BlackRock Energy and Resources Income Trust Plc - Portfolio Update
27 Noviembre 2019 - 5:42AM
PR Newswire (US)
| BLACKROCK ENERGY AND
RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) |
|
| All information is at
31 October 2019 and unaudited. |
|
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|
|
| Performance at month
end with net income reinvested |
|
|
|
|
|
One |
Three |
Six |
One |
Three |
Five |
|
|
Month |
Months |
Months |
Year |
Years |
Years |
|
| Net asset value |
-4.9% |
-9.5% |
-4.5% |
-1.2% |
7.1% |
7.4% |
|
| Share price |
-5.0% |
-9.2% |
-8.2% |
-2.4% |
-2.8% |
-4.3% |
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|
|
|
|
| Sources: Datastream,
BlackRock |
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|
|
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| At month end |
|
|
|
|
|
| Net asset value –
capital only: |
73.86p |
|
| Net asset value cum
income*: |
74.66p |
|
| Share price: |
67.80p |
|
| Discount to NAV (cum
income): |
9.2% |
|
| Net yield: |
5.9% |
|
| Gearing - cum
income: |
10.9% |
|
| Total assets: |
£94.4m |
|
| Ordinary shares in
issue: |
114,500,382 |
|
| Gearing range (as a % of
net assets): |
0-20% |
|
| Ongoing charges**: |
1.4% |
|
|
|
|
* Includes
net revenue of 0.80p.
** Calculated as a percentage of average net assets and using
expenses, excluding any interest costs and excluding taxation for
the year ended 30 November 2018. |
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|
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| Sector
Analysis |
% Total
Assets^ |
|
Country
Analysis |
% Total
Assets^ |
|
|
|
|
|
| Integrated Oil |
32.9 |
|
Global |
64.8 |
| Diversified Mining |
19.8 |
|
USA |
12.3 |
| Gold |
14.0 |
|
Canada |
11.3 |
| Copper |
10.5 |
|
Australia |
5.3 |
| Exploration &
Production |
8.2 |
|
Latin America |
4.2 |
| Industrial Minerals |
4.6 |
|
Asia |
2.1 |
| Silver |
3.5 |
|
Africa |
0.4 |
|
Distribution |
2.3 |
|
Net
Current Liabilities^ |
-0.4 |
| Diamonds |
2.2 |
|
|
|
| Electricity |
2.0 |
|
|
----- |
| Steel |
0.4 |
|
|
100.0 |
| Net Current
Liabilities^ |
-0.4 |
|
|
===== |
|
|
|
|
|
|
-----
100.0
===== |
|
|
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| ^ Total
Liabilities for the purposes of these calculations exclude bank
overdrafts, and the net current asset figure shown in the tables
above therefore exclude bank overdrafts equivalent to 10.5% of the
Company’s net asset value. |
| Ten Largest
Investments |
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|
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| Company |
|
|
|
|
|
Region
of Risk |
% Total
Assets |
|
|
|
|
|
| BHP |
Global |
8.6 |
|
| First Quantum
Minerals* |
Global |
8.3 |
|
| Royal Dutch Shell
‘B’ |
Global |
7.0 |
|
| Barrick Gold |
Global |
6.0 |
|
| BP Group |
Global |
5.7 |
|
| Chevron |
Global |
5.3 |
|
| Exxon Mobil |
Global |
4.8 |
|
| Total |
Global |
4.1 |
|
| ConocoPhillips |
USA |
3.8 |
|
| Rio Tinto |
Global |
3.8 |
|
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|
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| *The
holding in First Quantum Minerals includes both an equity holding
and a holding in several bonds. |
| Commenting on the
markets, Olivia Markham and Tom Holl, representing the Investment
Manager noted: |
|
The
Company’s NAV decreased by 4.9% during the month of October (in
Sterling terms).
During the month, we saw a degree of thawing in terms of the trade
tensions between the US and China. Elsewhere, the yield curve for
US 10 year Treasuries reversed and is no longer inverted below the
2 year rate. In other news, at the end of the month, the US Federal
Reserve (Fed) cut interest rates to a target range of 1.50% to
1.75%. This was the third rate cut that we have seen from the Fed
this year. The Fed also flagged that there are no plans to start
raising rates again until they see a significant increase in
inflation. In this environment, equity markets posted
positive returns, with the MSCI World Index rising by
2.5%.
Most mined commodity prices were up over the month. The base metals
benefitted from the improvement in the global economic growth
outlook, with copper, aluminium and zinc prices up 1.3%, 3.1% and
4.0% respectively. Meanwhile, in the precious metals space, gold
and silver prices were up 2.5% and 5.6% respectively as US Dollar
weakness provided a tailwind. The bulk commodities were mixed,
however, with the coking coal price up 5.2% but the iron ore (62%
fe) price off -9.6% to $84/tonne.
In the energy sector, the oil price softened, with Brent and West
Texas Intermediate (WTI) returning -2.8% and -0.2%, to end the
period at prices of $59/bbl and $54/bbl respectively. Natural
Gas and Natural Gas Liquids (NGL) prices also continued to weaken
during the month, due to an oversupplied market.
All data points in US Dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters Datastream.
27 November 2019 |
| ENDS |
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| Latest information is
available by typing www.blackrock.co.uk/brci on the internet,
"BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3
(ICV terminal). 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. |
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