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 Acc9.8117.1281.0164.542.13Buy
AXA Pan European High Yield Bond Z Gross Acc7.5118.8365.5427.005.83Buy
AXA Pan European High Yield Bond Z Acc6.2814.8056.0927.004.99Buy
AXA Rosenberg European Z Acc11.4115.3067.6218.063.96Buy
Aberdeen Euro Corporate Bond I Acc21.9410.3231.9331.890.60Buy
Aberdeen European Equity I Acc13.6417.0254.99318.341.80Buy
Aberdeen European High Yield Bond I Acc5.3115.1257.24138.206.20Buy
Aberdeen European Property Share I Acc-1.9231.0277.1369.092.90Buy
Aberdeen European Smaller Companies Equity I Acc11.6916.6460.15112.191.30Buy
Aberdeen Global European Equity Ex UK R2 GBP12.3214.0651.49104.221.50Buy
Alliance Trust Sustainable Future European Growth 2 Acc9.1819.5175.58148.271.65Buy
Allianz Continental European C6.2925.5079.08109.721.08Buy
Allianz European Equity Income C Acc12.5417.6464.5022.984.07Buy
Argonaut Pan European Alpha A Acc GBP-0.896.3846.1797.10-Buy
Artemis European Growth I Acc13.1617.8292.03183.381.73Buy
Artemis European Opportunities I Acc7.1919.4082.22282.681.43Buy
Artemis European Opportunities I Hedged Acc-10.4414.9080.85282.681.54Buy
Artemis Pan-European Absolute Return I Hedged Acc GBP0.95--59.630.10Buy
Baillie Gifford European B Acc16.4526.9995.76182.781.45Buy
Barclays Europe (ex-UK) Alpha R Acc GBP0.9112.5571.5439.401.40Buy

OEICs and Unit Trusts

Name1 Year (%)3 Years (%)5 Years (%)Fund Size (M)Yield (%)
AXA Framlington European Z Inc9.7616.1977.7064.542.13Buy
AXA Pan European High Yield Bond Z Gross Inc7.4518.7465.5127.006.00Buy
AXA Pan European High Yield Bond Z Inc6.2414.7656.3527.004.90Buy
Aberdeen Euro Corporate Bond I Inc21.9410.3331.8931.890.60Buy
Aberdeen European High Yield Bond I Inc4.8714.6356.60138.206.20Buy
Aberdeen European Property Share I Inc-1.9331.0176.7469.092.90Buy
Aberdeen Global Select Euro High Yield Bond R1 GBP28.4220.0562.331,006.694.96Buy
Allianz European Equity Income C Inc11.6815.3460.2322.983.46Buy
Artemis European Opportunities I Inc7.1819.4182.24282.681.44Buy
Artemis European Opportunities I Hedged Inc-9.7414.5980.19282.681.57Buy
Baillie Gifford European B Inc16.4626.9895.62182.781.45Buy
Barclays Europe (ex-UK) Alpha R Dis GBP0.8712.5571.1039.401.40Buy
Baring Europe Select I Inc GBP19.4743.58133.741,774.301.40Buy
Baring European Growth I Inc GBP10.2817.8681.3678.101.80Buy
Baring German Growth I Inc GBP11.5922.6989.01434.751.40Buy
BlackRock Continental European D Inc7.4819.9883.75455.851.53Buy
BlackRock Continental European Income D Inc5.8524.0291.851,385.024.66Buy
BlackRock European Dynamic FD Inc8.1624.5699.661,905.991.35Buy
BlueBay Investment Grade Bond D GBP QIDiv1.878.4932.864,423.83-Buy
CF Odey Continental European Inst Inc11.474.8964.82149.920.49Buy

Investment Trusts

Name1 Year (%)3 Years (%)5 Years (%)DiscountNAV
AXA Property Trust Limited Ord NPV28.7776.0272.34-71.40Buy
Adams PLC Ord EUR0.01-40.74-23.81950.36--Buy
Alcentra European Floating Rate Income Limited Ord3.676.24--4.56103.86Buy
Alpha Pyrenees-62.49-98.80-99.657,378.01-Buy
Axiom European Financial Debt Fund Limited Ord-4.60---0.8993.33Buy
BlackRock Greater Europe IT7.8015.3474.09-5.21276.40Buy
Bluefield Solar Income Limited9.6131.64-5.1499.39Buy
CVC Credit Partners European Opportunities Limited Ord EUR3.5715.66---Buy
Dolphin Capital Investors-55.22-80.65-71.96-74.2229.09Buy
Duet Real Estate Finance Limited Ord553.871,918.402,135.17-6.92Buy
Dunedin Enterprise IT plc-0.38-18.3116.53-32.51473.00Buy
European Assets Trust-1.4025.13141.38-6.811,062.30Buy
European Real Estate Investment Trust Limited37.1486.9739.77-26.89225.00Buy
Fidelity European Values PLC2.7917.8788.29-13.20198.28Buy
Gresham House Strategic Plc 50P-7.16-32.0742.64-1,029.70Buy
Hammerson plc-12.9913.4058.73-678.00Buy
Hansteen Holdings PLC-2.8616.5389.07-11.87120.50Buy
Henderson Euro Trust3.7222.95104.88-8.11984.10Buy
Henderson European Focus Trust Ord 50P-0.2325.21128.69-7.591,123.20Buy
JP Morgan European IT Growth2.7716.4194.23-11.71271.84Buy

ETFs

Name6 Months (%)1 Year (%)3 Years (%)5 Years (%)CurrencySector
Amundi ETF MSCI Europe Energy GBP26.8431.787.6215.35GBXCommodity & EnergyBuy
Amundi ETF MSCI Europe Ex UK GBP8.7210.0416.0165.66GBXEquity - Europe ex UKBuy
Amundi ETF MSCI Europe Healthcare GBP-1.31-0.6418.1980.38GBXEquity - Pharma Health & BiotechBuy
Amundi ETF MSCI Italy GBP6.18-7.07-2.7520.10GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Spain GBP7.562.60-3.6819.72GBXEquity - Europe Single CountryBuy
Amundi ETF MSCI Europe Minimum Volatility Factor UCITS ETF GBP2.206.7621.5779.95GBXEquity - Europe inc UKBuy
DB X-Trackers II Eonia UCITS ETF 2C GBP8.9819.741.47-1.59GBXCurrency - EuroBuy
DB X-Trackers MSCI Russia Capped Index UCITS ETF 1D GBP38.0250.14-0.08-4.44GBXEquity - Europe Single CountryBuy
DB X-Trackers STOXX Europe 600 Oil & Gas UCITS ETF 1C GBP23.5729.674.8112.13GBXCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Utilities UCITS ETF 1C GBP-1.122.465.9118.65GBXEquity - Other SpecialistBuy
DB X-Trackers Stoxx Europe 600 Basic Resources UCITS ETF 1C GBP62.0973.509.550.34GBXCommodity & EnergyBuy
DB X-Trackers Stoxx Europe 600 Banks Short Daily UCITS ETF 1C GBP-4.4622.51-13.11-GBPEquity - FinancialBuy
DB X-Trackers Stoxx Europe 600 Banks UCITS ETF 1C GBP17.222.37-8.0542.09GBXEquity - FinancialBuy
DB X-Trackers STOXX Europe 600 Food & Beverage UCITS ETF 1C GBP-1.083.8624.7769.14GBXEquity - Other SpecialistBuy
DB X-Trackers STOXX Europe 600 Health Care UCITS ETF 1C GBP-1.382.0324.4382.88GBXEquity - Pharma Health & BiotechBuy
DB X-Trackers Stoxx Europe 600 Technology UCITS ETF 1C GBP12.1911.7424.4283.25GBXEquity - Tech Media & TelecomBuy
DB X-Trackers Stoxx Europe 600 Telecommunication UCITS ETF 1C GBP-6.19-7.935.6931.61GBXEquity - Tech Media & TelecomBuy
DB X-Trackers Stoxx Europe 600 Industrial Goods UCITS ETF 1C GBP13.1720.1818.9979.78GBXEquity - Other SpecialistBuy
DB X-Trackers DAX UCITS ETF (DR) - Income 1D GBP14.1313.3014.26-GBPEquity - Europe Single CountryBuy
DB X-Trackers Euro Stoxx 50 ex Financials UCITS ETF (DR) 1D GBP8.7810.1311.98-GBXEquity - Europe ex UKBuy

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-16.45--1,201.90-18.304.95Property - Direct EuropeBuy

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