**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 30 November 2025)**
BlackRock Greater Europe Investment Trust PLC released its portfolio update, highlighting performance, asset allocation, and market insights as of 30 November 2025. Key points include
1. **Performance**
Net asset value (NAV) declined by 3.4% over the month, underperforming the FTSE World Europe ex UK index (+0.7%).
Share price fell by 3.9%, trading at a 5.8% discount to NAV (including income).
Long-term performance remains strong, with NAV up 760.0% since launch (20 September 2004).
2. **Portfolio Allocation**
**Sector Exposure**Industrials (38.0%), Technology (17.1%), and Consumer Discretionary (16.5%) dominate.
**Country Exposure**France (24.6%), Switzerland (16.9%), and the Netherlands (11.0%) are the top holdings.
**Top 10 Holdings**Safran (7.0%), Compagnie Financiere Richemont (5.2%), and Schneider Electric (5.0%) lead the portfolio.
3. **Market Commentary**
Quality companies with high returns on invested capital and low leverage underperformed due to a rally in value stocks.
AI-related shares faced a pullback amid concerns about OpenAI’s leadership and ecosystem challenges.
Semiconductor and data centre-related stocks (e.g., Schneider Electric, Belimo) were impacted by AI bubble fears.
Aerospace and defence holdings (e.g., Safran) were affected by potential Russia/Ukraine peace deal speculation.
Richemont was a top contributor, driven by strong H1’26 earnings and robust jewellery division growth.
4. **Outlook**
Positive macroeconomic conditions are expected, including easing inflation, central bank support, and declining oil prices.
Increased fiscal spending in Germany and a potential Europe-US trade agreement are seen as favorable for corporates.
The portfolio remains focused on world-class franchises with predictable business models, high returns on capital, and strong cash flow.
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).