Edison issues review on BlackRock Greater Europe

RNS Number : 0768E

BlackRock Greater Europe Inv Tst

15 October 2018

 

London, UK, 15 October 2018

Edison issues review on BlackRock Greater Europe Investment Trust (BRGE)

BlackRock Greater Europe Investment Trust (BRGE) has two co-managers: Stefan Gries focuses on developed markets in Europe (the large majority of the portfolio), while Sam Vecht focuses on emerging markets. Gries believes that the investment backdrop remains relatively robust, but stresses the importance of remaining selective. He seeks quality companies that can be held for the long term, where their earnings and cash flow potential is not reflected in their current share prices. Since Gries became co-manager in June 2017, BRGE has outperformed the FTSE World Europe ex-UK index by c 12pp. He continues to find attractive investment opportunities, and comments that the broad-based sell-off in emerging markets means there is potential for a higher emerging Europe allocation in the trust's portfolio in coming months.

BRGE's current 4.4% share price discount to cum-income NAV is broadly in line with the averages of the last one, three, five and 10 years (range of 4.0% to 4.6%). The board actively manages the discount via discretionary six-monthly tender offers (next due at the end of November 2018), along with periodic share repurchases. The trust has a progressive distribution policy, and the regular dividend has increased each year since the fund was launched in 2004. Based on its current share price, BRGE offers a dividend yield of 1.7%.

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