F & C European Growth & Income Fund Class 1 Accumulation Units

Sell : 392.90p | Buy : 392.90p | down 1.50p
Last valuation as at 07-01-2009

At a glance

Initial charge 5.00%
Initial saving 5.00%
Annual charge 1.50%
Annual saving 0.250% ²
Total Expense Ratio 1.75%
Launch date 09-11-1988
Launch price £0.50
Sector Europe Excluding UK
Fund size £157 million
Number of holdings 49
Fund type OEIC
Type of units Accumulation

HL Research - Our view on this Fund

Mark Dampier F&C has announced it has obtained shareholder approval to make some changes to the F&C European Fund’s objective. Previously the objective was to produce capital growth over the medium to long term. Now the objective will include generating a high level of income as well as capital growth.

From October 1 the name will change to the F&C European Growth & Income Fund to better describe the new objective. A new income share class will be created and existing investors will be offered a free switch into the income share class if they wish.
The fund will also adopt new fund legislation that enables the managers to make use of more risky sophisticated investment strategies to try and enhance returns.

Finally the investment policy will be amended to include reference to the fact that the fund can invest in non-European equities, including the UK and US, subject to restrictions imposed on funds within the IMA Europe excluding UK sector.

The revamped fund will be managed by Paras Anand who joined F&C from Deutsche last year as Head of European Equities.

Full research

About the Fund Manager

Photo of Davina Curling

Davina Curling
Located in: London


Davina Curling, Director, Head of Continental Europe High Alpha Davina has over seventeen years of investment experience. She joined F&C in 1995 and is the lead fund manager on the European and European Prime OEIC Funds and the Foreign & Colonial Eurotrust. Davina began her career at Kleinwort Benson Investment Managers, in 1987 as an equity analyst and fund manager, specialising in European and global equity and equity income funds. In 1989 she moved to Nikko Capital Management to head up the European equity department. She was also a member of the asset allocation committee and on the new product development team Davina graduated from Bristol University with a BSc (Hons) in Economic and Social History. She became a registered representative of the Stock Exchange and attended the London Business School's highly regarded Investment Management Programme

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Income details

Running yield 0.34% (net)
Income paid Quarterly
Type of payment Dividend

All yields are variable and not guaranteed. The information is correct as at 30-09-2006.

Distribution dates

Ex-dividend date 31 January 2009
Payment date ³ 31 March 2009
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Top 10 holdings

Svenska Handelsbanken Series A, 5.26%
Roche Holding AG Part. Cert. 5.20%
Total S.A. 5.09%
Novartis AG 4.33%
Reed Elsevier N.V. Cert. 4.24%
Unilever N.V. CVA 4.19%
ENI S.p.A. 4.03%
Banco Bilbao Vizcaya Argentaria S.A. 3.68%
Royal KPN N.V. 3.68%
Wolters Kluwer N.V. Cert. 3.52%

Top 10 sectors

Banks 15.37%
Food Producers 12.25%
Media 12.00%
Pharmaceuticals & Biotechnology 11.18%
Oil & Gas Producers 9.12%
Nonlife Insurance 8.55%
Industrial Transportation 6.50%
Fixed Line Telecommunications 4.69%
Support Services 4.05%
Software & Computer Services 3.67%

Top 10 countries

Netherlands 21.08%
Switzerland 13.86%
United Kingdom 13.44%
Sweden 9.46%
Germany 9.15%
France 8.43%
Ireland 6.81%
Italy 5.31%
Spain 4.44%
Finland 3.04%

² Annual saving is not available in the SIPP.

³ If you elect to receive the income from a Vantage ISA, Fund or Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.

Last valuation as at 07-01-2009. Data accurate as at 31/10/2008.

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