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BlackRock Greater Europe Investment Trust PLC released an update on its portfolio performance as of August 31, 2024. The companys Net Asset Value (NAV) rose by 2.0%, while the share price declined by 1.6%. The FTSE World Europe ex UK Index returned 1.5% in the same period. The month of August saw significant market volatility due to a weak US jobs report and the unwinding of the yen carry trade. The portfolio benefited from zero exposure to energy and a higher allocation to consumer discretionary, but was hurt by overweight positions in IT and industrials. Ferrari, IMCD, and Adyen were strong performers, while technology holdings like ASML and ASMi underperformed. European equities remain attractively valued, and long-term structural trends and fiscal spending should drive demand. The companys website provides the latest information, and users can access it by typing www.blackrock.com/uk/brge.
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