EQUITIES EUROPE
“
Hanging
everything on
the euro and the
‘European economy’
is misleading
”
Kevin Lilley manager, European
Growth Trust, Royal London
Asset Management
Top 5 Europe equity funds with 5-star Morningstar rating
Name M’star Fund 1-year 3-year 3-year 3-year 3-year 3-year Launch Domicile
Rating size (£m) chg (%) chg (%) Sharpe Sortino Alpha Beta date
FF&P European All Cap Equity ����� 36.04 70.83 11.1 0.02 0.03 8.2 0.86 1 Aug ’03 UK
BlackRock Eurp Dynamic A Acc ����� 209.87 73.91 9.54 0 0 9.64 1.06 1 Mar ’02 UK
BlackRock Cont’l Europe A Acc ����� 288.87 59.85 7.6 -0.1 -0.14 6.65 0.98 16 Dec ’83 UK
CF Odey Continental European ����� 367.03 27.31 4.61 -0.4 -0.56 -1.2 0.57 4 Sep ’97 UK
Jupiter European Special Sits ����� 515.08 40.19 3.37 -0.36 -0.46 0.52 0.83 1 Mar ’99 UK
Sorted by 3-year performance. Source: Morningstar
effect, Germany is a better
place to do business than
Greece. That said, if I like a
stock in Greece, I will still
buy it. There are some mispricings
and opportunities
in the Greek market.”
While Lilley is willing
to invest in domestic-focused
stocks, such
as Greek discount retailer
Jumbo, he stresses that in
many instances firms have
a pan-European and often
global presence that makes
the state of their domestic
market far less of an issue.
“Hanging everything on
the euro and the ‘European
economy’ is misleading,” he
says. “You have to remember
that companies like
Nestlé only have a third of
their sales in Europe.”
l Playing to strengths
Tom Elliot, economist and
head of global strategy at
JPMorgan, believes the very
disparity within Europe is
its strength, from an investor’s
point of view.
He remarks: “A fund
manager with a Europe
mandate as opposed to
a single-country mandate
BLACKROCK EUROPEAN
DYNAMIC FUND
A TOP PERFORMER
FOR EUROPE
can invest in a much wider
range of sectors and companies
within sectors, so
reducing individual sector
or stock risk.
“If you think of a UK
investor looking to invest
in blue-chip stocks in the
UK, benchmarked against
FTSE 100, they would end
up with a very defensive
portfolio relative to a pan-
This material is for distribution to Professional Clients and should not be relied upon by any other persons. *Source: BlackRock, Morningstar, bid-bid, net income reinvested
cannot be guaranteed. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value
fund information displayed only provides summary information. Investment should be made on the basis of the relevant booklet together with the Prospectus and Simplified
Registered office: 33 King William Street, London, EC4R 9AS. Registered in England No. 2020394. Tel: 020 7743 3000. For your protection, telephone calls are usually
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