TIDMBEE
Baring Emerging Europe PLC
20 May 2019
Baring Emerging Europe: New research
20/05/19
-- Baring Emerging Europe offers a high dividend yield of 4.5%
from its unique focus on a cheaply valued region...
Read more
Baring Emerging Europe (BEE) aims to provide capital growth and
a high dividend yield from a portfolio of stocks in developing
Europe, mainly Russia, Poland and Turkey. The manager, Matthias
Siller, focuses strongly on bottom-up stock selection to generate
returns, and has produced impressive amounts of alpha over the past
five years, higher than all but one of the global emerging markets
trusts.
While total return performance has been strong, the income
dimension is a more recent feature. Since the start of 2017 the
trust has committed to paying 1% of NAV a quarter, either from
revenues or capital. The dividend yield is therefore an impressive
4.5%, higher than all but one global equity income trust and all
but one global emerging markets trust. BEE therefore offers a
diversifying source of income from a region which, being an
emerging market, offers strong long-term growth potential too.
Emerging Europe, as a region, is trading on depressed
valuations, with the forward P/E on the index just 6.7x compared to
11.6x for the mainstream Emerging Markets index, 13x for developed
Europe and 15x for Brexit-hit UK. As such, it represents an
interesting "Value" opportunity for investors.
BEE is trading on a discount of 7.3%. Although the discount has
narrowed after a strong start to 2019, the shares need to trade on
an average discount of 7% or less until 30 September (by our
calculations) to avoid a tender offer early next year. We note that
after the announced winding up of BlackRock Emerging Europe, BEE is
the only specialist investment trust focused on this region.
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