TIDMBERI 
 
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) 
 
All information is at 31 October 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                      -0.7%         0.1%                              15.2%             -2.2%                          3.2%           47.5% 
 
Share price                          -2.6%        -2.7%                              21.6%             -3.7%                         -2.2%           29.2% 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                                                                                    67.65p 
 
Net asset value cum income*:                                                                                                       68.79p 
 
Share price:                                                                                                                       60.90p 
 
Discount to NAV (cum income):                                                                                                       11.5% 
 
Net yield:                                                                                                                           6.6% 
 
Gearing - cum income***:                                                                                                             0.0% 
 
Total assets:                                                                                                                      GBP78.0m 
 
Ordinary shares in issue:                                                                                                     113,470,349 
 
Gearing range (as a % of net assets):                                                                                               0-20% 
 
Ongoing charges**:                                                                                                                   1.5% 
 
* Includes net revenue of 1.14p. 
** 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. 
***The Company was not geared at the end of October 2020 and held net cash 
equivalent to 3.0% of net asset value. 
 
Sector Overview 
 
Mining                                           48.0% 
 
Energy                                           29.8% 
Transition 
 
Energy                                           19.2% 
 
Cash & Cash                                       3.0% 
Equivalents 
 
                                                 ----- 
 
                                                100.0% 
 
                                                 ===== 
 
Sector Analysis                       % Total Assets^     Country Analysis                                                                 % Total Assets^ 
 
Mining: 
 
Diversified                                      21.2     Global                                                                                       58.9 
 
Copper                                           10.8     USA                                                                                          13.8 
 
Gold                                              7.2     Latin America                                                                                 7.1 
 
Industrial Minerals                               3.0     Canada                                                                                        4.5 
 
Diamonds                                          2.0     Australia                                                                                     3.2 
 
Platinum                                          1.3     Germany                                                                                       2.5 
 
Steel                                             1.1     South Africa                                                                                  2.0 
 
Nickel                                            0.9     France                                                                                        1.2 
 
Iron                                              0.5     Norway                                                                                        1.1 
 
Subtotal mining:                                 48.0     Ireland                                                                                       1.0 
 
                                                          United Kingdom                                                                                1.0 
 
Energy:                                                   Brazil                                                                                        0.4 
 
Integrated                                        9.4     Africa                                                                                        0.3 
 
E&P                                               6.1     Other Net Assets^                                                                             3.0 
 
Distribution                                      2.9                                                                                                 ----- 
 
Refining & Marketing                              0.4                                                                                                100.00 
 
Oil Services                                      0.4                                                                                                 ===== 
 
Subtotal Energy:                                 19.2 
 
Energy Transition: 
 
Electrification                                  14.6 
 
Energy Efficiency                                 8.5 
 
Renewables                                        4.7 
 
Transport                                         1.2 
 
Storage                                           0.8 
 
Subtotal Energy Transition:                      29.8 
 
Net Current Assets^                               3.0 
 
                                                 ---- 
 
                                                100.0 
 
                                                ===== 
 
^ Total Assets for the purposes of these calculations exclude bank overdrafts, 
and the net current assets figure shown in the tables above exclude bank 
overdrafts.The company did not have any bank overdrafts at the end of October 
2020. 
 
Ten Largest Investments 
 
Company                                                          Region of Risk                                                  % Total Assets 
 
BHP                                                                      Global                                                             7.3 
 
Rio Tinto                                                                Global                                                             5.2 
 
Vale                                                              Latin America                                                             5.2 
 
Freeport-McMoran                                                            USA                                                             4.1 
 
First Quantum Minerals*                                                  Global                                                             3.8 
 
NextEra Energy                                                              USA                                                             3.6 
 
Anglo American                                                           Global                                                             3.5 
 
Vestas                                                                   Global                                                             3.4 
 
Enel                                                                     Global                                                             3.2 
 
EDP Renovaveis                                                           Global                                                             3.0 
 
*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 0.7% during the month of October (in Sterling 
terms with dividends reinvested). 
 
Global equity markets lost ground in October, amid rising COVID-19 infection 
rates and the announcements of further lockdowns, particularly across Europe. 
In addition, the lead up to the US election created volatility within the 
market, as a result of the divergence in views between the two opposing 
parties, and the inability to get a stimulus package passed in the US in the 
run up to the elections. For reference the MSCI AC World Index fell by 2.5%. 
 
Economic data from China pointed to a continued strong recovery. China's Q3 GDP 
growth came in at +4.9% having been at -6.8% back in Q1. Elsewhere, South Korea 
and Japan followed China in announcing aims to achieve carbon neutrality, with 
both countries targeting 2050. Investment in lower carbon technologies from 
these countries could be a strong source of new demand for mined commodities 
over the coming years. 
 
The mining sector outperformed broader equity markets but still posted negative 
returns. Mined commodity price performance was mixed with, for example, the 
copper price up by 0.6% with gold and iron ore (62% fe.) prices down by 1.0% 
and 1.7% respectively (albeit gold and iron ore prices remaining at elevated 
levels). Turning to the companies, Q3 2020 results were generally solid and it 
was encouraging to see the miners remaining focused on capital discipline. 
 
Within the conventional energy sector, Libya have been ramping up oil 
production more rapidly than was expected, with production now at 1 million 
barrels per day (bpd). This has increased the probability that OPEC will use 
the next meeting to delay the tapering of cuts which was originally proposed 
for early January 2021. Against the backdrop of concerns around global growth 
as a result of the virus resurgence, oil prices came under pressure, with the 
Brent and WTI (West Texas Intermediate) falling by 9.9% and 10.2% respectively, 
ending the month at $36/bbl. 
 
Within the energy transition space, the US presidential election led to some 
market volatility in the weeks ahead of polling day. However, October saw a 
number of supportive regulatory announcements the sustainable energy sector. 
German parliament approved a starting price of EUR25/tonne for the country's new 
CO2 reduction scheme in the heating and transport sectors. The price will 
increase to EUR55/tonne by 2025. Japan's prime minister Yoshihide Suga also 
announced that the country would aim to become carbon neutral by 2050, whilst 
Thailand announced a low carbon transition plan to significantly increase power 
generation from renewable energy. 
 
All data points in US Dollar terms unless otherwise specified. Commodity price 
moves sourced from Thomson Reuters Datastream. 
 
24 November 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 
 

(END) Dow Jones Newswires

November 24, 2020 09:08 ET (14:08 GMT)

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