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Blackrock Greater Europe Investment Trust Plc July 2021

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Blackrock Greater Europe Investment Trust Plc July 2021 BlackRock Greater Europe Investment Trust plc July 2021 The information contained in this release was correct as at 31 July 2021. Key Risk Factors Information on the Company’s up to date net asset values can be found on Capital at risk. The value of investments and the London Stock Exchange website at: https://www.londonstockexchange.com/exchange/news/market-news/market- the income from them can fall as well as rise newshome.html and are not guaranteed. Investors may not get back the amount originally invested. Overseas investments will be affected by Company objective currency exchange rate fluctuations. To achieve capital growth, primarily through investment in a focused portfolio The Company’s investments may be subject constructed from a combination of the securities of large, mid and small to liquidity constraints, which means that capitalisation European companies, together with some investment in the shares may trade less frequently and in small developing markets of Europe. volumes, for instance smaller companies. As a Fund information (as at 31/07/2021) result, changes in the value of investments may be more unpredictable. In certain cases, Net asset value (capital only): 649.74p it may not be possible to sell the security at Net asset value (including income): 651.74p the last market price quoted or at a value considered to be fairest. Net asset value (capital only)1: 649.74p The Company invests in economies and Net asset value (including income)1: 651.74p markets which may be less developed. Share price: 664.00p Compared to more established economies, the value of investments may be subject to Premium to NAV (including income): 1.9% greater volatility due to increased uncertainty Premium to NAV (including income)1: 1.9% as to how these markets operate. Net gearing: 2.9% The Company may from time to time utilise gearing. A fuller definition of gearing is given Net yield2: 0.9% in the glossary. Total assets (including income): £609.7m The latest performance data can be found on Ordinary shares in issue3: 93,550,411 the BlackRock Investment Management (UK) Limited website at: blackrock.com/uk/brge Ongoing charges4: 1.0% See glossary for further explanation of terms The figures shown relate to past performance. Past performance is not a used. reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. 1 Diluted for treasury shares. 2 Based on a final dividend of 4.40p per share for the year ended 31 August 2020 and an interim dividend of 1.75p per share for the year ending 31 August 2021. 3 Excluding 17,573,527 shares held in treasury. 4 Calculated as a percentage of average net assets and using expenses, excluding interest costs, after Kepler rated fund in the Income Category. relief for taxation, for the year ended 31 August 2020. Effective date: 30 January 2020. Past performance is not a reliable indicator of current or future results. blackrock.com/uk/brge RETH0921E/S-1818432-1/6 Annual performance to the last quarter end (as at 30 June 2021) 30/06/20 30/06/19 30/06/18 30/06/17 30/06/16 30/06/21 30/06/20 30/06/19 30/06/18 30/06/17 % % % % % Net asset value 43.7 10.8 12.6 12.6 22.6 Share price 52.2 12.5 11.4 13.4 24.7 Reference Index1 22.8 0.5 7.9 2.5 29.0 1 The Company’s reference index is the FTSE World Europe ex UK Index Performance statistics sources: BlackRock and Datastream The latest performance data can be found on our website: www.blackrock.com/uk/brge Cumulative performance (as at 31/07/21) Launch % Sterling 1M% 3M% 1Y% 3Y% (20 Sept 04) Net asset value – undiluted 5.3 13.3 49.7 81.4 776.9 Ney asset value – diluted* 5.3 13.3 50.0 81.3 777.3 Share price 4.7 12.5 53.9 95.8 803.0 Reference Index1 1.6 5.3 26.6 28.9 359.9 The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. 1 The Company’s reference index is the FTSE World Europe ex UK Index * Diluted for treasury shares and subscription shares The above Net Asset Value (NAV) performance statistics are based on a NAV including income, with any dividends reinvested on the ex-dividend date, net of ongoing charges and any applicable performance fee. A fuller definition of ongoing charges (which includes the annual management fee) is given in the glossary. Details of the management fee are given in the key company details section overleaf. The Company does not have a performance fee. Share price performance figures are calculated on a mid market basis in sterling terms with income reinvested on the ex-dividend date. The performance of the Company’s portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Ten largest investments (as at 31/07/21) Holdings are as at the date shown and do not necessarily represent Company Country of risk Fund % current or future portfolio holdings. Risk: The specific companies identified and described above do not represent all of the companies ASML Netherlands 7.6 purchased or sold, and no assumptions should be made that the Kering France 6.2 companies identified and discussed were or will be profitable. Lonza Group Switzerland 5.7 A full disclosure of portfolio investments for the Company as at Sika Switzerland 5.4 30 June 2021 has been made available on the Company’s website at the link given below: DSV Denmark 4.8 Novo Nordisk Denmark 4.5 https://www.blackrock.com/uk/individual/literature/policies/blackrock- Royal Unibrew Denmark 4.1 greater-europe-invst-trust-portfolio-disclosure.pdf Dassault Systèmes France 3.5 Netcompany Group Denmark 3.4 Hexagon Sweden 3.3 RETH0921E/S-1818432-2/6 Comments from the portfolio managers Similarly, VAT Group pre-released strong headline figures Please note that the commentary below includes with record orders of EUR 253m and margins well ahead historic information in respect of performance data of consensus, supported by high demand for semi- in respect of portfolio investments, index conductor components across its broad end market spectrum. performance data and the Company’s NAV performance. Stock selection was also successful within industrials. Our off-benchmark position in RELX Group contributed The figures shown relate to past performance. positively after releasing better than expected numbers for Past performance is not a reliable indicator of the first half of the year despite losses from its exhibition current or future results. business. Elsewhere within industrials, Kingspan also aided returns. During the month, the Company’s NAV rose by 5.3% and the share price by 4.7%. For reference, the FTSE World On the negative side, Logitech underperformed off the Europe ex UK Index returned 1.6% during the period. back of a sequential decline in sales. However, we are confident that this quarter-on-quarter slowdown in Europe ex UK markets continued to rise during July, demand for video conferencing equipment was driven by supported by an overall healthy economic environment. So clearing of inventories at the wholesale level, which is a far, we have seen the start of another strong earnings trend we expect to reverse positively in future quarters. season in Europe with many companies beating expectations. Importantly, most of our companies are A few recovery names including Amadeus and Safran were delivering strong results versus 2019 levels, as well as also amongst the bottom performers as overall air traffic versus 2020. remains fairly weak and the prospect of a more sustained recovery in air travel has seen further delays. Technology, basic materials and health care led the market, while more value and ‘recovery’ driven assets At the end of the period, the Company had a higher including energy, travel and bank stocks lagged the allocation than the reference index towards technology, market. industrials, consumer discretionary, health care and energy. The Company had an underweight allocation to The Company outperformed its reference index, driven by financials, consumer staples, utilities, telecoms, real estate strong stock selection, while sector allocation was also and basic materials. positive. In sector terms, the Company’s higher allocation to technology and industrials aided returns, as did a lower Outlook allocation to consumer goods. A higher allocation to consumer services and an underweight to basic materials We see recent market strength persisting over the coming detracted during the month. months, aided by better virus testing capabilities, a successful vaccine rollout and a resilient global consumer, Stock selection was strongest within the health care alongside continued accommodative fiscal and monetary sector. While the sector benefited from macro moves such policy. This market recovery is unlikely to be equal across as US bond yields coming down, we also saw evidence of all sectors: some companies still lack pricing power and high-quality upgrades to earnings. Lonza, the world’s are unable to reinstate dividends; others, however, such as leading biologics manufacturer, was the top performer, travel exposed stocks, could see a meaningfully brighter reporting stellar numbers, heading towards what we 2022. Inflation may be on the horizon, but rates will likely believe could be 16-17% revenue growth this year. remain low. A period of prolonged negative real rates and Elsewhere, the business is finally demonstrating a healthy higher nominal growth is needed to allow governments degree of operational leverage, posting a 33% EBITDA globally to work their way out of the post pandemic debt margin.
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