Edison reviews BlackRock Greater Europe Inv Trust
London, UK, 20 November 2020
Edison reviews BlackRock Greater Europe Investment Trust (BRGE)
BlackRock Greater Europe Investment Trust (BRGE) has passed an important test, with its investment philosophy and process continuing to deliver despite an unprecedented shock to markets and economic growth. Co-managers Stefan Gries (developed Europe) and Sam Vecht (emerging Europe) remain constructive on the outlook for Europe in 2021; they believe the region is dealing with the coronavirus outbreak better than some other areas and there has been an enormous fiscal and monetary response to the crisis. Although timelines have been pushed out, the managers are confident that a new economic cycle is underway in Europe, a region that is very geared into the health of the global economy. They believe that if the risk premium declines, Europe will become a more investible market, and in the meantime, they are still finding attractive, high-growth companies that are creating long-term value for shareholders.
BRGE's current 2.3% discount to cum-income NAV is narrower than the 3.9% to 4.4% range of average discounts over the last one, three, five and 10 years. Despite a tough economic environment, and helped by a favourable tax ruling, BRGE was once again able to pay a higher dividend in FY20, thereby keeping its long-term dividend growth record intact. The trust currently offers a 1.3% yield.
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