The board of Sam Vecht’s Eastern European trust is seeking shareholder approval to change its policy, which will give the manager greater off-benchmark flexibility.
The group has declared the GBP128.4 million (US$196.7 million) trust name, which will be changed to BlackRock Emerging Europe, depending on shareholder approval in June, 2013.
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BlackRock confirms that the firm will focus on ‘best investment ideas’ rather than be constrained by benchmark weightings when constricting the company’s portfolio.
The changes will be put forward for shareholder approval at a general meeting to be held on 21 June.
BlackRock proposes the investment policy be changed to "seeking long term capital growth from investment in a focused portfolio of between 20-30 stocks which conduct the majority of their business in Eastern European markets".
The BlackRock Eastern European Trust has 62.9% exposure to Russia, 19.8% to Turkey, 7.2% to Poland, 6.7% Hungary, 4.7% Czech Republic and 2.4% to Kazakhstan.
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