Fund Profile

BlackRock Greater Europe 18 December 2019


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by BlackRock Greater Europe. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

A new version of this profile is available. View Latest

BlackRock Greater Europe (BRGE) offers investors an opportunity to access some of the highest quality companies across developed and emerging Europe.

The past five years have seen the trust perform exceptionally strongly. In particular, it has come into its own in 2019, outperforming both benchmark and peers by close to 10%. Much of this outperformance can be put down to the new partnership, formed in 2017, between managers Stefan Gries and Sam Vecht. Together they have changed the shape of the trust, building a more concentrated portfolio which has helped the trust to generate higher levels of alpha. Despite the punchier approach, the trust has not sacrificed volatility for gains, and continues to offer one of the lowest standard deviations in the sector.

Currently the trust trades at a discount of 3.5%, the narrowest in the sector.

Kepler View

Stefan has made an immediate impact on the trust since joining in 2017. He has helped the team to generate returns in excess of the benchmark and peers, making the investment process more consistent and disciplined, and increasing emphasis on sustainable cash returns. The decision to increase the portfolio’s concentration has also, in our view, given Stefan a better chance of generating alpha and outperforming the ETFs. It is also worth noting that, despite the more concentrated approach, over the past five years BRGE has among the lowest levels of volatility in the sector (source: Morningstar). Furthermore, over a five year period the trust has the highest Sharpe ratio in the peer group (1.05). We think this has largely been due to Stefan’s unrelenting approach to finding high-quality names with strong management and good free cash flow. Furthermore, although the trust has a clear tilt towards growth companies, Stefan tries to balance some of these risks by holding more defensive, high-quality stocks. This has helped to keep volatility down, while giving investors access to the strong returns of the growth companies.

Bull bear
A manager with a clear philosophy and process
Europe continues to be clouded with political and macroeconomic uncertainty
Strong risk governance with risk and returns diversified by end-market exposures The discount to NAV is narrow relative to peers
A concentrated portfolio, which gives greater outperformance potential

Continue to Portfolio
2024 Kepler Growth Rated Fund

This trust has been awarded a rating by Kepler Trust Intelligence for growth... Find out more

Fund History

10 May 2024 BlackRock Greater Europe Investment Trust: A Look Ahead for 2024
Stefan Gries, manager of the BlackRock Greater Europe Investment Trust gives his perspective on the year ahead...
06 Mar 2024 Gimme shelter
Growth opportunities to re-invest those magnificent profits into...
19 Feb 2024 BlackRock Greater Europe and Martin Currie Global Portfolio may benefit from a change in China’s fortunes
Exposures to Europe’s luxury goods may offer a ‘safer’ exposure to a potential recovery in China…
11 Mar 2024 BlackRock Greater Europe
Stefan Gries
Rewatch this webinar as part of our month-long online series 'Themes for your ISA in 2024' hosted by the team at Kepler Trust Intelligence throughout March...
Watch Recording
17 Jan 2024 Top of the Pops
We reveal the winners of our investment trust ratings for 2024…
10 Nov 2023 Fund Analysis
BRGE has an outstanding long-term record…
08 Nov 2023 Results analysis: BlackRock Greater Europe
BRGE was the top-performing European trust during its most recent financial year...
02 Nov 2023 BlackRock Greater Europe
Stefan Gries
Rewatch this webinar which was part of our October and November online event 'The Best of BlackRock'...
Watch Recording
21 Jun 2023 Ça plane pour moi
Some of the world's biggest companies are doing just fine in Europe, yet investors shun the region. Time for a rethink...
21 Apr 2023 A focus on fundamentals: European equities in the year ahead
For the past 12 months, stock markets have been blown about by macroeconomic news. Will they start to look more closely at individual companies in in the year ahead?
19 Apr 2023 Are we nearly there yet?
We look at which trusts have done best year to date, and ask where there may be value…
02 Mar 2023 The Devil’s in the demographics
China’s population is in decline - should it turn east or west for inspiration..?
07 Feb 2023 Fund Analysis
BRGE offers exposure to high quality companies in a region currently unloved by investors, and a recovery could surprise on the upside...
11 Jan 2023 Solving the Rubik’s Cube
We reveal the winners of our investment trust ratings for 2023…
25 Nov 2022 Finding reasons to be cheerful in European equities
2022 has been grim for investors in European equities. The economic environment remains challenging, but, says Stefan Gries, Co-Manager of the BlackRock Greater Europe Investment Trust plc, there are some reasons to be more optimistic...
10 Nov 2022 Results analysis: BlackRock Greater Europe
BRGE’s managers report share prices in long-term growth opportunities are reflecting poor sentiment, not fundamentals…
05 Oct 2022 European equities: Oui ou non?
Our analysts go head to head on the prospects for investors looking to the continent for prospective investments...
28 Sep 2022 Mind the gap
While chaos reigns in the short-term for markets, some investors see a growing disconnect between prices and reality...
28 Sep 2022 Slides and Audio: BlackRock Greater Europe
Download the presentation and listen to the audio from our 'Growth at an unreasonable price' event from 20 September...
22 Jul 2022 Fund Analysis
BRGE’s consistent approach and discount offer a chance to ‘buy the dip’…
17 Jun 2022 Europe: opportunities for active investors amid volatility
The European economy may be weakening, says Stefan Gries, Co-Manager of the BlackRock Greater Europe Investment Trust plc, but great European companies can thrive in all conditions...
05 Jan 2022 Kepler’s top-rated trusts for 2022
We unveil the winners of our ratings for 2022 in the Growth, Income & Growth and Alternative Income categories…
29 Dec 2021 Fund Analysis
BRGE continues to rank as the best performing European trust, with the team remaining unphased by near-term market risks…
10 Nov 2021 Results analysis: BlackRock Greater Europe
BRGE continues to rank as the best performing European equity trust, thanks to its high-conviction approach to growth investing…
09 Sep 2021 What next for European equities?
After a strong period for European equity markets, we ask whether this trend can continue…
10 Jun 2021 Fund Analysis
BRGE offers investors an unconstrained approach to European equities and has generated sector-leading performance…
26 May 2021 Stand and deliver
Is a high OCF daylight robbery or should investors keep calm and carry on? Our analysts debate the perennial question…
28 Apr 2021 The next value opportunity?
Two of our analysts debate whether Europe's improving vaccination programme will be the next opportunity for investors in their pursuit of returns...
21 Apr 2021 The importance of investment fundamentals in a crisis
2020 was a treacherous time for companies, but it showed the importance of capable management teams, a strong market position and resilient growth, says Stefan Gries, Co-Manager of the BlackRock Greater Europe Investment Trust plc.
04 Feb 2021 Eurovision 2021
Eight charts to guide investors through Europe...
20 Jan 2021 Kepler's top-rated investment trusts for 2021
We update our annual quantitative ratings for investment trusts…
23 Dec 2020 Fund Analysis
BRGE offers a bottom-up European equity portfolio and a strong track record…
28 Oct 2020 Results analysis: BlackRock Greater Europe
Reporting results for the full year ending August 2020, BRGE has continued to perform strongly in the face of uncertain conditions…
07 Oct 2020 Europe: the road to recovery
In Europe, the pandemic has paved the way for a brave new era of co-operation, says Stefan Gries, Co-Manager of the BlackRock Greater Europe Investment Trust plc...
23 Jul 2020 Fund Analysis
The strongest-performing trust in the sector over the past five years, BRGE offers a portfolio of high-growth European opportunities…
18 Dec 2019 Fund Analysis
BRGE offers a concentrated portfolio of high-quality companies located across Europe…
24 Apr 2019 Nothing compares to EU
Currently one of the financial world's most unloved regions, we look at the sectors that are unique to Europe and how the persistent pessimism has presented attractive opportunities…
23 Apr 2019 Fund Analysis
Under a new management structure, BRGE aims to generate capital growth from all-cap companies listed in Europe...
30 May 2018 Forza Italia!
Recent weeks have seen Italy's rocky relationship with the EU thrust into the spotlight once again, but we think volatility for European equities may be a buying opportunity...
24 Jan 2018 Fund Analysis
The only European investment trust which invests in both Developed and Developing Europe, with a new lead manager from a team which has generated excellent alpha...
24 Jan 2018 Signs of continental shift
BlackRock Greater Europe portfolio co-manager Stefan Gries explains what’s driving investment opportunities in Greater Europe...
21 Mar 2017 Continental shift
While Europe remains out of favour with investors, shares from the region can offer value, says portfolio co-manager Vincent Devlin...
13 Dec 2016 Fund Analysis
13 Dec 2016 Small is beautiful
We identify the UK's most efficient trusts, all of which have operational costs below 0.1%...
View all

Welcome to Kepler Trust Intelligence

Please enter a valid email address
Please enter a valid password
Please enter a valid email address
Please check your email. If an account exists you'll be sent instructions on how to reset your password.
To ensure that we are able to provide content which is appropriate for you, please tell us a little about yourself.
Please choose an option
Please enter a company name
Please enter a location name
Please choose an option
Please enter a platform
Please choose an option
Please enter a trust
The information contained herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The investment funds referred to herein have not been registered in the United States under the Investment Company Act of 1940 and units or shares of such funds are not registered in the United States under the Securities Act of 1933.
Please confirm
Please select an option
See benefits
A free Kepler Trust Intelligence account allows you to access premium content including the ‘Kepler View’ – our verdict on the trusts we cover – and historical research so you can see how our view has changed over time. An account also unlocks useful facilities like the ‘follow’ button which lets you keep track of the trusts you’re interested in and as a logged in user you can also download PDFs of our research, and choose the layout of the page you’re reading to suit your preference. We will not share your details unless you give us permission to do so, and we won’t bombard you with emails – we only send one a week.
Please select an option
Please enter your first name
Please enter your last name
Please enter a valid email address
An account already exists with this email - have you forgotten your password?
Please enter a valid password
Please enter a valid password
How will this information be used? Your answers help us to tailor our content to relevant investment trusts, and to ensure that the asset allocation and portfolio strategy research we produce is appropriate to our userbase.
Our Website uses Cookies Cookies are small text files held on your computer. They allow us to give you the best browsing experience possible and mean we can understand how you use our site. Some cookies have already been set. You can delete and block cookies, but parts of our site won’t work without them. By using our website you accept our use of cookies. For further information please refer to the Kepler Privacy Notice.
Need help?

One more thing...

Did you know, you can 'follow' individual trusts on Kepler Trust Intelligence? Use the functions below to set up alerts and we'll send you research and updates on your chosen trusts.

Suggested trusts to follow

Browse all funds
Need help?
Current Site Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.