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 Acc15.9943.9774.8768.591.77Buy
AXA Pan European High Yield Bond Z Gross Acc5.9721.4439.7225.905.83Buy
AXA Pan European High Yield Bond Z Acc5.7718.5532.8025.904.99Buy
AXA Rosenberg European Z Acc18.9343.5681.4420.932.44Buy
Aberdeen Euro Corporate Bond I Acc8.5818.8626.8427.760.80Buy
Aberdeen European Equity I Acc20.2445.2566.94198.801.00Buy
Aberdeen European High Yield Bond I Acc6.7119.2234.5192.765.60Buy
Aberdeen European Property Share I Acc21.4644.4683.2287.753.20Buy
Aberdeen European Smaller Companies Equity I Acc22.8653.6569.7868.180.60Buy
Aberdeen Global European Equity Ex UK R2 GBP20.2541.4565.5294.001.50Buy
Alken Absolute Return Europe GB1 GBP18.0816.9949.53988.48-Buy
Alken European Opportunities GB1---2,597.00-Buy
Allianz Continental European C25.5459.0084.97144.190.92Buy
Allianz European Equity Income C Acc17.6341.8782.4125.693.41Buy
Artemis European Growth I Acc24.9657.35114.13200.041.39Buy
Artemis European Opportunities I Hedged Acc23.5439.3685.81393.011.45Buy
Artemis European Opportunities I Acc27.2057.12101.60393.011.36Buy
Artemis Pan-European Absolute Return I Hedged Acc GBP4.3725.99-188.61-Buy
Baillie Gifford European B Acc27.1269.13115.56426.081.12Buy
Barclays Europe (ex-UK) Alpha R Acc GBP19.2535.3478.0341.401.40Buy

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington European Z Inc15.9243.8172.2068.591.81Buy
AXA Pan European High Yield Bond Z Gross Inc5.9321.4039.6925.906.00Buy
AXA Pan European High Yield Bond Z Inc5.8618.6133.1125.904.90Buy
Aberdeen Euro Corporate Bond I Inc8.5918.8626.8427.760.80Buy
Aberdeen European High Yield Bond I Inc6.7019.1934.4992.765.60Buy
Aberdeen European Property Share I Inc21.4444.4083.0987.753.20Buy
Aberdeen Global Select Euro High Yield Bond R1 GBP10.4432.9748.231,051.594.65Buy
Allianz Europe Equity Growth P NAV GBP22.0152.2683.597,239.68-Buy
Allianz European Equity Income C Inc16.9838.9277.3325.692.98Buy
Artemis European Opportunities I Inc27.2157.13101.61393.011.39Buy
Artemis European Opportunities I Hedged Inc23.7239.9885.28393.011.47Buy
Baillie Gifford European B Inc27.0569.15115.51426.081.12Buy
Barclays Europe (ex-UK) Alpha R Dis GBP19.1535.2277.5141.401.40Buy
Baring Europe Select I Inc GBP26.4877.10137.472,197.601.40Buy
Baring European Growth I Inc GBP26.6758.01102.5696.201.80Buy
Baring German Growth I Inc GBP30.2271.65120.32756.101.40Buy
Baring Russia R Inc GBP8.51109.7830.9048.10-Buy
BlackRock Continental European D Inc23.3354.7891.55457.210.95Buy
BlackRock Continental European Income D Inc22.5350.99107.491,794.663.81Buy
BlackRock Continental European Income D Hedged Inc20.15--1,794.663.82Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
AXA Property Trust Limited Ord NPV-8.3546.2278.90-10.6564.49Buy
Adams PLC Ord EUR0.0119.05-45.55370.23--Buy
Alcentra European Floating Rate Income Limited Ord3.027.4220.38-6.48105.06Buy
Alpha Pyrenees33.33-94.59-99.39-95.832.40Buy
Axiom European Financial Debt Fund Limited Ord20.37---0.08104.58Buy
BlackRock Greater Europe IT24.0554.3987.04-5.15346.35Buy
Bluefield Solar Income Limited11.0732.58-5.93107.85Buy
CVC Credit Partners European Opportunities Limited Ord GBP14.4726.57-0.54111.65Buy
CVC Credit Partners European Opportunities Limited Ord EUR12.9324.12-1.211.09Buy
Chenavari Capital Solutions Limited Red Ord NPV Inc GBP14.1310.20--2.7892.96Buy
Dolphin Capital Investors-16.06-76.50-73.68-67.4221.10Buy
Dunedin Enterprise IT plc87.8386.3257.15-29.07569.60Buy
European Assets Trust36.3758.57157.581.411,267.13Buy
Fidelity European Values PLC30.0351.7597.52-9.01246.84Buy
Gresham House Strategic Plc 50P13.10-0.15-4.15-24.881,144.20Buy
Greencoat Renewables PLC ORD EUR0.01-----Buy
Hammerson plc0.86-1.8727.95--Buy
Hansteen Holdings PLC24.1546.53116.01-3.09132.50Buy
Henderson Euro Trust33.5059.67133.34-2.081,211.20Buy
HgCapital Trust plc Ord22.0987.07105.35-3.371,806.40Buy

ETFs

Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
Amundi ETF MSCI Europe Energy GBP10.7312.8252.1836.62GBXCommodity & EnergyBuy
Amundi ETF MSCI Europe Ex UK GBP0.3319.6045.2580.07GBXEquity - Europe ex UKBuy
Amundi ETF MSCI Europe Healthcare GBP-8.4210.4518.2769.74GBXEquity - Pharma Health & BiotechBuy
Amundi ETF MSCI Germany GBP1.5720.8748.3682.63GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Italy GBP5.4224.5937.0358.36GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Spain GBP-4.7120.0720.6658.96GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Europe Minimum Volatility Factor UCITS ETF GBP-2.4115.8239.9685.59GBXEquity - Europe inc UKBuy
BMO Enhanced Income Euro Equity UCITS ETF----GBPEquity - Europe ex UKBuy
BMO MSCI Europe ex-UK Income Leaders GBP Hedged2.3516.04--GBPEquity - Europe ex UKBuy
Boost EURO STOXX 50 3x Leverage Daily ETP2.9845.1641.05123.32EUREquity - Europe ex UKBuy
Boost EURO STOXX 50 3x Short Daily ETP-8.86-40.94-79.15-92.69EUREquity - Europe ex UKBuy
DB X-Trackers II Iboxx Sovereigns Eurozone UCITS ETF 1C EUR0.611.466.3922.21EURFixed Int - EUR GovernmentBuy
DB X-Trackers MSCI Russia Capped Index UCITS ETF 1D GBP14.20-1.2279.034.43GBPEquity - Europe Single CountryBuy
DB X-Trackers STOXX Europe 600 Oil & Gas UCITS ETF 1C GBP7.1010.1849.4329.23GBPCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Utilities UCITS ETF 1C GBP-1.1620.9021.4955.24GBPEquity - Other SpecialistBuy
DB X-Trackers Stoxx Europe 600 Basic Resources UCITS ETF 1C GBP14.9118.0454.2121.76GBPCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Banks UCITS ETF 1C GBP4.6717.3315.6240.41GBPEquity - FinancialBuy
DB X-Trackers STOXX Europe 600 Food & Beverage UCITS ETF 1C GBP2.6420.1148.4674.43GBPEquity - Other SpecialistBuy
DB X-Trackers STOXX Europe 600 Health Care UCITS ETF 1C GBP-5.7713.3625.7879.35GBPEquity - Pharma Health & BiotechBuy
DB X-Trackers Stoxx Europe 600 Technology UCITS ETF 1C GBP4.1033.8772.93124.21GBPEquity - Tech Media & TelecomBuy

VCTs

Name1 Year (%)3 Years (%)5 Years (%)NAVDiscountNDYSector
Hazel Renewable Energy VCT1 PLC A Shs 0.1P-0.508,668.410.104,950.00-VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT1 PLC Ord 0.1P4.6513.8483.84116.40-8.514.69VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT2 PLC A Shs 0.1P-0.508,668.410.104,950.00-VCT Specialist EnvironmentalBuy
Hazel Renewable Energy VCT2 PLC Ord 0.1P4.8526.3985.13115.50-7.794.69VCT Specialist EnvironmentalBuy

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