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For financial professionals in the UK

European Smaller Companies Fund

ISIN
GB0007476426

NAV
GBP 3,815.00p
As of 20/12/2024

1-Day Change
GBP -30.00p (-0.78%)
 As of 20/12/2024

Morningstar Rating

As of 30/11/2024

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 31/10/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term (5 years or more).

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The Fund invests at least 80% of its assets in shares (also known as equities) of smaller companies, in any industry, in Europe (excluding UK). Companies will be incorporated, headquartered, listed on an exchange in, or deriving significant revenue from, this region. The Fund may also invest in other assets including cash. The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed. The MSCI Europe ex UK Small Cap Index is broadly representative of the companies in which the Fund may invest and can provide a useful comparator for assessing the Fund's performance. The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index. As an additional means of assessing the performance of the Fund, the IA European Smaller Companies sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

RATINGS AND AWARDS

Elite Rated by FundCalibre.com
Rated Fund logo
Lipper Awards 2023 winner UK
©2023 FE fundinfo. All Rights Reserved. The information, data, analyses, and opinions contained herein (1) include the proprietary information of FE fundinfo, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by FE fundinfo, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete, or accurate. FE fundinfo shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. FE fundinfo does not guarantee that a fund will perform in line with its FE Investments Approved Rating as it is a reflection of past performance only. Likewise, the FE Investments Approved Rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund or of its underlying securities and should not be used as the sole basis for making any investment decision.
Lipper Fund Awards based on European Smaller Companies A Acc shares only. Availability of this share class may be limited by law in certain jurisdictions. Performance records are detailed on the specific KIID, fees and charges may vary and further information can be found in the fund’s prospectus and KIID which must be reviewed before investing. Please consult your local sales representative if you have any further queries.

Portfolio Management

Rory Stokes, CFA
Rory Stokes, CFA

Portfolio Manager | Deputy Portfolio Manager (2014) - The European Smaller Companies Trust PLC

Industry since 2001. Joined Firm in 2013.

Ollie Beckett
Ollie Beckett

Portfolio Manager

Industry since 1995. Joined Firm in 2005.

Julia Scheufler, CFA
Julia Scheufler, CFA

Portfolio Manager | Deputy Portfolio Manager (2024) - The European Smaller Companies Trust PLC

Industry since 2009. Joined Firm in 2018.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/09/2024
I Acc (Net) MSCI Europe ex UK Small Cap TR IA European Smaller Companies
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
I Acc (Net) 16.82 13.85 -26.08 37.16 17.33
MSCI Europe ex UK Small Cap TR 14.34 13.93 -23.53 29.96 8.35
IA European Smaller Companies 14.13 11.75 -28.86 31.24 9.92

Index Description

The MSCI Europe ex UK Small Cap Index is a measure of the combined performance of small and medium sized companies from developed European stock markets. It provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

The I Acc share class was launched on 01/01/1970. Performance prior to that date is past performance based on the A Acc share class of the same fund which has a different current ongoing charge included of 1.72.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 25 February 2022, the Fund's benchmark changed. Past performance before 25 February 2022 is shown for the fund’s previous benchmark.
Cumulative & Annualised Performance (%)
As of 30/11/2024
I Acc (Net) MSCI Europe ex UK Small Cap TR IA European Smaller Companies
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/01/1985
I Acc (Net) -1.43 0.26 7.78 -1.13 7.65 11.79 11.52
MSCI Europe ex UK Small Cap TR -1.47 -0.74 6.39 -1.49 5.55 8.85 -
IA European Smaller Companies -1.02 0.74 7.91 -4.29 4.26 7.69 10.34

Index Description

The MSCI Europe ex UK Small Cap Index is a measure of the combined performance of small and medium sized companies from developed European stock markets. It provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

The I Acc share class was launched on 31/01/1985. Performance prior to that date is past performance based on the A Acc share class of the same fund which has a different current ongoing charge included of 1.72.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 25 February 2022, the Fund's benchmark changed. Past performance before 25 February 2022 is shown for the fund’s previous benchmark.
Calendar Year Returns (%)
As of 30/09/2024
I Acc (Net) MSCI Europe ex UK Small Cap TR IA European Smaller Companies
2023 2022 2021 2020 2019
I Acc (Net) 5.53 -11.35 12.72 32.59 22.37
MSCI Europe ex UK Small Cap TR 11.07 -15.51 15.39 18.89 20.62
IA European Smaller Companies 8.01 -21.88 19.32 18.04 20.57

Index Description

The MSCI Europe ex UK Small Cap Index is a measure of the combined performance of small and medium sized companies from developed European stock markets. It provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

Calendar Year Returns (%)
Year I Acc (Net) Index
2023 5.53 11.07
2022 -11.35 -15.51
2021 12.72 15.39
2020 32.59 18.89
2019 22.37 20.62
2018 -13.43 -12.68
2017 33.88 23.29
2016 26.78 23.31
2015 21.87 17.21
2014 -3.24 -1.88
2013 36.19 37.47
2012 18.20 16.93
2011 -22.41 -23.80
2010 27.81 17.42
2009 45.81 42.21
2008 -41.06 -33.30
2007 6.79 5.81
2006 38.41 31.19
2005 32.15 35.52
2004 29.74 25.55
2003 39.41 51.25
2002 -25.26 -16.99
2001 -29.39 -14.59
2000 13.27 -10.79
1999 76.81 22.25
1998 20.85 17.68
1997 8.42 21.37
1996 21.35 10.70
1995 10.79 5.41
1994 2.73 4.59
1993 32.10 41.08
1992 8.49 -4.04
1991 -0.63 2.90
1990 -25.49 -21.44
1989 61.32 -
1988 25.54 -
1987 -39.25 -
1986 63.86 -
1985 from 31/01/1985 30.60 -
The I Acc share class was launched on 31/01/1985. Performance prior to that date is past performance based on the A Acc share class of the same fund which has a different current ongoing charge included of 1.72.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
© Morningstar 2024. All rights reserved. NAV-NAV, net income reinvested where applicable.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 25 February 2022, the Fund's benchmark changed. Past performance before 25 February 2022 is shown for the fund’s previous benchmark.

Recommended holding period 5 Years

Example Investment: GBP 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs1,920 GBP1,730 GBP
Average return each year-80.83%-29.61%
UnfavourableWhat you might get back after costs7,390 GBP8,800 GBP
Average return each year-26.08%-2.53%
ModerateWhat you might get back after costs11,160 GBP20,200 GBP
Average return each year11.58%15.10%
FavourableWhat you might get back after costs19,100 GBP26,480 GBP
Average return each year91.00%21.50%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 0.00%
Annual Charge 0.75%
Ongoing Charge
(As of 30/06/2024) 		0.87%
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 30/11/2024)
% of Fund
AlzChem Group 2.52
Criteo 2.05
Van Lanschot Kempen 1.99
SUSS MicroTec 1.90
Gaztransport Et Technigaz 1.90
Renewi 1.84
Karnov Group 1.81
CTP 1.72
R&S Group 1.69
AIB Group 1.65
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

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  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Some documents are available in alternative formats. Click here for information on how to request them.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • The Legal Entity Identifier for this product is 2138001F9HU9YK8TKU54.

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