Managed by the team of Michael Hatcher and Matt Pedan, this fund is managed in a near identical fashion to other Trimark branded offerings. The managers have built a concentrated portfolio of what they believe to be best in class companies that are based in Europe. Companies they look for are typically leaders in their respective fields, with high defendable barriers to entry, sustainable competitive advantages, good management and strong long-term growth prospects. In addition, the company must be trading at a discount to their estimate of its intrinsic value, which they calculate using a proprietary fundamental process that relies heavily on a discounted cash flow model. It tends to hold under 30 names, most of which are larger, more established companies. It is defensively positioned, with an overweight in consumer staples and healthcare names, while it is significantly underweight financials. Performance has been above average every year since 2009 and overall volatility has been lower than its peers. The biggest knock on this fund is that its MER is 2.91%, which is above the category average. Still, I believe that this is one of the best European funds for all markets, particularly if you have a longer time horizon.