**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)**
**Performance Highlights**
**Net Asset Value (NAV)** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004).
**Share Price:** +0.9% (1 month)-1.3% (1 year)+19.8% (3 years)+744.8% (since launch).
**Benchmark (FTSE World Europe ex UK)** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch).
**Discount to NAV** 5.3% (including income).
**Net Gearing** 2.3%.
**Net Yield** 1.2%.
**Total Assets** £573.1 million.
**Sector Allocation**
Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%).
**Country Exposure**
Largest exposures are France (22.5%)Netherlands (18.9%)Switzerland (14.8%)and Germany (6.9%).
**Top 10 Holdings**
Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%).
**Market Commentary**
**AI Impact** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense.
**Macro Outlook** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard.
**Portfolio Adjustments** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales).
**Notable Performers** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors.
**Outlook**
The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities.
**Key Metrics**
Ongoing charges0.95%.
Ordinary shares in issue: 92661158 (excluding treasury shares).
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
| Metric | 2025 | 2026 |
|---|---|---|
| Net Asset Value (undiluted) - One Year Performance | N/A | -2.8% |
| Share Price - One Year Performance | N/A | -1.3% |
| Net Asset Value (capital only) | N/A | 616.62p |
| Net Asset Value (including income) | N/A | 618.47p |
| Share Price | N/A | 586.00p |
| Discount to NAV (including income) | N/A | 5.3% |
| Net Gearing | N/A | 2.3% |
| Net Yield | Based on interim dividend of 1.75p and final dividend of 5.40p for 2025 | 1.2% |
| Total Assets (including income) | N/A | £573.1m |
| Ordinary Shares in Issue | N/A | 92,661,158 |
| Ongoing Charges | 0.95% | 0.95% |