For the passive or index hugging investor, it hasn’t been a great year to be invested in Europe. Over the past 12 months, the MSCI Europe index including dividends is roughly flat in Euro terms. The MSCI European Small Cap index including dividends is down almost 5% over the same period. Most of the worst performing national indices this year have been European.
It’s been a surprisingly good environment for plying the value investing trade. Good stocks have become cheaply priced frequently enough to keep us busy. At the same time, mismatches between price and value have tended to close fairly promptly, especially on any good subsequent operating results.
We’d caution against reading much into any short-term returns. But the last 12 months have been good for the Forager International Shares Fund. And European small caps have been the most important contributors to that outcome.
Functional cookies Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.