BlackRock World Mining Trust Plc Portfolio Update
14 Diciembre 2023 - 8:27AM
UK Regulatory
TIDMBRWM
BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155)
All information is at 30 November 2023 and unaudited.
Performance at month end
with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value 3.2% -2.9% -12.7% 40.4% 97.2%
Share price 2.5% -5.0% -15.9% 42.7% 123.0%
MSCI ACWI Metals & Mining 4.4% 1.0% -5.4% 34.8% 72.6%
30% Buffer 10/40 Index
(Net)*
* (Total return)
Sources: BlackRock, MSCI
ACWI Metals & Mining 30%
Buffer 10/40 Index,
Datastream
At month end
Net asset value (including income)1: 574.09p
Net asset value (capital only): 559.35p
Share price: 548.00p
Discount to NAV2: 4.5%
Total assets: £1,248.4m
Net yield3: 7.3%
Net gearing: 13.5%
Ordinary shares in issue: 191,183,036
Ordinary shares held in Treasury: 1,828,806
Ongoing charges4: 0.95%
Ongoing charges5: 0.84%
1 Includes net revenue of 14.74p.
2 Discount to NAV including income.
3 Based on a final dividend of 23.50p per share declared on 2 March 2023 in
respect of year ended 31 December 2022, a first interim dividend of 5.50p per
share declared on 18 April, a second interim dividend of 5.50p per share
declared on 24 August and a third interim dividend of 5.50p per share declared
on 11 October 2023 with ex-date 23 November 2023 and pay date of 22 December
2023 in respect of the year ending 31 December 2023.
4 The Company's ongoing charges are calculated as a percentage of average daily
net assets and using the management fee and all other operating expenses,
excluding finance costs, direct transaction costs, custody transaction charges,
VAT recovered, taxation and certain other non-recurring items for the year ended
31 December 2022.
5 The Company's ongoing charges are calculated as a percentage of average daily
gross assets and using the management fee and all other operating expenses,
excluding finance costs, direct transaction costs, custody transaction charges,
VAT recovered, taxation and certain other non-recurring items for the year ended
31 December 2022.
Country Analysis Total
Assets (%)
Global 66.8
Latin America 7.8
Canada 7.6
Australasia 6.9
United States 6.9
Other Africa 2.8
Indonesia 0.8
South Africa 0.2
Net Current Assets 0.2
-----
100.0
=====
Sector Analysis Total
Assets (%)
Diversified 38.1
Copper 21.2
Gold 15.4
Steel 7.1
Industrial Minerals 5.7
Aluminium 3.0
Uranium 2.6
Iron Ore 2.5
Platinum Group Metals 1.7
Nickel 1.4
Mining Services 1.0
Zinc 0.1
Net Current Assets 0.2
-----
100.0
=====
Ten largest investments
Company Total Assets %
Vale:
Equity 6.8
Debenture 2.8
BHP:
Equity 7.6
Royalty 1.5
Glencore 8.1
Rio Tinto 7.0
Freeport-McMoRan 4.6
Newmont 3.5
Barrick Gold 3.2
Wheaton Precious Metals 3.1
Anglo American 2.8
Cameco Corp 2.6
Asset Analysis Total Assets (%)
Equity 97.1
Bonds 2.2
Convertible Bonds 0.6
Option -0.1
Net Current Assets 0.2
-----
100.0
=====
Commenting on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
Performance
The Company's NAV rose by 3.2% in November, underperforming its reference
index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return),
which rose by 4.4% (performance figures in GBP).
November was a strong month for broader equity markets, with the MSCI ACWI TR
Index rising by 3.8% (in GBP terms). Signs of moderating inflation and easing
interest rate expectations contributed to a positive market sentiment amongst
investors. The mining sector performed well but modestly lagged broader equity
markets. China's manufacturing PMI reached a three-month high, rising to 50.7
from 49.5 in October.
Mined commodities were up across the board, with the copper and iron ore
prices (62% fe) rising by 4.5% and 7.8% respectively. The copper price was
buoyed by the shock to supply caused by the closing of the Cobre de Panama
asset in Panama, which accounts for 1.5% of global copper supply. Iron ore
prices appeared to be up on China's seasonal restocking ahead of Chinese New
Year. Elsewhere, the precious metals also performed well on geopolitical risk
in the Middle East, an uncertain macroeconomic outlook, a fall in real rates
and weakness in the US dollar. For reference, gold and silver prices rose by
2.1% and 9.2% respectively.
Strategy and Outlook
China has re-opened but with less impact than had been expected early this
year. Uncertainty persists around China's commodity demand, but we are seeing
the Chinese administration announce financial support incrementally.
Longer-term, we are excited by the structural demand growth for a range of
mined commodities that will result from the low carbon transition. Meanwhile,
commodity supply is likely to be constrained by the capital discipline of
recent years, whilst inventories for many mined commodities are at historic
lows. Mining companies have low levels of debt, continue to return capital to
shareholders but appear to be entering a higher capital expenditure phase.
In 2023, we have seen Brown to Green emerge as a key theme, where mining
companies are focusing on reducing the greenhouse gas emissions intensity
associated with their production. We expect to see a re-rating for the mining
companies able to best navigate this and are playing this in the portfolio.
All data points are in USD terms unless stated otherwise.
14 December 2023
Latest information is available by typing www.blackrock.com/uk/brwm on the
internet. Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Main/22397/3893686/2495507.pdf Release
END
(END) Dow Jones Newswires
December 14, 2023 09:27 ET (14:27 GMT)
Blackrock World Mining (LSE:BRWM)
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