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European Investment Trust has published figures for the half year ended 31 March 2014 that show the net asset value total return for the period was 13.9% – some way ahead of the FTSE All-World Europe ex UK Index which returned 7.7%. the discount narrowed from 10.9% to 9.7% so the share price did even better, returning 15.7%.
The report highlights a few stocks that European Investment Trust sold after they did well in the period – Azimut (an Italian asset manager), Mediaset Espana (a Spanish advertiser) and Banco Espirito Santo (a Portuguese bank) – all of these had been bought in anticipation of a revival in domestic growth in those countries. Kabel Deutschland and Ziggo (both cable operators) were sold after bid approaches and a number of other stocks are mentioned as contributing to the performance.