BlackRock Greater Europe Investment Trust plc
Europe is home to some of the world’s most dynamic and exciting companies. Targeting capital growth, we invest across small and large companies in the region. The Trust’s experienced management team focus on identifying high quality companies that can be held for the long term.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
The Blackrock Greater Europe Investment Trust aims to provide capital growth by investing in a focused portfolio of European companies.
Home to some of the world’s most dynamic and exciting businesses, Europe can often surprise for its innovation and depth of opportunity.
The trust’s experienced managers, Benjamin Moore and Brian Hall, are keenly focused on quality with a bottom up approach.
This means they look for companies that are financially strong, with good management and an excellent track record of creating value for shareholders.
They also look for something unique from their businesses, such as a strong brand or a particularly desirable product.
They can invest across the whole breadth of Europe and are not constrained by company size, sector or region.
This allows the team to capture growth opportunities in the less well known, potentially faster growing parts of emerging Europe, as well as mainstream economies such as Switzerland, France and Germany.
The portfolio managers aim for a high conviction portfolio of 30 to 45 of the most compelling of these businesses, which can be held for the long term.
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About this trust
The Company aims to provide capital growth by investing in a portfolio of large, mid, and small-cap European companies, including some in developing markets. It targets high-quality, well-capitalised companies with strong management.
Why Choose the BlackRock Greater Europe Investment Trust plc? (BRGE)
Best of Europe
Concentrated portfolio of the investment managers’ best 30 – 50 ideas in Europe.
Seeking the best opportunities for capital growth at the right price and with a valuation discipline. Unconstrained by market cap, industry or country, the managers are free to invest where they see opportunities.
Long-term high-quality portfolio
Growth at the core. Focus on companies with durable competitive advantages and unique business characteristics.
An Investor not a trader. Investing like a company owner not a trader of shares, aligned with quality management teams seeking long-term value creation.
Low-turnover approach to allow long-term quality companies to compound returns over time.
Growing Dividend
Quality, cash-generative holdings. The Company has delivered a consistently growing dividend, reflecting the durability of its underlying businesses through market cycles.
Track record of dividend increases. The Company has consistently increased its dividends for more than 20 years in a row, making it an AIC Dividend Hero.
High quality
Experienced portfolio managers, part of BlackRock’s European team of 22 investors with the resource, knowledge and experience to thoroughly analyse and debate investment ideas.
Breadth and depth of BlackRock’s global resources and risk management systems to support the portfolio management team.
Why an investment trust?
The investment trust structure offers many tools, not available to other fund structures, which potentially enhance returns:
Independence: The Company has an independent Board of Directors with deep experience and a range of expertise appointed to protect shareholders’ interests and enhance shareholder value.
Long-term view: The closed-end structure means the Company does not have to sell assets to meet redemptions and in times of market stress, the Manager is able to take advantage of investment opportunities arising from volatility in the investment cycle rather than being forced sellers. This has the potential to enhance returns over the longer term significantly. This feature also makes an investment trust more suitable for holding less liquid assets.
Consistent source of income: Investment trusts can retain a proportion of income each year to help smooth dividend payments; they can also dip into accumulated reserves to maintain or even increase dividend payouts during lean years. These features have enabled BlackRock Greater Europe Investment Trust plc to successfully grow its dividend each year for over 20 years, making it an AIC Dividend Hero.
Gearing: Investment trusts can use gearing (borrowing) to amplify returns when markets are rising.
There is no guarantee that a positive investment outcome will be achieved.
Portfolio Managers & Board of Directors
Benjamin Moore
Brian Hall
The Trust is governed by an elected Board of Directors
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Andrew Impey (appointed 28 April 2025) (Chairman) has over 30 years’ fund management experience and more than 35 years’ investment trust experience. He has been lead manager on a broad range of funds including a sovereign wealth mandate, unit trusts and several investment trusts. He was previously a consultant at Rathbones Investment Management, a partner of Albion Capital Group LLP and joint managing director at OLIM Limited. Prior to joining OLIM in 2009, he was chief investment officer at Singer & Friedlander Investment Management. He is non-executive chair of the Pacific Assets Trust plc.
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Paola Subacchi (appointed July 2017) (Senior Independent Director) is an economist, writer and commentator on the functioning and governance of the international financial and monetary system. She is Professor of International Economics and Chair of the Advisory Board, Global Policy Institute, Queen Mary University of London, visiting professor at the University of Bologna, non-executive director of Scottish Mortgage Investment Trust PLC as well as Founder of Essential Economics Ltd. She writes regularly on Project Syndicate.
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Peter Baxter (appointed April 2015) has over 30 years’ experience in the investment management industry. He is an executive director of Snowball Impact Management Ltd, a social impact investment organisation, a non-executive director of Civitas Social Housing plc, and a trustee of Trust for London, and was a member of the Financial Reporting Council’s Conduct Committee. Previously he was chief executive of Old Mutual Asset Managers (UK) Ltd and worked for Schroders and Hill Samuel in a variety of investment roles.
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Ian Sayers (appointed February 2022) (Chairman of the Audit and Management Engagement Committee) is the former Chief Executive of the Association of Investment Companies (AIC), which he became in 2010 on his promotion from Deputy Director General. Prior to that, he was the AIC’s Technical Director, advising members on areas such as taxation, accounting, company law and regulation, as well as having a key role in its public affairs activity. He qualified as a chartered accountant and chartered tax advisor.
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Sapna Shah (appointed 12 December 2023) has 20 years of investment banking experience advising UK companies, including listed REITs and investment companies, on IPOs, equity capital market transactions and mergers and acquisitions. She is a non-executive director of The Association of Investment Companies and a consultant at Panmure Gordon Limited. Prior to this she held senior investment banking roles at UBS AG, Oriel Securities (now Stifel Nicolaus Europe) and Cenkos Securities. She is currently a non-executive director of Supermarket Income REIT plc and BioPharma Credit PLC.
Key Documents
The annual report gives investors a clear overview of the company's financial performance, including detailed revenue and profit analyses. It features the Chairman's statement, providing insights into the company's direction, and the Portfolio Manager's report, which details investment strategies and portfolio performance.
The half-year report updates investors on the company's financial performance, including key revenue and profit metrics. It includes a brief statement from the Chairman, offering insights into the company's progress and strategic direction for the first six months. Additionally, the Portfolio Manager's summary highlights investment strategies.
The factsheet provides an overview of the company's objective and strategy, including a monthly update of the company's performance. It highlights the portfolio's sector allocation and top 10 holdings, along with the portfolio managers' monthly commentary.
Useful information
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Fees & Charges
Annual Expenses as at Date: 31/08/2025
Ongoing Charge: 0.95%
Management Fee Summary: With effect from 1 September 2025, the management fee was reduced from 0.85% of net assets up to £350 million and 0.75% on the remainder to a lower tiered rate structure of 0.65% on the first £400 million, 0.60% on net assets between £400 million and £1 billion and 0.525% on the remainder. This is not reflected in the Ongoing Charges above of 0.95%, and it is estimated that the Company’s Ongoing Charges will reduce significantly, allowing it to achieve an illustrative OCR of 0.775% (based on average net assets for the year ended 31 August 2025 of £593.3).
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ISIN: GB00B01RDH75
Sedol: B01RDH7
Bloomberg: BRGE LN
Reuters: BRGE.L
LSE code: BRGE
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Name of Company: BlackRock Fund Managers Limited
Telephone: 020 7743 3000
Email: cosec@blackrock.com
Website: www.blackrock.com/uk
Correspondence Address: Investor Services,
BlackRock Investment Management (UK) Limited,
12 Throgmorton Avenue,
London
EC2N 2DL
Name of Registrar: Computershare PLC
Registered Office: 12 Throgmorton Avenue,
London
EC2N 2DL
Registrar Telephone: +44 (0)370 707 1163
Place of Registration: England
Registered Number: 5142459
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Year End: 31 August
Results Announced: April (half yearly), October (final)
AGM: November/December
Dividends Paid: May (interim), December (annual)
Hear from the Co-Portfolio Managers on the Company’s progress and an outlook for the year ahead.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. The opinions expressed are as of December 2021 and may change as subsequent conditions vary.
Voting at Annual General Meetings (AGM)
By voting on the resolutions to be considered at the AGM, you can have your say on the governance of the Company and the actions of the Board. The Board of Directors therefore encourages you to make use of your vote and so ensure your views are heard. Resolutions are listed in the Annual Report and Accounts for each Company, which can be found on the Company website.
If you hold your shares via an online platform, please refer to your platform provider for information on how to vote, including any steps you may need to take to be able to vote at the meeting, if you wish to do so rather than voting in advance.
ESG Integration
The fund noted above does not commit to sustainable criteria nor does it have a sustainable investment objective.
BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.
Latest company announcements
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
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BRGE FAQs
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The Company’s objective is the achievement of capital growth, primarily through investment in a focused portfolio constructed from a combination of the securities of large, mid and small capitalisation European companies. The Company is a concentrated, high conviction portfolio with a long investment horizon and can have up to 25% of its overall risk allocation from developing European stocks.
The Company is managed by Stefan Gries and Brian Hall, who are supported by BlackRock’s Fundamental European Equity team.
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Stefan Gries and Brian Hall are co-managers of BlackRock Greater Europe Investment Trust.
Stefan is Head of the European Equity team in BlackRock’s Portfolio Management Group, with extensive experience managing various European portfolios. Stefan is also co-manager on the European Absolute return (long/short) portfolios, as well as on Pan-European and Europe ex-UK long-only portfolios.
Brian Hall is a member of the European Equity team within BlackRock’s Fundamental Equity Group. He co-manages the European Value and European Income portfolios.
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Dividends from the BlackRock Greater Europe Investment Trust are declared and paid out semi-annually. Interim dividend payments are made in May with final dividend payments being made in December.
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We believe there are reasons to be positive about European equities. Firstly, there’s valuation. We consider European stocks currently offer attractive value for investors looking to take advantage of the market fluctuations and tap into enduring trends.
Additionally, investing in European equities offers the potential benefit of targeting resilient companies with the aim to navigate inflation and economic slowdowns successfully. We seek mature, cash-generating companies with proven business models and strong financials across sectors, which may provide an attractive investment opportunity.
Europe hosts numerous top-tier companies, strategically positioned to support global governments in achieving their objectives. Themes like infrastructure, automation, and the shift to electric vehicles are well represented in the BlackRock Greater Europe portfolio, making European equities an attractive prospect for long-term returns amid evolving market conditions.
Equity risk: The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events.
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The BlackRock Greater Europe Investment Trust provides a solution for investing in large, mid and small-cap European businesses. The Trust taps into Europe’s innovation and dynamic capitalism, actively seeking out its most promising companies. With a portfolio including global brand leaders and smaller firms focusing on niche, high-growth areas, the Trust aims to encompass high-quality and well-capitalised companies with strong management, aiming to create lasting shareholder value. The BlackRock Greater Europe Investment Trust is suited to investors seeking exposure to Europe’s top-quality, fast-growing companies, regardless of size or location, and to those willing to take on additional risk for long-term capital growth.
Latest Insights
What are the risks?
Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
Emerging Markets: Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.
Gearing Risk: Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Liquidity Risk: The Fund's investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair.
