Fund Profile


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.

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BlackRock Greater Europe (BRGE) offers investors a portfolio of pan-European equities, allocated through a high-conviction and wholly bottom-up process. BRGE is led by Stefan Gries, who manages the developed Europe allocation, and Sam Vecht, who manages the emerging Europe allocation (currently 9% of BRGE’s portfolio). The managers benefit from BlackRock’s substantial roster of dedicated European equity analysts.

Stefan and Sam’s philosophy is one of long-term bottom-up investing, with little attention paid to macroeconomic or country-specific risk factors. They also approach investing as if they were business owners, with particular attention paid to a company’s earnings and cash flow, as well as its ability to offer a unique business proposition. While BRGE’s one-year turnover has begun to normalise to its pre-pandemic norm, the team have taken advantage of the global rotation to value from growth to add new positions in growth stocks at reduced valuations. The managers are generally bullish around the recovery in Europe’s consumer spending, highlighting the increased tailwinds from the post-crisis stimulus.

BRGE has taken the crown of the best-performing European investment trust over one, three and five years. This has been a period of impressive risk-adjusted performance, whereby its five-year Sharpe ratio of 0.92 far exceeds the benchmark’s Sharpe of 0.58. Likewise, its high alpha and information ratio show to us the successful stock-picking of the team. We cover this in more detail in the Performance section. BRGE is now one of the few European trusts trading at a premium, likely as a result of its sector-leading performance and the tailwinds supporting the European economy, as we describe in the Discount section.

Analyst's View

In our view, BRGE’s success is built on some of the classic properties of a successful bottom-up strategy. This is not just due to the substantial resources available to the trust thanks to its being managed by one of the largest analyst teams at the world’s largest asset manager, or thanks to the team’s sophisticated strategy. It is also due to their disciplined approach to long-term investing, maintaining conviction through the market cycle and thus being willing to hold stocks through periods of enhanced volatility.

While past performance should not be used to extrapolate future results, BRGE’s consistent outperformance across both the near and the long term is, in our opinion, evidence of Stefan and Sam‘s successful execution across various market environments. It also demonstrates that even though BRGE’s process can be associated with higher volatility, it has been more than compensated for by its superior returns.

We believe investors can utilise BRGE in two ways, both as a core exposure to Europe given its ability to invest in both developed and emerging Europe, and as a source of alpha thanks to Stefan and Sam’s successful benchmark-agnostic approach to stock-picking. Investors should also be conscious of the clear quality growth bias of the portfolio, a style which may underperform in a prolonged value rally or rising interest rate environment.

bull bear
Sector-leading performance, with strong evidence of successful stock-picking Currently trades at a premium to its peers
Disciplined and high-conviction approach to long-term investing May underperform during value-driven markets
Able to invest across the entire continent Investment approach can lead to higher volatility
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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...
15 Mar 2024 European momentum and a China alternative
We take a look back at the highlights of this week’s event…
06 Mar 2024 Gimme shelter
Growth opportunities to re-invest those magnificent profits into...
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
16 Feb 2024 Are we exclusive now?
Whisper, don’t shout, but the European luxury goods sector is one of the top-performers over the last five years…
02 Feb 2024 Extra chips with that please
We take a closer look at the booming semiconductor sector and how investors can tap into its growth potential….
17 Jan 2024 Top of the Pops
We reveal the winners of our investment trust ratings for 2024…
10 Nov 2023 LATAM rate cuts and central bank gold buying
We take a look at some of the highlights of our BlackRock event…
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...
31 Aug 2022 Growth at an unreasonable price
Growth has taken a beating as inflation fears have soared, but the tide may be turning and we have six speakers at our next event ready to tell us why…
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
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...
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...
27 Jun 2017 What's driving frontier markets?
Can political and economic reforms make a difference when it comes to looking for growth?
15 Jun 2017 Signs of continental shift
BlackRock's Stefan Gries explains what's driving opportunities in Greater Europe...
08 Jun 2017 The long game
Highlights from BlackRock Income & Growth's annual general meeting...
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...
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