16th Oct 2014 14:04
LONDON (Alliance News) - Jupiter European Opportunities Trust PLC said Thursday that it outperformed its benchmark in the three months to end-August.
The trust posted a decline in net asset value per share excluding income and expenses of 2.8%, compared with a drop of 3.9% in its benchmark, the FTSE World Europe ex-UK Total Return Index.
The company said its benchmark's decline echoed the broad based declines across Eurozone equity markets. The largest holding in its portfolio, Novo Nordisk, was also its strongest performer. It's second best performer was Reed Elsevier PLC. However, portfolio companies Wirecard and Amadeus saw share prices drop on "perceived lack of catalysts for future growth."
The trust maintained that the long term investment case for both companies "remains intact."
"Our aim is to identify a number of winning business models whose success rests to a large extent on their own abilities rather than on external factors," the company said in a statement. "These companies exist and we remain confident of our ability to identify a number of potential long term winners."
Shares in Jupiter European Opportunities Trust are trading down 4.1% at 378.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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