.84-76.24-59.55-69.0629.09Buy
Duet Real Estate Finance Limited Ord29.8673.7582.614.776.92Buy
Dunedin Enterprise IT plc6.30-21.0310.26-35.31473.00Buy
European Assets Trust10.6630.27168.42--Buy
European Real Estate Investment Trust Limited14.9560.5547.63-27.11225.00Buy
Fidelity European Values PLC20.8530.59108.61-12.01217.19Buy
Gresham House Strategic Plc 50P-1.24-5.9756.08-28.991,119.50Buy
Hammerson plc0.6520.6775.85--Buy
Hansteen Holdings PLC6.8218.9096.38-3.79116.00Buy
Henderson Euro Trust20.9735.29132.28-8.471,079.70Buy
Henderson European Focus Trust Ord 50P24.2134.78148.32-7.031,235.30Buy
JP Morgan European IT Growth17.8025.26111.36-11.53303.64Buy

ETFs

Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
Amundi ETF MSCI Europe Energy GBP16.8670.4416.7324.91GBXCommodity & EnergyBuy
Amundi ETF MSCI Europe Ex UK GBP14.9731.8026.3585.26GBXEquity - Europe ex UKBuy
Amundi ETF MSCI Europe Healthcare GBP-1.0214.3428.1490.34GBXEquity - Pharma Health & BiotechBuy
Amundi ETF MSCI Italy GBP20.6217.498.5644.89GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Spain GBP18.8131.132.4840.67GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Europe Minimum Volatility Factor UCITS ETF GBP3.8121.3333.30100.86GBXEquity - Europe inc UKBuy
DB X-Trackers MSCI Russia Capped Index UCITS ETF 1D GBP33.14112.9817.3912.66GBXEquity - Europe Single CountryBuy
DB X-Trackers STOXX Europe 600 Oil & Gas UCITS ETF 1C GBP18.0866.4314.8421.36GBXCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Utilities UCITS ETF 1C GBP-2.9315.0716.2039.18GBXEquity - Other SpecialistBuy
DB X-Trackers Stoxx Europe 600 Basic Resources UCITS ETF 1C GBP41.70150.2921.115.00GBXCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Banks UCITS ETF 1C GBP39.2430.24-2.8958.18GBXEquity - FinancialBuy
DB X-Trackers STOXX Europe 600 Food & Beverage UCITS ETF 1C GBP-0.2718.9437.5786.99GBXEquity - Other SpecialistBuy
DB X-Trackers STOXX Europe 600 Health Care UCITS ETF 1C GBP-1.2315.7133.1792.68GBXEquity - Pharma Health & BiotechBuy
DB X-Trackers Stoxx Europe 600 Technology UCITS ETF 1C GBP17.0932.7542.31113.38GBXEquity - Tech Media & TelecomBuy
DB X-Trackers Stoxx Europe 600 Telecommunication UCITS ETF 1C GBP4.5010.1815.5354.86GBXEquity - Tech Media & TelecomBuy
DB X-Trackers Stoxx Europe 600 Industrial Goods UCITS ETF 1C GBP17.3943.5125.5989.78GBXEquity - Other SpecialistBuy
DB X-Trackers DAX UCITS ETF (DR) - Income 1D GBP20.4438.2024.07-GBPEquity - Europe Single CountryBuy
DB X-Trackers Euro Stoxx 50 ex Financials UCITS ETF (DR) 1D GBP13.4135.0625.71-GBXEquity - Europe ex UKBuy
DB X-Trackers EURO Stoxx 50 Short Daily UCITS ETF 1C GBP-8.16-7.36-23.53-51.31GBXEquity - Europe ex UKBuy
DB X-Trackers EURO Stoxx Select Dividend 30 UCITS ETF (DR) 1D GBP19.4140.0838.1076.25GBXEquity - Europe ex UKBuy

VCTs

Name1 Year (%)3 Years (%)5 Years (%)NAVDiscountNDYSector
Hazel Renewable Energy VCT1 PLC A Shs 0.1P-8,668.418,668.41---VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT1 PLC Ord 0.1P5.6957.4646.26--4.69VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT2 PLC A Shs 0.1P-8,668.418,668.41---VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT2 PLC Ord 0.1P5.6958.2646.99--4.69VCT Specialist EnvironmentalBuy
KW Europe Real Estate PLC Ord NPV-11.69----5.08Property - Direct EuropeBuy

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