BlackRock Income Portfolio Update
26 Octubre 2015 - 9:23AM
UK Regulatory
TIDMBRIG
BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC
All information is at 30 September 2015 and unaudited.
Performance at month end with net income reinvested
One Three One Three Since Five
Month Months Year Years 1 April Years
2012
Sterling
Share -1.3% -4.3% 6.0% 41.0% 50.0% 50.0%
price
Net asset -2.1% -2.7% 8.2% 35.5% 39.6% 49.3%
value
FTSE All-Share Total -2.7% -5.7% -2.3% 23.3% 25.7% 38.2%
Return
Source: BlackRock
BlackRock took over the investment management of the Company with effect from
1 April 2012.
At month end
Sterling:
Net asset value - capital only: 174.83p
Net asset value - cum income*: 178.44p
Share price: 175.25p
Total assets (including income): GBP48.8m
Discount to cum-income NAV: 1.8%
Net Gearing: 2.9%
Net yield**: 3.4%
Ordinary shares in issue***: 26,229,268
Gearing range (as a % of net assets) 0-20%
Ongoing charges****: 1.2%
* includes net revenue of 3.61 pence per share.
** based on an interim dividend of 2.40p per share in respect of the year
ending 31 October 2015 and a final dividend of 3.50p per share in respect of
the year ended 31 October 2014.
*** excludes 6,704,664 shares held in treasury.
**** Calculated as a percentage of average net assets and using expenses,
excluding performance fees and interest costs for the year ended 31 October
2014.
Benchmark
Sector Analysis Total assets (%)
Banks 12.0
Tobacco 9.1
Support Services 8.9
Media 8.4
Travel & Leisure 8.2
Pharmaceuticals & Biotechnology 8.1
General Retailers 7.2
Life Insurance 6.7
Oil & Gas Producers 6.2
Mining 5.4
Non-Life Insurance 3.9
Financial Services 3.6
Fixed Line Telecommunications 3.0
Food Producers 2.8
Technology & Hardware Equipment 1.5
Industrial Engineering 1.4
General Industrials 1.1
Real Estate Investment Trusts 0.7
Household Goods & Home 0.5
Construction
Net Current Assets 1.3
-----
Total 100.0
=====
Ten Largest Equity Investments
Company Total assets (%)
British American Tobacco 5.6
AstraZeneca 5.2
HSBC Holdings 4.7
Lloyds Banking Group 4.3
RELX (previously Reed Elsevier) 4.3
Next 3.9
Imperial Tobacco Group 3.5
Royal Dutch Shell 'B' 3.4
Legal & General Group 3.4
Aviva 3.3
Commenting on the markets, Adam Avigdori and Mark Wharrier representing the
Investment Manager noted:
The Company's NAV returned -2.1% in September, outperforming its benchmark,
the FTSE All Share Index which returned -2.7%.
Year to date, the NAV has produced a positive return of 3.5%, significantly
outperforming the FTSE All Share Index which has fallen by 2.9%.
Over the quarter, UK equities fell as part of a wider drop in global shares
as fears over Chinese growth intensified. The surprise decision by the Bank
of China to devalue the Renminbi twice in two days and the subsequent
decision by the US Federal Reserve to push back US rate rises led to fears of
global contagion. European industrial growth has re-emerged from a low base
and is now the bright spot in global growth. The weakest equities were those
most exposed to China and emerging markets, especially those countries with
slowing industrial production. Shares in resources companies therefore fell
again during the quarter with particular weakness in mining shares.
The largest contributor to performance over the quarter came from the holding
in RELX (previously Reed Elsevier), following the company reporting strong
results and continued capital discipline. Cineworld reported strong first
half results with revenues and profits exceeding expectations and a more
positive outlook. Admiral Group reported a rise in pre-tax profits, ahead of
expectations driven largely by an increase in reserve releases and a growing
number of customers. Next reported positive growth from the online Directory
business leading to group revenues and profits outperforming other UK
retailers. Carnival continued to deliver on a profit improvement plan and
rival Royal Caribbean Cruises raised full-year guidance as strong bookings in
Caribbean and Chinese markets suggest that the industry outlook has improved.
British American Tobacco rose following first half results which beat
expectations and reiterated a robust outlook for product pricing. Other
positive performers were Direct Line, AstraZeneca and Imperial Tobacco Group.
Over the quarter, due to the significant outperformance, the largest
detractors to relative returns came from not owning a few specific large cap
defensive names; SABMiller, National Grid, Reckitt Benckiser and
International Consolidated Airlines, as they all managed to outperform the
falling market. Ashmore was weak following net outflows in the second quarter
of 2015 as emerging market funds continued to be out of favour given currency
weakness, and Rio Tinto fell from a combination of continued commodity price
weakness and lower than expected iron ore production in the first half.
Activity during the quarter included opening new positions in ARM Holdings,
Hargreaves Lansdown and Intertek, whilst adding to our holdings in HSBC
Holdings and Sky. We reduced our positions in Berkeley Group, DS Smith and
Imperial Tobacco Group and sold our holdings in Spectris, Howden Joinery
Group and DFS.
Eurozone economic activity is showing signs of improvement as the European
Central Bank continues its programme of quantitative easing, whilst in the US
speculation over the path of future interest rates is contributing to
uncertainty. We continue to focus on the specific drivers of individual
companies and the ability to determine their future rather than relying on a
specific macro outcome. Given the outlook for both economic growth and
interest rates remains uncertain, we seek those companies that can drive
returns through self-help and have a clear strategy to deploy the cashflow
they generate. The portfolio is primarily invested in high free cash flow
companies that can sustain cash generation and pay a growing dividend yield,
but also has exposure to companies with sustainable growth franchises and
turnaround situations.
26 October 2015
END
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October 26, 2015 11:23 ET (15:23 GMT)
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