Europe

Avoiding domestic stocks

Fallen to £81m

Since the end of 2007, European equities have underperformed US equities by 63% on a real total return basis (in local currency terms).

Worked on the trust for 23 years

Issues in the campaign included relationship with the EU

US 70% responsible for current rates

Asymmetric risk for UK

European equity markets remain attractive to us. The combination of a solid macroeconomic backdrop outside the region and a strong recovery domestically has helped propel earnings higher.

Subject to regulatory approval

New fund takes value approach