BlackRock World Mining Trust Plc - Portfolio Update
25 Marzo 2024 - 5:02AM
UK Regulatory
BlackRock World Mining Trust Plc -
Portfolio Update
PR Newswire
LONDON, United Kingdom, March 25
BLACKROCK WORLD MINING TRUST PLC (LEI -
LNFFPBEUZJBOSR6PW155)
All
information is at
29 February
2024 and
unaudited.
Performance
at month end with net income reinvested
|
|
|
One
|
Three
|
One
|
Three
|
Five
|
|
Month
|
Months
|
Year
|
Years
|
Years
|
Net
asset value
|
-5.9%
|
-7.9%
|
-19.6%
|
9.4%
|
67.1%
|
Share
price
|
-9.3%
|
-10.1%
|
-24.9%
|
-1.0%
|
84.3%
|
MSCI
ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*
|
-3.1%
|
-3.4%
|
-8.0%
|
15.7%
|
56.8%
|
|
*
(Total return)
Sources:
BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index,
Datastream
|
|
At month
end
Net
asset value (including income)1:
|
528.63p
|
Net
asset value (capital only):
|
509.81p
|
Share
price:
|
492.50p
|
Discount to
NAV2:
|
6.8%
|
Total
assets:
|
£1,161.6m
|
Net
yield3:
|
8.1%
|
Net
gearing:
|
10.6%
|
Ordinary shares
in issue:
|
191,183,036
|
Ordinary shares
held in Treasury:
|
1,828,806
|
Ongoing
charges4:
|
0.91%
|
Ongoing
charges5:
|
0.81%
|
|
|
1 Includes net
revenue of 18.82p.
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 the year ended 31 December 2022, a first interim dividend of
5.50p per share declared on 18 April
2023, a second interim dividend of 5.50p per share declared
on 24 August 2023, and a third
interim dividend of 5.50p per share declared on 11 October 2023 in respect of the year ended
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 2023.
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 2023.
Country Analysis
|
Total
Assets (%)
|
|
|
Global
|
61.8
|
United
States
|
9.0
|
Latin
America
|
7.3
|
Canada
|
7.1
|
Australasia
|
6.9
|
Other
Africa
|
3.6
|
Indonesia
|
0.5
|
South
Africa
|
0.1
|
Net
Current Assets
|
3.7
|
|
-----
|
|
100.0
|
|
=====
|
|
Sector Analysis
|
Total
Assets (%)
|
|
|
Diversified
|
36.2
|
Copper
|
22.9
|
Gold
|
13.0
|
Steel
|
9.9
|
Industrial
Minerals
|
4.4
|
Aluminium
|
2.9
|
Iron
Ore
|
2.6
|
Uranium
|
1.9
|
Platinum Group
Metals
|
1.0
|
Nickel
|
0.8
|
Mining
Services
|
0.6
|
Zinc
|
0.1
|
Net
Current Assets
|
3.7
|
|
-----
|
|
100.0
|
|
=====
|
|
Ten largest investments
|
|
|
|
Company
|
Total Assets %
|
|
|
BHP:
|
|
Equity
|
8.0
|
Royalty
|
1.6
|
Vale:
|
|
Equity
|
5.9
|
Debenture
|
3.1
|
Rio
Tinto
|
7.4
|
Glencore
|
6.9
|
Freeport-McMoRan
|
4.0
|
Nucor
Corp
|
4.0
|
Barrick
Gold
|
2.9
|
Wheaton Precious
Metals
|
2.7
|
Jetti
Resources
|
2.4
|
Teck
Resources
|
2.3
|
|
|
|
Asset
Analysis
|
Total
Assets (%)
|
Equity
|
93.2
|
Bonds
|
2.4
|
Convertible
Bonds
|
0.7
|
Net
Current Assets
|
3.7
|
|
-----
|
|
100.0
|
|
=====
|
|
|
|
Commenting
on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
|
|
Performance
The
Company’s NAV fell by 5.9% in February, underperforming its
reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40
Index (net return), which declined by 3.1% (performance figures in
GBP).
February was a
challenging month for the mining sector, particularly relative to
broader equity markets, as the MSCI All Country World Index
returned +4.2%. Most mined commodities experienced price declines,
appearing to reflect lower consumption levels in China as domestic
activity slowed during the Chinese New Year holiday period. Ongoing
property sector weakness in the country also contributed to the
decline. China’s manufacturing PMI remained below 50 and fell
marginally month-on-month from 49.2 to 49.1. For reference, prices
for iron ore (62% fe) and zinc fell by 11.7% and 5.4% respectively,
although nickel bucked the trend, rising by 10.3%.
Meanwhile, the
gold price remained stable, but the other precious metals came
under pressure, with silver and platinum prices falling by 2.1% and
4.0% respectively. The mining sector's reporting season
demonstrated that companies are generally adhering to their capital
allocation frameworks. Operating cost inflation appears to have
peaked; however, some capital costs remain persistently high.
Lastly, delays to copper production growth were a notable theme
which increased our conviction in supply-side tightness for the
metal over the next few years.
Strategy
and Outlook
China
has re-opened but with less impact than had been expected.
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.
We
are seeing 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.
|
|
25
March 2024
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.
|
Release |
Blackrock World Mining (LSE:BRWM)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Blackrock World Mining (LSE:BRWM)
Gráfica de Acción Histórica
De May 2023 a May 2024