European Opportunities Trust PLC
European Opportunities Trust offers investors access to a high conviction portfolio of European equities with a bias towards medium and larger companies. The manager has developed a consistent investment process that has a record of success in different economic environments.
Formerly known as the Jupiter European Opportunities Trust, it was renamed at its annual general meeting in November 2019. This change in name coincided with its appointment of Alexander Darwall’s new investment management company, Devon Equity Management, as its new investment manager.
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Alexander Darwall is the Chief Investment Officer and founder of Devon Equity Management Limited, established in 2019. He previously led European equities strategy at Jupiter Asset Management from 1995 to November 2019 and has managed the European Opportunities Trust PLC since its inception in 2000. Alexander began his career as an investment analyst with de Zoete & Bevan and later became head of French equity research at Enskilda Securities in Paris. He also worked as a French equity analyst at Goldman Sachs in London. Alexander holds a degree in History from Cambridge University.
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Alexander Darwall is the Chief Investment Officer and founder of Devon Equity Management Limited, established in 2019. He previously led European equities strategy at Jupiter Asset Management from 1995 to November 2019 and has managed the European Opportunities Trust PLC since its inception in 2000. Alexander began his career as an investment analyst with de Zoete & Bevan and later became head of French equity research at Enskilda Securities in Paris. He also worked as a French equity analyst at Goldman Sachs in London. Alexander holds a degree in History from Cambridge University.
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Quote from the Fund Manager
Investing is not rocket-science and my approach is simple. I want world-class companies that can grow irrespective of politics and market noise – companies that are in control of their own destiny.
Alexander Darwall
Co-Manager
Investment process
Alexander generates his own ideas, primarily through company meetings. He looks for evidence of successful, proven business models being implemented by open and honest management teams. Firms benefiting from economic tailwinds and in strong positions within their industries are preferred. He particularly likes businesses with proprietary technology and companies that have a business plan that provides them with long-term sustainable growth.
Risk
Alexander employs an unconstrained approach to stock selection, which means the European Opportunities Trust's investment portfolio can deviate significantly from the constituents of its benchmark index. This can introduce more risk into the portfolio. Investors should also be aware of currency risk.
The trust uses gearing, which can be another source of risk. European Opportunities Trust has tended to be more volatile, than its benchmark index, although its returns have also been higher over the long term.
ESG
ESG - Limited
This trust does not apply any negative screens to the investment universe, which was a decision agreed by both the manager and the board. However, they do believe there are still material ESG inputs that can be used within the investment process. This is looked at as part of the fundamental evaluation of securities, specifically looking for companies with good practices. This is a broad approach, and while it reduces the likelihood of companies with the poorest practices being held, is not a specific goal of the trust’s mandate.
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