BlackRock EuroFund Q4 2024 Commentary

Summary

• BlackRock EuroFund posted returns of -7.18% (Institutional shares) and -7.26% (Investor A shares, without sales charge) for the fourth quarter of 2024.
• The strongest relative performance came from the industrials sector, where a range of businesses with diverse end markets performed well, including MTU Aero Engines, DSV, Schneider Electric, and Saint-Gobain.
• Not owning Deutsche Telekom had the largest individual negative impact on relative returns, as the company delivered strong third-quarter results.

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Average annual total returns (%) as of 12/31/24

	4Q24 (not annualized)	YTD (not annualized)	1 Year	3 Year	5 Years	10 Years
Institutional	-7.18	7.22	7.22	-0.49	7.05	4.79
Investor A (Without