Edison issues review on BlackRock GreaterEuro InvT

RNS Number : 6348K

BlackRock Greater Europe Inv Tst

11 April 2018

 

London, UK, 11 April 2018

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

BlackRock Greater Europe Investment Trust (BRGE) is co-managed by Stefan Gries (appointed on 20 June 2017), who focuses on developed European markets, and Sam Vecht, who focuses on emerging Europe. They aim to generate long-term capital growth from a relatively concentrated portfolio of 35-40 European equities, mostly from developed markets. BRGE's investment performance has improved following Gries' appointment, since when the trust has outperformed the FTSE World Europe ex-UK reference index by c 5pp. As well as positive contributions from portfolio companies, both in developed and emerging Europe, BRGE has benefited from not holding some of the larger European companies that have underperformed the broader market.

BRGE's current 5.7% share price discount to cum-income NAV is modestly wider than the averages of the last one, three, five and 10 years (range of 4.0% to 4.5%). The trust's board actively manages the discount via share repurchases and discretionary semi-annual tender offers. The next opportunity for investors to tender their shares is on 31 May 2018, at 98% of the prevailing NAV. BRGE has a progressive dividend policy; annual distributions have increased every year since the trust was launched in 2004. Its current dividend yield is 1.7%. 

 
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