BRGS Blackrock GR Ss

 
TIDMBRGE TIDMBRGS 
 
BLACKROCK GREATER EUROPE INVESTMENT TRUST plc 
 
All information is at 31 July 2015 and unaudited. 
 
Performance at month end with net income reinvested 
 
                                     One       Three      One    Three          Launch 
 
                                   Month      Months     Year    Years     (20 Sep 04) 
 
Net asset value* (undiluted)        4.8%        0.0%    14.4%    55.2%          222.5% 
 
Net asset value* (diluted)          4.0%        0.0%    13.3%    53.7%          219.5% 
 
Share price                         3.0%       -0.8%    14.4%    56.5%          209.1% 
 
FTSE World Europe ex UK             4.4%       -1.7%     9.6%    55.3%          152.7% 
 
Sources: BlackRock and Datastream 
 
At month end 
 
Net asset value (capital only):                       260.49p 
 
Net asset value (including income):                   264.12p 
 
Net asset value (capital only)*:                      258.43p 
 
Net asset value (including income)*:                  261.47p 
 
Share price:                                          251.50p 
 
Discount to NAV (including income):                      4.8% 
 
Discount to NAV (including income)*:                     3.8% 
 
Subscription share price:                              17.88p 
 
Net gearing:                                             2.8% 
 
Net yield**:                                             1.9% 
 
Total assets (including income):                      GBP280.5m 
 
Ordinary shares in issue***:                      104,289,064 
 
Subscription shares:                               20,565,777 
 
Ongoing charges****:                                    0.94% 
 
* Diluted for subscription shares and treasury shares. 
** Based on a final dividend of 3.20p for the year ended 31 August 2014 and an 
interim dividend of 1.65p per share for the year ending 31 August 2015. 
*** Excluding 5,488,898 shares held in treasury. 
**** Calculated as a percentage of average net assets and using expenses, 
excluding performance fees and interest costs, after relief for taxation for 
the year ended 31 August 2014. 
 
Sector Analysis               Total Assets     Country Analysis                Total Assets 
 
                                       (%)                                              (%) 
 
Financials                            35.4     France                                  19.4 
 
Industrials                           17.4     Switzerland                             15.7 
 
Consumer Goods                        10.5     Italy                                   11.3 
 
Consumer Services                      8.7     Germany                                 10.7 
 
Technology                             7.7     Netherlands                              8.4 
 
Health Care                            7.4     Sweden                                   7.6 
 
Basic Materials                        5.7     Ireland                                  6.1 
 
Telecommunications                     3.8     Denmark                                  5.8 
 
Utilities                              2.4     Belgium                                  3.8 
 
Oil & Gas                              1.9     Russia                                   3.7 
 
Net current liabilities              (0.9)     Spain                                    3.4 
 
                                     -----     Finland                                  2.5 
 
                                     100.0     Turkey                                   2.5 
 
                                     =====     Net current liabilities                (0.9) 
 
                                                                                      ----- 
 
                                                                                      100.0 
 
                                                                                      ===== 
 
Ten Largest Equity Investments 
 
                                                                                    % of 
 
Company                    Country                                          Total Assets 
 
Novartis                   Switzerland                                               5.4 
 
Novo Nordisk               Denmark                                                   4.9 
 
Bayer                      Germany                                                   4.0 
 
KBC Groep                  Belgium                                                   3.8 
 
LVMH Moët Hennessy         France                                                    2.9 
 
AXA                        France                                                    2.8 
 
Zurich Insurance Group     Switzerland                                               2.7 
 
ASML                       Netherlands                                               2.5 
 
Intesa Sanpaolo            Italy                                                     2.5 
 
Deutsche Telekom           Germany                                                   2.5 
 
Commenting on the markets, Vincent Devlin, representing the Investment Manager 
noted: 
 
During the month, the Company's NAV rose by 4.8% and the share price increased 
by 3.0%. For reference, the FTSE World Europe ex UK Index was up 4.4% during 
the period. 
 
As concern faded that Greece will leave the Euro, European equity markets 
rebounded in July and reversed the losses that were seen in the last few 
trading days of June. The FTSE World Europe ex UK Index advanced by 4.4% in 
July, representing the best monthly performance since November 2014. This 
resulted in Europe outperforming other regions in both local currency and Euro 
terms. Greece's impact on the rest of Europe has been alleviated by continued 
monetary stimulus by the European Central Bank (ECB), whose liquidity and 
extremely low interest rates have helped to support the credit cycle in the 
region. Indeed, the latest ECB lending survey shows Euro area credit conditions 
are easing at the fastest pace since 2006. Concerns over Chinese growth weighed 
on commodity related sectors, with the basic resources sector falling 6.5% in 
July; energy prices also continued to fall, with oil reaching $50 per barrel by 
the end of the month. 
 
Sector allocation drove performance in July with stock selection flat through 
the period. The Company's lower exposure to consumer goods and oil & gas saw 
positive returns on a sector basis. The higher exposure to technology versus 
the index caused detraction from performance. 
 
The Company's largest contributor was Italian Asset Manager Anima after 
announcing Q2 results ahead of consensus. Anima's lower operating expenses and 
confirmation of a new strategic alliance to create and distribute funds for 
Poste Italiane, starting this year, were also taken positively by the market. 
Novo Nordisk was also a contributor after releasing positive data on their 
diabetes drug pipeline. 
 
On a less positive note, the Company saw a detraction from Lundin Petroleum, as 
the stock was hit by the falling oil price. Equally, following the slowdown in 
the rate of growth for the semiconductor industry, a position in ASML, the 
largest supplier in the world of photolithography systems, detracted from 
returns. 
 
At the end of the period, the Company had higher weightings when compared with 
the reference index to financials, consumer services, technology and 
industrials. The Company had lower exposure to basic materials, consumer goods, 
telecoms, oil & gas, health care and utilities. 
 
Outlook 
 
In the face of some concerns around the weakening of global economic 
conditions, driven by a continued economic slowdown in China in particular, we 
believe that European equities offer the best earnings momentum globally 
coupled with attractive valuations. Supportive monetary policy by the ECB, 
recovering economic momentum and a stabilizing political backdrop, provides a 
reassuring environment for European equities and is consistent with our thesis 
that Eurozone economic momentum should continue to improve in H2 2015. Early 
signs from the second quarter reporting earnings season are robust with 
European companies demonstrating an acceleration of earnings growth on the back 
of improving economic conditions, with a weaker Euro and lower commodity prices 
boosting sales growth. European data is increasingly showing evidence of the 
recovery; of the 50% of the companies which have reported, 73% of those have 
beaten or been in line on earnings which coincides with the largest proportion 
of positive surprises since 2009. Markets might remain volatile though, in 
particular due to the expected shift in monetary policy by the Federal Reserve, 
which will open up potential opportunities to pick-up undervalued stocks across 
the market. Our consistent investment process and bottom-up fundamental 
analysis, coupled with internal valuation tools, should help us in such an 
environment. 
 
13 August 2015 
 
ENDS 
 
Latest information is available by typing www.brgeplc.co.uk on the internet, 
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV 
terminal).  Neither the contents of the Manager's website nor the contents of 
any website accessible from hyperlinks on the Manager's website (or any other 
website) is incorporated into, or forms part of, this announcement. 
 
 
 
 
END 
 

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