BlackRock Energy and Resources Income Trust Plc - Portfolio Update
24 Julio 2020 - 7:59AM
PR Newswire (US)
BLACKROCK ENERGY AND
RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) |
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All information is at
30 June 2020 and unaudited. |
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Performance at month
end with net income reinvested |
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One |
Three |
Six |
One |
Three |
Five |
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Month |
Months |
Months |
Year |
Years |
Years |
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Net asset value |
6.3% |
30.3% |
-8.5% |
-12.1% |
12.8% |
22.2% |
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Share price |
2.9% |
27.9% |
-17.8% |
-19.1% |
-3.1% |
-2.8% |
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Sources: Datastream,
BlackRock |
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At month end |
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Net asset value –
capital only: |
67.86p |
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Net asset value cum
income*: |
68.82p |
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Share price: |
55.80p |
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Discount to NAV (cum
income): |
18.9% |
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Net yield: |
7.2% |
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Gearing - cum
income: |
2.9% |
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Total assets: |
£78.1m |
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Ordinary shares in
issue: |
113,470,349 |
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Gearing range (as a % of
net assets): |
0-20% |
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Ongoing charges**: |
1.5% |
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* Includes
net revenue of 0.96p.
** Calculated as a percentage of average net assets and using
expenses, excluding any interest costs and excluding taxation for
the year ended 30 November 2019. |
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Sector
overview |
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Mining |
53.00% |
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Energy
Transition |
25.20% |
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Energy |
22.40% |
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Cash & Cash
Equivalents |
-0.60% |
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----- |
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100.00% |
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===== |
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Sector Analysis |
% Total
Assets^ |
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Country
Analysis |
% Total
Assets^ |
Mining: |
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Diversified |
17.3 |
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Global |
63.3 |
Gold |
13.6 |
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USA |
12.5 |
Copper |
11.4 |
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Australia |
6.6 |
Industrial Minerals |
3.6 |
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Latin America |
4.6 |
Nickel |
2.0 |
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Canada |
4.5 |
Diamonds |
1.5 |
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Germany |
2.3 |
Steel |
1.4 |
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South Africa |
2.0 |
Iron |
1.3 |
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Russia |
1.4 |
Platinum |
0.9 |
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France |
0.9 |
Subtotal mining: |
53.0 |
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United Kingdom |
0.9 |
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Norway |
0.9 |
Energy: |
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Brazil |
0.4 |
Integrated |
11.4 |
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Africa |
0.3 |
E&P |
5.9 |
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Net Current
Liabilities^ |
-0.6 |
Distribution |
3.1 |
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Refining & Marketing |
1.7 |
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100.0 |
Oil Services |
0.3 |
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Subtotal Energy: |
22.4 |
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===== |
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Energy Transition: |
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Electrification |
13.1 |
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Energy Efficiency |
5.8 |
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Renewables |
4.1 |
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Transport |
1.3 |
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Storage |
0.9 |
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Subtotal Energy
Transition: |
25.2 |
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Net Current Liabilities^ |
-0.6 |
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---- |
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100.0 |
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===== |
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^ Total Assets for the
purposes of these calculations exclude bank overdrafts, and the net
current liabilities figure shown in the tables above therefore
exclude bank overdrafts equivalent to 2.3% of the Company’s net
asset value. |
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Ten Largest Investments |
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Company |
Region
of Risk |
% Total
Assets |
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First Quantum
Minerals* |
Global |
7.2 |
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BHP |
Global |
6.8 |
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Rio Tinto |
Global |
4.6 |
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Barrick Gold |
Global |
4.5 |
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Newmont Mining |
Global |
4.2 |
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Vale |
Latin
America |
3.6 |
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Enel |
Global |
3.4 |
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Chevron |
Global |
3.4 |
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NextEra Energy |
USA |
2.9 |
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Vestas |
Global |
2.6 |
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*The holding in First
Quantum Minerals includes both an equity holding and a holding in
several bonds. |
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Commenting on the
markets, Tom Holl and Mark Hume, representing the Investment
Manager noted: |
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The
Company’s NAV increased by 6.3% during the month of June (in
Sterling terms).
As announced on 26 June, the Company’s NAV was boosted by 1.26% in
the month as a result of the recognition of tax recoverable on
foreign income following the outcome of the Foreign Investment
Income Group Litigation Order; the portfolio returned +5% over the
month.
Global equity markets continued to recover in June on the back of
improving economic data, as economies began to emerge from
lockdown. However, this positivity was partly offset by renewed
acceleration of virus cases in the US. For reference, the MSCI All
Country World Index rose by 3.0%.
In the energy sector, OPEC announced the extension of cuts for
another month, before tapering begins in August which was positive
for the supply side. However, as oil prices continue to improve,
North American companies have begun to return previously shut-in
volumes. On the demand side, oil demand has recovered quickly as
lockdown measures are gradually being removed, and the speed at
which private transport has recovered has been a positive tailwind.
The one area that has not recovered to the same extent is jet fuel
demand, as air travel has been slower to improve. This is a trend
which was highlighted throughout the month by our data scientists
at BlackRock. Against this backdrop, oil prices posted positive
returns, with the Brent and WTI rising by 11.6% and 10.7%
respectively, to end the month at prices of $41/bbl and $39/bbl
respectively.
Elsewhere, the EU’s Green Deal is the €1trillion roadmap for making
the EU’s economy sustainable and includes renovation to make
buildings more efficient and also accelerating the switch to
renewable power. Stimulus measures being announced by European
Union countries have been in line with its aims, which may prove
supportive for the sustainable transition sector.
June was another strong month for mined commodities as further
evidence emerged of global activity resuming. Economic data from
China surprised to the upside, with its manufacturing purchase
managers index rising to 50.9, up from 50.6 in May, indicating
continued expansion. Copper was among the top performing
commodities, its price rising by 12.2% on stronger demand and
concerns around disruptions to supply from Chile. The gold price
also rose by another 3.0% to an 8 year high, supported by lower
expectations around US interest rates.
All data points in US Dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters Datastream.
24 July 2020 |
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ENDS |
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Latest information is
available by typing www.blackrock.com/uk/beri 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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