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Invesco European Growth Fund Adds to More Than 40 Existing Stakes

Many additions made to stakes in fund's 5th-most preferred sector

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David Goodloe
Apr 04, 2016
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Invesco European Growth Fund (Trades, Portfolio) bought no new stakes in its first quarter, which ended Jan. 31, but it added to more than 40 existing stakes in its portfolio. The fund’s investments touched on all of its favored sectors, either directly or indirectly, although many of its largest additions were related to the health care sector, the fifth-most preferred in the fund’s portfolio.

The fund boosted its stake in GEA Group AG (

XTER:G1A, Financial), a German conglomerate, by more than 61% with the purchase of 147,400 shares for an average price of €37.02 ($42.15 in U.S. currency) per share. The transaction had a 0.46% impact on the fund’s portfolio.

The stake, now 388,866 shares, is 0.2% of GEA Group’s outstanding shares and 1.21% of the fund’s total assets.

GEA Group has a P/E of 22.5, a forward P/E of 18.2, a P/B of 2.9 and a P/S of 1.8. GuruFocus gives GEA Group a Financial Strength rating of 8/10 and a Profitability and Growth rating of 4/10.

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GEA Group sold for €42.56 ($48.46 in American money) per share Friday.

The fund raised its stake in Istanbul-based Haci Omer Sabanci Holding AS (

IST:SAHOL, Financial), Turkey’s largest industrial and financial conglomerate, by more than 21%. The fund acquired 1,723,196 shares for an average price of ₺8.4 ($2.97 in American dollars) per share. The deal had a 0.37% impact on the fund’s portfolio.

The stake, now 9,824,741 shares, is 0.48% of Sabanci Holding’s outstanding shares and 2.11% of the fund’s total assets.

Sabanci Holding has a P/E of 1.5, a P/B of 0.9 and a P/S of 1. GuruFocus gives Sabanci Holding a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.

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Sabanci Holding sold for ₺9.45 ($3.35 in U.S. currency) per share Friday.

The fund increased its position in Smith & Nephew PLC (LSE:SN), a London-based medical equipment company, by more than 20%. The fund purchased 222,594 shares for an average price of £11.28 ($16.04 in U.S. money) per share. The transaction had a 0.28% impact on the fund’s portfolio.

The stake, now 1,308,665 shares, is 0.14% of Smith & Nephew’s outstanding shares and 1.62% of the fund’s total assets. Smith & Nephew’s leading shareholder among the gurus is

Vanguard Health Care Fund (Trades, Portfolio) with a stake of 8,976,157 shares. The stake is 0.98% of Smith & Nephew’s outstanding shares and 0.32% of Vanguard’s total assets.

Smith & Nephew has a P/E of 31.5, a forward P/E of 18.1, a P/B of 4 and a P/S of 6.9. GuruFocus gives Smith & Nephew a Financial Strength rating of 8/10 and a Profitability and Growth rating of 6/10.

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Smith & Nephew sold for £11.67 ($16.60 in American dollars) per share Monday.

The fund hiked its stake in ProSiebenSat 1 Media SE (

XTER:PSM, Financial), a German mass media company, by more than 17%. The fund acquired 74,583 shares for an average price of €47.35 ($53.92 in American currency) per share. The deal had a 0.28% impact on the fund’s portfolio.

The stake, now 512,060 shares, is 0.24% of the company’s outstanding shares and 1.89% of the fund’s total assets.

ProSiebenSat 1 has a P/E of 24.8, a forward P/E of 16.7, a P/B of 10.5 and a P/S of 3. GuruFocus gives the company a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.

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ProSiebenSat 1 sold for €44.96 ($51.19 in U.S. money) per share Friday.

The fund raised its stake in Roche Holding AG (

XSWX:ROG, Financial), a Swiss pharmaceutical company, by more than 16% with the purchase of 14,272 shares for an average price of CHF268.81 ($280.43 in U.S. dollars) per share. The transaction had a 0.28% impact on the fund’s portfolio.

The stake, now 102,653 shares, is 0.01% of Roche’s outstanding shares and 1.98% of the fund’s total assets. Roche’s leading shareholder among the gurus is

PRIMECAP Management (Trades, Portfolio) with a stake of 10,147,571 shares. The stake is 1.19% of Roche’s outstanding shares and 2.86% of PRIMECAP’s total assets.

Roche has a P/E of 23.3, a forward P/E of 15.2, a P/B of 9.7 and a P/S of 4.1. GuruFocus gives Roche a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

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Roche sold for CHF233.2 ($243.28 in American currency) per share Friday.

The fund increased its stake in Aberdeen Asset Management PLC (LSE:ADN), an investment management group headquartered in Aberdeen, Scotland, by nearly 22%. The fund bought 1,015,343 shares for an average price of £2.93 ($4.17 in American money) per share. The deal had a 0.27% impact on the fund’s portfolio.

The stake, now 5,666,557 shares, is 0.43% of Aberdeen Asset Management’s outstanding shares and 1.48% of the fund’s total assets. The fund is Aberdeen Asset Management’s leading shareholder among the gurus.

Aberdeen Asset Management has a P/E of 12.3, a forward P/E of 12.2, a P/B of 1.7 and a P/S of 2.7. GuruFocus gives Aberdeen Asset Management a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.

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Aberdeen Asset Management sold for £2.76 ($3.93 in U.S. dollars) per share Monday.

The fund expanded its stake in Allianz SE (XTER:ALV), a Munich-based financial services company, by nearly 18%. The fund acquired 22,784 shares for an average price of €158.31 ($180.26 in U.S. currency) per share. The transaction had a 0.27% impact on the fund’s portfolio.

The stake, now 150,696 shares, is 0.03% of Allianz’s outstanding shares and 1.8% of the fund’s total assets.

David Herro (Trades, Portfolio) is Allianz’s leading shareholder among the gurus with a stake of 4,394,000 shares. The stake is 0.97% of Allianz’s outstanding shares and 3.05% of Herro’s total assets.

Allianz has a P/E of 9.7, a forward P/E of 12.7, a P/B of 1 and a P/S of 0.6. GuruFocus gives Allianz a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.

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Allianz sold for €140.2 ($159.64 in American money) per share Friday.

The fund added 70,837 shares to its stake in Aryzta AG (XSWX:ARYN), a Zurich-based food company. The acquisition increased by stake by nearly 27%. The fund paid an average price of CHF47.26 ($49.30 in American dollars) per share in a deal that had a 0.24% impact on the fund’s portfolio.

The stake, now 338,086 shares, is 0.38% of Aryzta’s outstanding shares and 1.15% of the fund’s total assets. Aryzta’s leading shareholder among the gurus is

Causeway International Value (Trades, Portfolio) with a stake of 1,941,722 shares. The stake is 2.19% of Aryzta’s outstanding shares and 1.45% of Causeway’s total assets.

Aryzta has a P/E of 7.2, a forward P/E of 9, a P/B of 1 and a P/S of 0.9. GuruFocus gives Aryzta a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.

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Aryzta sold for CHF39.02 ($40.71 in U.S. currency) per share Friday.

The fund boosted its stake in UBM PLC (LSE:UBM), a longtime media company based in London whose present focus is on organization of B2B events, by more than 32%. The fund acquired 350,000 shares for an average price of £5.1 ($7.25 in U.S. money) per share. The transaction had a 0.19% impact on the fund’s portfolio.

The stake, now 1,431,397 shares, is 0.32% of UBM’s outstanding shares and 0.79% of the fund’s total assets. UBM’s leading shareholder among the gurus is

Bestinfond (Trades, Portfolio) with a stake of 3,248,408 shares. The stake is 0.73% of UBM’s outstanding shares and 1.9% of Bestinfond (Trades, Portfolio)’s total assets.

UBM has a P/E of 27.5, a forward P/E of 14, a P/B of 3 and a P/S of 3.5. GuruFocus gives UBM a Financial Strength rating of 8/10 and a Profitability and Growth rating of 4/10.

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UBM sold for £6.06 ($8.62 in American dollars) per share Monday.

The fund hiked its stake in Israel Chemicals Ltd. (XTAE:ICL), an Israeli chemical company, by more than 20% with the purchase of 474,616 shares for an average price of ILS 17.68 ($4.68 in American currency) per share. The deal had a 0.14% impact on the fund’s portfolio.

The stake, now 2,820,421 shares, is 0.22% of Israel Chemicals’ outstanding shares and 0.86% of the fund’s total assets.

Israel Chemicals has a P/E of 10, a P/B of 1.8 and a P/S of 1. GuruFocus gives Israel Chemicals a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.

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Israel Chemicals sold for ILS 16.35 ($4.33 in U.S. money) per share Thursday.

The fund upgraded its stake in Sky PLC (LSE:SKY), a London-based mass media company, by more than 3% with the acquisition of 110,879 shares for an average price of £10.86 ($15.45 in U.S. dollars) per share. The transaction had a 0.13% impact on the fund’s portfolio.

The stake, now 3,532,784 shares, is 0.21% of Sky’s outstanding shares and 4.06% of the fund’s total assets.

Sky has a P/E of 5.1, a forward P/E of 17.2, a P/B of 5.8 and a P/S of 1.1. GuruFocus gives Sky a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

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Sky sold for £10.12 ($14.39 in American currency) per share Monday.

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