BlackRock Energy and Resources Income Trust Plc Portfolio Update
13 Octubre 2020 - 9:06AM
UK Regulatory
TIDMBERI
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)
All information is at 30 September 2020 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five
Month Months Months Year Years Years
Net asset value -1.8% 2.1% 33.0% -6.4% 6.1% 62.1%
Share price 2.8% 13.9% 45.6% -6.1% 3.5% 50.0%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 68.22p
Net asset value cum income*: 69.26p
Share price: 62.50p
Discount to NAV (cum income): 9.8%
Net yield: 6.4%
Gearing - cum income: 3.0%
Total assets: GBP78.6m
Ordinary shares in issue: 113,470,349
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.5%
* Includes net revenue of 1.04p.
** 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.
Sector Overview
Mining 51.60%
Energy 31.80%
Transition
Energy 18.20%
Cash & Cash -1.60%
Equivalents
-----
100.00%
=====
Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Mining:
Diversified 21.8 Global 62.5
Copper 13.7 USA 14.4
Gold 7.3 Latin America 6.8
Industrial Minerals 3.5 Australia 4.3
Diamonds 1.9 Canada 4.3
Platinum 1.2 Germany 2.5
Steel 1.0 South Africa 1.6
Nickel 0.7 France 1.3
Iron 0.5 Ireland 1.2
Subtotal mining: 51.6 Norway 1.1
United Kingdom 0.9
Energy: Brazil 0.4
Integrated 9.5 Africa 0.3
E&P 4.1 Other Net Liabilities^ -1.6
Distribution 3.0 -----
Refining & Marketing 1.2 100.00
Oil Services 0.4 =====
Subtotal Energy: 18.2
Energy Transition:
Electrification 14.6
Energy Efficiency 8.9
Renewables 6.0
Transport 1.4
Storage 0.9
Subtotal Energy Transition: 31.8
Net Current Liabilities^ -1.6
----
100.0
=====
^ 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 1.4% of the Company's net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
BHP Global 8.0
First Quantum Minerals* Global 7.4
Rio Tinto Global 5.5
Vale Latin America 5.1
Vestas Global 4.2
NextEra Energy USA 3.6
Enel Global 3.5
Freeport-McMoran USA 3.4
Anglo American Global 3.3
Chevron Global 3.1
*The holding in First Quantum Minerals includes both an equity holding and a
holding in several bonds.
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
The Company's NAV decreased by 1.8% during the month of September (in Sterling
terms with dividends reinvested).
Global equity markets lost ground in September, amid rising infection rates
across much of Western Europe and renewed concerns about the strength of the
global economic recovery (for reference the MSCI AC World Index fell by 3.4%).
Elsewhere, the US Federal Reserve disappointed expectations with respect to
further stimulus to spur inflation and support the economy on a short-term
basis, potentially driving the tick up in real interest rates.
The mining sector pulled back in September following a strong run in August.
Most mined commodities were down over the month, with US Dollar strength acting
as a headwind. For reference, copper, gold and iron ore (62% fe.) prices fell
0.4%, 3.5% and 4.4% respectively, albeit remaining at elevated prices, all
still well above where they started the year. Market sentiment appeared to be
negatively impacted by mounting fears around a second wave of COVID-19.
Economic activity data continued to be encouraging, with China's manufacturing
PMI coming in at 51.5, up from 51.0 in August. China also announced an aim to
achieve carbon neutrality before 2060 during the month in a move seen as hugely
significant in the fight against climate change.
Within the conventional energy sector, OPEC oil production rose, as Libyan oil
output hit 300,000bpd, following the partial lifting of a blockade on the
country's energy facilities. However, despite this increase in supply, OPEC
continues to put pressure on those countries not complying with the agreed
cuts. Against this backdrop of increased oil supply and sluggish demand, oil
prices came under pressure, with Brent and WTI falling by 10.9% and 6.0%
respectively, ending the month at $40/bbl.
Within the energy transition space, at the State of the Union Address, the
European Commission President Ursula von der Leyen announced plans to increase
emission reduction targets to -55% by 2030 (from current target of -40% vs 1990
levels). Funding of the EUR750bn NextGenerationEU budget will also see 30%
raised via green bonds and 37% of the funding will be invested in European
Green Deal objectives. This was viewed as positive for the sustainable energy
sector. Within transportation CO2 emissions are targeted to be 50% below 2021
levels (the current plan is at 62g/km and this new proposal would reduce
emissions to 43g/km). This forms part of the EU's target to be zero-emissions
by 2050. Finally, China announced it will aim to hit peak emissions before 2030
and for carbon neutrality by 2060, which was viewed as positive for clean
energy technologies given the high level of investment required to meet these
ambitions.
All data points in US Dollar terms unless otherwise specified. Commodity price
moves sourced from Thomson Reuters Datastream.
13 October 2020
ENDS
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.
END
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