Fund Profile

Disclaimer

This is a non-independent marketing communication commissioned by BlackRock. 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.

Overview
Overview

BlackRock Greater Europe (BRGE) follows a highly active approach to European equity investing, able to access companies in both developed and emerging Europe, as well as across a range of market caps. BRGE remains the best performing AIC Europe trust over one, three and five years. This is the direct result of the effective, high conviction, bottom-up approach of its managers: Stefan Gries and Sam Vecht. Despite how turbulent 2021 has been, Stefan and Sam have made few changes to the portfolio, retaining the same low turnover approach as prior years, at 20% over the last year, and continuing to focus on the highest quality growth opportunities Europe can provide. While the duo pays little to no attention to macro-economic or country-specific risk factors, they are aware of near-term inflationary pressures. They highlight that many of the holdings have strong pricing power and can pass on any inflationary shock to their consumers, insulating BRGE. We provide several examples of BRGE’s holdings in our Portfolio section.

BRGE’s strong performance has been predominantly generated by Stefan and Sam’s strong stock selection, with BRGE displaying strong risk-adjusted performance over the last five years. We discuss BRGE’s returns in more detail in Performance. The trust also has strong ESG credentials, as determined by Morningstar, with the team having recently increased the degree of their ESG analysis. BRGE trades on a premium, currently 1.6%, and has done so since the start of 2021, as we describe in Discount.

Analyst's View

We think BRGE’s results continue to show the benefits of disciplined stock picking, and Stefan and Sam’s impressive long-term performance record has demonstrated their ability to execute over varying market environments. Their continually low portfolio turnover indicates a high level of conviction, which we believe makes BRGE an attractive choice for long-term investors that have the time horizon to capitalise on the team’s five-year view. We also highlight the advantages BRGE’s expanding team of analysts provides (see Management). The managers can draw upon what they believe is one of the best-resourced European equity teams in the industry, giving the managers an advantage when it comes to stock-picking.

BRGE has seen an expansion in underlying portfolio valuations over 2021, but Stefan and Sam remain sanguine over the issue. While BRGE’s high valuations may be unpalatable for investors concerned with the risk of inflation and interest rate rises, the team believe that the strong pricing power of their companies will largely insulate them from these effects. We add that BRGE’s five-year risk-return statistics indicate its ability to more than compensate investors over past periods of volatility, as well as insulate them during market drawdowns.

We believe that BRGE’s performance has led it to continue to trade on a premium, and note is the only trust to do so in the sector. As long as BRGE continues its sector-leading performance we can see its premium remaining.

bull bear
Sector leading performance, with a track record of successful stock picking
Continues to trade at a premium to peers
Disciplined, low turnover approach despite recent market turmoil
May be sensitive to potential near-term inflationary pressures due to high valuations
Able to invest in both developed and emerging Europe
Investment approach can lead to higher volatility
Continue to Portfolio

Fund History

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
We highlight potential opportunities within the European investment trust space…
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 apart from fresh volatility - how much has really changed?
24 Jan 2018 Fishing in the right pond...
We analyse where active managers have been able to add the most value relative to their benchmark indices...
24 Jan 2018 Fund Analysis
A focused European equity portfolio that has the greatest flexibility in the peer group to invest in continental European companies – including up to 25% in countries listed in developing Europe...
06 Dec 2017 Fund Analysis
A high conviction, macro-aware stockpicking trust that focuses on European emerging markets such as Russia and Turkey...
29 Nov 2017 Fund Analysis
An income focused investment trust with solid dividend cover with a popular OEIC counterpart managed by the same team...
20 Sep 2017 Back to School…
Tim Stevenson, manager of the Henderson Euro Trust, discusses the economic and political backdrop for European equities…
25 Jul 2017 En Garde!
Following a significant reversal in fortunes over the course of 2017, we analyse the outlook for the high-flying European equity market and the trusts that focus on it...
25 Jul 2017 Fund Analysis
A trust focused on smaller European small-caps managed via a bottom-up, benchmark-agnostic approach...
28 Jun 2017 Fund Analysis
A growth focused trust which invests in some of the world's most exotic markets, managed by a highly experienced team...
28 Jun 2017 Fund Analysis
A predominately equity-focused portfolio offering exposure to the global mining and energy sectors which pays a significant yield...
27 Jun 2017 What's driving frontier markets?
Can political and economic reforms make a difference when it comes to looking for growth?
20 Jun 2017 Fund Analysis
A conservatively managed large cap equity portfolio which aims for companies that can grow their dividend consistently...
15 Jun 2017 Signs of continental shift
BlackRock's Stefan Gries explains what's driving opportunities in Greater Europe...
13 Jun 2017 Fund Analysis
An income-orientated US equity trust with a decent track record of outperformance since its change in strategy...
08 Jun 2017 The long game
Highlights from BlackRock Income & Growth's annual general meeting...
06 Jun 2017 Fund Analysis
A commodity focused investment trust that has undergone a difficult period but the managers have done much in terms of rebuilding the portfolio...
25 Apr 2017 Fund Analysis
A broadly diversified European equities trust with significant exposure to global multi-national companies, trading on a discount in double figures...
31 Mar 2017 Bargain or basket case?
As the reality of Donald Trump's administration settles in, we examine the case for emerging markets exposure...
29 Mar 2017 Good things come in small packages...
Mike Prentis, BlackRock’s portfolio manager for smaller companies, explains his rationale for picking companies...
15 Mar 2017 Never mind the ballots
Despite political uncertainty in Europe, the continent remains home to some of the world's strongest brands and companies...
10 Mar 2017 The long and short of it
BlackRock's Dan Whitestone explains how 'shorting' a company can make money for investors on a falling share price...
03 Feb 2017 Analysis: What next for European ITs?
Our analysis shows that European investment trusts have in recent years delivered strong returns to investors from their current discount, but risks abound in 2017...
25 Jan 2017 Frontier markets can give you the edge…
Gordon Fraser, portfolio manager for frontier markets at BlackRock, highlights everything investors need to know about high growth frontier markets...
06 Jan 2017 Confidence returns to commodities
Tom Holl, co-manager of BlackRock’s Commodities Income Investment Trust, discusses the future for this diverse sector...
19 Dec 2016 Salvation for Latin America?
BlackRock’s portfolio manager for Latin America, Will Landers, assesses the region’s potential for growth....
18 Dec 2016 Fund Analysis
A focused and differentiated portfolio of European equities that also has one of the lowest charges compared to its size...
View all

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