JEO : Jupiter European lags benchmark
Jupiter European Opportunities Trust has published its results for the year ended 31 May 2014. Over that period the net asset value rose by 11.8% vs. 13.4% for the FTSE World Europe ex UK Index. The company’s share price rose by 12.2%. The fund is paying a maintained dividend of 3.5p.
The manager says that the fund suffered from being underweight Financials and Utilities. Good performance from Provident Financial (the fund’s largest holding), Wirecard, Reed Elsevier, Novo Nordisk, Novozymes, Leonteq all contributed positively to the fund’s performance. On the downside, Experian (formerly the fund’s largest holding) was affected by a slowdown in Brazil and he also cites Sygenta, Vopak (now sold) as poor performers. He sold fourteen companies in total including Essilor, adidas and Schneider Electric