London, UK, 11 August 2017
Edison issues review on BlackRock Greater Europe Investment Trust
BlackRock Greater Europe Investment Trust (BRGE) aims to generate capital growth from a relatively concentrated portfolio invested across the greater European region. In June 2017, it was announced that Stefan Gries would replace Vincent Devlin as co-manager. He will continue to adopt BRGE's flexible bottom-up stock selection approach, drawing on the wider resources of BlackRock's European and emerging markets equity teams, but is reducing the number of holdings and intends opportunistically to make fuller use of the emerging European allocation. The trust is referenced against the FTSE World Europe ex-UK index and its NAV total return has outperformed over three and 10 years and is broadly in line over five years, while lagging over the past 12 months. Although the primary aim is capital growth, BRGE has a progressive dividend policy. Its current dividend yield is 1.7%, which is in line with its peer group average.
BRGE's current 5.3% share price discount to cum-income NAV is broadly in line with the 4.9% average over the past 12 months (range of 2.5% to 9.5%) and compares to the averages of the last three, five and 10 years of 4.3%, 4.0% and 4.5% respectively. The board actively manages the discount via share repurchases and discretionary semi-annual tender offers. BRGE has a progressive dividend policy and has increased its annual dividend every year since the fund was launched.
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