**Summary**
The **BlackRock Greater Europe Investment Trust PLC** released its portfolio update as of **31 July 2025**, highlighting performance, asset allocation, and market commentary. Key points include
1. **Performance**
**Net Asset Value (NAV)** declined by **2.0%** over the month, underperforming the **FTSE World Europe ex UK Index** (+1.4%).
**Share price** dropped by **1.5%**with a **4.6% discount to NAV**.
Over longer periods, the trust has delivered strong returns, with **762.8% NAV growth** since launch in 2004.
2. **Portfolio Allocation**
**Sector Exposure**Industrials (35.4%), Consumer Discretionary (20.3%), and Technology (15.0%) are the top sectors.
**Country Exposure**France (19.3%), Switzerland (15.4%), and Germany (13.2%) are the largest country allocations.
**Top Holdings**Safran (7.6%), RELX (6.9%), and Belimo (4.9%) lead the portfolio.
3. **Market Commentary**
**Earnings Season**European Q2 earnings were better than feared but remained weak, with low growth expectations for 2025.
**Sector Performance**Industrials and Banks performed well, while Chemicals, Autos, and Energy struggled.
**Portfolio Impact**Underweight in Financials and overweight in Technology negatively impacted performance, while Industrials exposure was positive.
**Stock Highlights**Semiconductor holdings (ASM International, BE Semiconductor) faced headwinds, while Belimo and Nemetschek contributed positively.
4. **Outlook**
The trust remains optimistic about Europe’s potential recovery, particularly in rate-sensitive sectors like construction, supported by a rate-cutting cycle and fiscal stimulus in key countries like Germany.
Focus on companies with predictable business models, strong cash flows, and growth reinvestment opportunities.
The trust continues to navigate geopolitical challenges and market uncertainties while maintaining a resilient, long-term investment strategy.