The Gartmore European Focus Fund benefits from World Cup fever

www.moneynews.co.uk > Banking > The Gartmore European Focus Fund benefits from World Cup fever

The Gartmore European Focus Fund benefits from World Cup fever

Thu 10th Aug 2006

Second quarter earnings were greater than expected on the Gartmore European Focus Fund, the company has revealed.

The success of the product's earnings in the second quarter has been partly put down to the fund manager's investments in Adidas stocks, which allowed it to benefit from football fever which gripped the world this summer.

A 24 per cent increase was reported on net income in the last recorded quarter and investors in the "ideally placed" German sportswear brand were not disappointed in returns.

Tim Callaghan, manager of the Gartmore European Focus Fund, commented: "This German sportswear group was ideally placed to benefit from the opportunities created by the World Cup and we're glad to see that investors, including ourselves, aren't going to be disappointed."

"Adidas sponsored the German, Argentinean and French teams and has effectively exploited its home advantage, with sales of football boots, balls and shirts driving profits higher," he added.

Adidas was first registered as a company in 1949 and was named after its founder, Adolf Dassler.

Related News : Banking
	Young people 'should be taught to save'
	Families 'should plan for their children's future
	Switching bank accounts 'not as easy as banks portray'
	Brits facing finance difficulties 'should talk to their bank'
	Brits 'should utilise Isa allowances'
	Brits advised on investment options
	Children 'should be given bank accounts at 16'
	Falling inflation 'could help Brits save'
	Money worries 'are mounting for many'
	Contactless payment 'is secure and convenient'