Edison review: Standard Life Euro Priv Eqty Trst
London, UK, 7 November 2016
Edison issues research review on Standard Life European Private Equity Trust (SEP)
Standard Life European Private Equity Trust (SEP) aims to achieve capital growth through investing in a focused portfolio of European (including UK) private equity funds that also give some underlying US exposure. SEP's NAV total return has outperformed the LPX Europe index, representing a European private equity (PE) peer group, and the FTSE All-Share index over one, three, five and 10 years, with recent returns enhanced by sterling weakness following the UK's vote to leave the EU. The manager sees anticipated slower UK economic growth as an opportunity for private equity fund managers to generate higher returns, and believes SEP is well positioned to provide investors with access to the countercyclical strategy of actively investing during a recessionary period and exiting as economies recover.
Having followed a broadly widening trend for much of the last three years within a 10% to 36% range, SEP's share price discount to NAV has narrowed noticeably since March 2016, recently moving below its 21.2% three-year average, and currently stands at 20.0%.
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