European Opportunities Trust PLC has released a new fact sheet detailing its portfolio holdings and past performance statistics as of March 31, 2024. The MSCI Europe index saw a 3.9% increase in sterling, while the company's NAV rose by 2.3%. The fund had net borrowings of 25.3 million at the end of March, with a 10% discount to NAV at month-end.
The company's Chief Investment Officer, Alexander Darwall, provided insights into the US economic performance and its impact on Europe's prospects. The US core inflation edged down to 3.8% in February, and the IMF expects global GDP growth of 3.1% in 2024. The stock market saw fluctuations, with the luxury goods sector experiencing weaker demand in China, while energy stocks improved as oil prices hit a 5-month high.
The company's performance in March was affected by various factors, including a profits warning at Soitec and declines in shares of Dassault Systemes and Infineon. However, positive contributions were made by Novo Nordisk, Darktrace, and Edenred. The company also made trading activities, reducing existing weightings and purchasing shares in CTS Eventim.
Looking ahead, the company expressed confidence in the outlook for the portfolio, expecting further upgrades for its companies and underlining its commitment to European stock exchanges. The company also reassured investors of its compliance with applicable sanctions regulations and its lack of exposure to Ukrainian or Russian securities.
In conclusion, the update provides a comprehensive overview of European Opportunities Trust PLC's performance, market insights, and future outlook, offering valuable information for investors.