CT European Select Class Z - Accumulation (GBP)

In recent years, quality growth investing has lagged value investing. This has impacted all funds using a quality growth approach, including CT European Select. It’s important to note that this performance isn’t fully attributable to Jeanmaire as he took over the fund in January 2026. But he does manage funds using a similar investment approach that have performed in a similar way. As always, past performance isn’t a guide to future returns.

In terms of his own longer-term track record, Jeanmaire is an experienced investor in his own right and has managed funds that invest in European companies since 2014. During his time managing a fund that invests in both Europe and the UK, it’s performed better than the average fund in the IA Europe including UK sector. Performance has been supported by good stock selection (the ability to invest in companies that go on to perform well rather than taking a view on individual sectors or countries) over the long term, which we view positively.

Jeanmaire and the team focus on the fund’s long-standing investment philosophy and process. A focus on high-quality companies which offer sustainable returns and strong growth potential over the long run means we expect it to perform well when growth investing is in favour, though the reverse is also true. This also has the potential to help the fund hold up better than some peers during difficult markets.

The managers look for quality companies. These are businesses with a sustainable competitive advantage, which could help them sustain long-term cash flows. They should possess a unique quality the managers think can help them maintain higher earnings than the rest of the market thinks they can. This might be because they make a product that others can't replicate, are better at keeping costs down, or have built strong relationships with their customers meaning they're less likely to switch to a competitor.

The managers look for high-quality companies they believe offer sustainable returns and strong growth potential over the long run. They prefer companies that are in industries with relatively few competitors and boast strong pricing power - the ability to pass on rising costs to consumers without denting demand too much.

We expect all fund managers to have some difference in views, even when they use the same overriding process. For example, compared to the previous manager Jeanmaire is open to investing in some companies that don’t quite meet his quality threshold but have a clear path to getting there. If this transformation is successful it could lead to a rising share price. He’ll also invest in slightly fewer companies. We’re comfortable this isn’t a significant deviation from the existing process.

As Jeanmaire continues to invest in a relatively concentrated number of companies, each investment could have a big impact on performance, which increases risk.