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**BLACKROCK GREATER EUROPE INVESTMENT TRUST PLC Portfolio Update as of March 31, 2025:**
Performance SummaryThe companys Net Asset Value (NAV) declined by 10.0%, and the share price fell by 9.7%, while the FTSE World Europe ex-UK Index returned -2.6% in the same period.
Market OverviewEurope ex-UK markets experienced a decline in March, with defensives outperforming cyclicals. Value outperformed Growth, and market performance was influenced by concerns around US tariffs, federal spending cuts, and consumer confidence. Germanys stimulus announcements provided a positive outlook for Europe.
Portfolio PerformanceThe company underperformed its reference index due to an underweight position in defensive sectors and an overweight position in global high-quality businesses. Negative attribution was driven by an overweight position in consumer discretionary and an underweight position in financials.
Top DetractorsShares in Novo Nordisk, Richemont, Hermès, Adyen, and semiconductor equipment businesses detracted from performance due to changing perceptions of the obesity market and exposure to the weakening US consumer outlook.
Top ContributorsRELX, a journals and analytics company, was the top contributor, holding up better than the market. Not owning underperforming index constituents like UBS, Kering, and Infineon also contributed to active returns.
OutlookThe investment manager remains optimistic about the European equity rally, citing a resilient bottom-up picture of consumers and corporates. They focus on analyzing change and positioning the portfolio for durable earnings streams. They believe in the potential for a European recovery, especially with Germanys fiscal stimulus and rate cuts. Navigating the geopolitical landscape and focusing on changing earnings streams are key to delivering strong long-term investor outcomes.
The full portfolio update provides detailed information on the companys sector and country analysis, top holdings, and performance metrics as of March 31, 2025.