BlackRock Energy and Resources Income Trust Plc Portfolio Update
24 Noviembre 2020 - 08:08AM
UK Regulatory
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
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