Continuing a tough year for its portfolio of growth stocks, BlackRock Greater Europe Investment Trust (BRGE) saw its NAV decline 3.4% in November and its share price drop 3.9% compared to the Europe ex UK market, which returned +0.7% during the period. The largest detractor centred on concerns around an AI bubble, with semiconductor companies in the portfolio giving back performance and data centre related shares, including Schneider Electric and Belimo, also hit. Portfolio managers Stefan Gries and Brian Hall say they remain encouraged by the AI story, and have topped up on valuation setbacks. The largest contributor to performance over the month was Richemont on the back of a strong earnings update.
