Hewitt’s F&C trust boosted by European exposure

F&C’s Managed Portfolio investment trust manager Peter Hewitt has said his exposure to European managers, such as Jupiter Asset Management’s Alexander Darwall, boosted his performance at the end of 2012.

Last week the £54m trust of investment trusts reported a net asset value total return per share of 13.4 per cent on its income shares and 11.9 per cent on its growth shares for the six months to November 30.

This compared with the trust’s FTSE All-Share benchmark index return of 12.8 per cent for the period.

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“Although no one theme dominated, in spite of economic difficulties within the continent, trusts with large exposures to Europe were the top contributors,” Mr Hewitt said.

“European Assets trust was the top performer in the income portfolio, rising 19 per cent, and in the growth portfolio, Jupiter European Opportunities trust was the best performer, with a gain of 38 per cent.”

But Mr Hewitt warned that recent optimism in the markets “overlooked many problems”, including further instability in the eurozone, but added there was some room for a positive outlook.

“There are encouraging signs that China will avoid a hard landing,” he said.