TP ICAP GROUP PLC News and Headlines -
The Invesco European Growth Fund (Trades, Portfolio), part of Atlanta-based firm Invesco Ltd., released its fourth-quarter portfolio last week, disclosing that it established one new position and sold out of two others.
Managed by a five-person team, the fund typically invests in reasonably priced, quality European companies that have strong fundamentals and sustainable earnings growth to achieve long-term capital growth.
Based on these criteria, the firm took a stake in FinecoBank SpA (MIL:FBK) and exited its holdings of Lloyds Banking Group PLC (LSE:LLOY) and TP ICAP PLC (LSE:TCAP) during the quarter.
The fund purchased 1.15 million
The most noteworthy addition more than quadrupled the Fund’s stake in Tullett Prebon PLC (LSE:TLPR), a London-based banking company. Invesco purchased 1,007,263 shares for an average price of £3.77 (about $5.38 in U.S. currency) per share. The transaction had a 0.39% impact on Invesco’s portfolio.
Invesco’s stake is now 1,334,437 shares, which is 0.55% of Tullett Prebon’s outstanding shares and 0.52% of Invesco’s total assets.
Tullett Prebon has a P/E of 28, a forward
- Global data that showed slowing economic conditions, combined with the devaluation of China’s currency, the renminbi, contributed to a sharp sell-off in global equities during the third quarter.
- News out of China continued to raise questions about the strength of its economy.
- Europe enjoyed relative tranquility after approval of the Greek bailout package. Generally positive European data continued the trend from the first half of 2015.
- During the third quarter, [url=http://www.gurufocus.com/StockBuy.php?GuruName=Invesco+European+Growth+Fund]Invesco European Growth Fund[/url] ([url=http://www.gurufocus.com/StockBuy.php?GuruName=Invesco+European+Growth+Fund]Trades[/url], [url=http://www.gurufocus.com/holdings.php?GuruName=Invesco+European+Growth+Fund]Portfolio[/url]) Class A shares at net asset value (NAV) declined, but modestly outperformed the MSCI Europe Growth Index. (Please see
Invesco European Growth Fund (Trades, Portfolio) looks for long-term capital growth through investments in a mixed-bag portfolio of primarily (but not exclusively) European companies. The Fund produced annual returns exceeding 20% in 2012 and 2013.
Most of Invesco’s quarterly activity involved adding to existing positions in its portfolio, but Invesco did pick up two new stakes in the quarter ended July 31, one of which was its most significant transaction.
Invesco acquired a 5,994,564-share stake in Israel Discount Bank Ltd. (XTAE:DSCT), one of Israel’s largest banks with more than 250 branches, for an average price of ILS