Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

BlackRock Grtr Eur (BRGE)

  Print      Mail a friend

Wednesday 19 April, 2017

BlackRock Grtr Eur

Portfolio Update

BLACKROCK GREATER EUROPE INVESTMENT TRUST plc (LEI - 5493003R8FJ6I76ZUW55)
All information is at 31 MARCH 2017 and unaudited.
Performance at month end with net income reinvested
One Three One Three Launch
Month Months Year Years (20 Sep 04)
Net asset value (undiluted) 3.1% 5.1% 20.0% 27.4% 290.5%
Net asset value* (diluted) 3.1% 5.1% 21.1% 29.6% 290.9%
Share price 4.4% 6.3% 22.6% 26.2% 277.4%
FTSE World Europe ex UK 4.6% 7.5% 27.9% 31.7% 215.0%
* Diluted for treasury shares and subscription shares.
Sources: BlackRock and Datastream
At month end
Net asset value (capital only): 308.10p
Net asset value (including income): 309.74p
Net asset value (capital only)1: 308.10p
Net asset value (including income)1: 309.74p
Share price: 297.00p
Discount to NAV (including income): 4.1%
Discount to NAV (including income)1: 4.1%
Net gearing: 2.2%
Net yield2: 1.8%
Total assets (including income): £300.5m
Ordinary shares in issue3: 95,295,953
Ongoing charges4: 1.07%
1  Diluted for treasury shares.
2  Based on a final dividend of 3.65p per share and an interim dividend of 1.65p per share for the year ended 31 August 2016.
3  Excluding 15,032,985 shares held in treasury.
4  Calculated as a percentage of average net assets and using expenses, excluding interest costs, after relief for taxation, for the year ended 31 August 2016.
Sector Analysis Total Assets  Country Analysis Total Assets 
(%)  (%) 
Industrials 28.5  France 19.3 
Financials 20.3  Netherlands 15.9 
Consumer Goods 15.8  Germany 11.6 
Health Care 8.6  Denmark 10.8 
Consumer Services 8.6  Switzerland 8.1 
Technology 7.4  Belgium 5.9 
Basic Materials 7.3  Sweden 5.2 
Telecommunications 2.6  Ireland 5.0 
Oil & Gas 1.3  Finland 4.5 
Net current liabilities (0.4) Russia 4.1 
-----  Luxembourg 2.5 
100.0  Ukraine 1.8 
=====  Spain 1.6 
Italy 1.6 
Poland 1.6 
Turkey 0.9 
Net current liabilities (0.4)
----- 
100.0 
===== 
Ten Largest Equity Investments
% of
Company Country Total Assets
AXA France 3.5
RELX Netherlands 3.4
ASML Netherlands 3.3
Bayer Germany 3.3
Anheuser-Busch InBev Belgium 3.1
Vinci France 3.0
Schneider Electric France 2.9
Wartsila Finland 2.6
KPN Netherlands 2.6
DSV Denmark 2.6
Commenting on the markets, Vincent Devlin, representing the Investment Manager noted:
During the month, the Company’s NAV rose by 3.1% and the share price gained by 4.4%. For reference, the FTSE World Europe ex UK Index was up 4.6% during the period.
With the French election within sight, politics again took centre stage. The Dutch election on 15 March was seen as a gauge of populist sentiment on the continent, hence the election victory of pro-European mainstream was a relief for the market and political leaders. Furthermore, the UK formally triggered Article 50 of the Treaty of Lisbon at the end of the month, which started the Brexit process. Political noise aside, Europe continues to see strong economic data with the region’s composite Purchasing Manager’s Index hitting a six-year high in March.
Investors continued to focus on likely policy development at the European Central Bank (ECB), where the messaging from different council members has been mixed. However, while expectations of potentially higher interest rates drove bond yields and bank stocks higher, we do not expect a dramatic policy shift in the immediate future.
From a sector perspective, losses were experienced due to the lower allocation to financials. Banks proved to be one of the top performing industries over the month as central bank language encouraged inflation and interest rate expectations higher. Given this change in tone from the ECB in particular, we decided to increase the Company’s weighting towards banks. However, we remain cautious on pressures facing the sector and note that we still remain in a low nominal rate environment. Therefore, we are positioned towards the higher quality banks within Europe, such as Danske Bank. Positively, the lower allocation to health care contributed to performance over the month.
In stock specifics, the largest detractor was a holding in German listed Steinhoff International. The stock has shown a high level of sensitivity towards the South African Rand, which saw its value relative to the Euro fall significantly over the month given perceived political instability leading to the dismissal of South Africa’s finance minister.
The Company also realised underperformance from an off-benchmark holding in Swedish stockbroker Avanza Bank. The share price was negatively afflicted over the month as Nordea, the largest Swedish bank, announced that it would be reducing commission rates. The main motivation in this was to stem outflows it has experienced, as Avanza has rapidly gained market share. Whilst this is a change in market dynamics, we believe the share price move is overdone. We continue to believe Avanza, which remains the lowest cost operator in the region, will achieve a higher growth rate than other Swedish players as investors are attracted to not only its competitive pricing, but superior functionality, technology and product offering.
A position in Thyssenkrupp also detracted from returns, unwinding some of their recent strong performance. Largely, this was due to a sentiment shift on those stocks deemed to be exposed to Trump’s pro-growth agenda, following his failure to pass policy through Congress. However, we believe Thyssenkrupp still has potential upside as forward lead indicators for growth and pricing power within the steel industry remain healthy.
Positively, a position in French construction company Vinci performed well, with incremental news flow on the Grand Paris construction plans likely to support the stock further. A position in beverage company Rémy Cointreau also contributed positively to performance as data in China supported sales trends, particularly in their most profitable XO (Extra Old) category.
Outlook
The conditions for European equities are much brighter for 2017. We see a pick-up in global economic momentum and the market poised to focus on fundamental drivers after a highly thematic 2016. European equity fundamentals are improving as evidenced by the robust Q4 reporting season. The European market is now delivering a more supportive earnings revision trend. In addition, we are seeing margins beginning to improve on the back of a strong macro backdrop, improvement in pricing power and global capex spending recovery in select industries. Growth is broad based and the rebound in global trade and exports should provide a boost to Eurozone GDP growth. We remain aware of the risks apparent within Europe, particularly those of a political nature, but also note that some of the upcoming elections on the continent could turn out as positive catalysts for change – for example in France, where some candidates have a clear reform agenda which would be positive for business confidence and activity. We anticipate that investors will reassess the risk / reward profile and increase weightings to the asset class once political risk has faded.
19 April 2017
ENDS
Latest information is available by typing www.brgeplc.co.uk on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.

a d v e r t i s e m e n t