BlackRock Energy and Resources Income Trust Plc - Portfolio Update
24 Noviembre 2020 - 8:08AM
PR Newswire (US)
BLACKROCK ENERGY AND
RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) |
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All information is at
31 October 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 |
-0.7% |
0.1% |
15.2% |
-2.2% |
3.2% |
47.5% |
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Share price |
-2.6% |
-2.7% |
21.6% |
-3.7% |
-2.2% |
29.2% |
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Sources: Datastream,
BlackRock |
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At month end |
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Net asset value –
capital only: |
67.65p |
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Net asset value cum
income*: |
68.79p |
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Share price: |
60.90p |
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Discount to NAV (cum
income): |
11.5% |
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Net yield: |
6.6% |
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Gearing - cum
income***: |
0.0% |
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Total assets: |
£78.0m |
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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 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. |
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Sector
Overview |
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Mining |
48.0% |
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Energy
Transition |
29.8% |
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Energy |
19.2% |
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Cash & Cash
Equivalents |
3.0% |
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----- |
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100.0% |
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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 |
21.2 |
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Global |
58.9 |
Copper |
10.8 |
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USA |
13.8 |
Gold |
7.2 |
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Latin America |
7.1 |
Industrial Minerals |
3.0 |
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Canada |
4.5 |
Diamonds |
2.0 |
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Australia |
3.2 |
Platinum |
1.3 |
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Germany |
2.5 |
Steel |
1.1 |
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South Africa |
2.0 |
Nickel |
0.9 |
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France |
1.2 |
Iron |
0.5 |
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Norway |
1.1 |
Subtotal mining: |
48.0 |
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Ireland |
1.0 |
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United Kingdom |
1.0 |
Energy: |
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Brazil |
0.4 |
Integrated |
9.4 |
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Africa |
0.3 |
E&P |
6.1 |
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Other Net Assets^ |
3.0 |
Distribution |
2.9 |
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Refining & Marketing |
0.4 |
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100.00 |
Oil Services |
0.4 |
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Subtotal Energy: |
19.2 |
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Energy Transition: |
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Electrification |
14.6 |
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Energy Efficiency |
8.5 |
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Renewables |
4.7 |
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Transport |
1.2 |
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Storage |
0.8 |
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Subtotal Energy
Transition: |
29.8 |
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Net Current Assets^ |
3.0 |
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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 assets figure shown in the tables above exclude bank
overdrafts.The company did not have any bank overdrafts at the end
of October 2020. |
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Ten Largest Investments |
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Company |
Region
of Risk |
% Total
Assets |
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BHP |
Global |
7.3 |
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Rio Tinto |
Global |
5.2 |
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Vale |
Latin
America |
5.2 |
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Freeport-McMoran |
USA |
4.1 |
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First Quantum
Minerals* |
Global |
3.8 |
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NextEra Energy |
USA |
3.6 |
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Anglo American |
Global |
3.5 |
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Vestas |
Global |
3.4 |
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Enel |
Global |
3.2 |
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EDP Renovaveis |
Global |
3.0 |
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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 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 €25/tonne for the country's new CO2
reduction scheme in the heating and transport sectors. The price
will increase to €55/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 |
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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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