BlackRock Energy and Resources Income Trust Plc Portfolio Update
22 Marzo 2021 - 8:11AM
UK Regulatory
TIDMBERI
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)
All information is at 28 February 2021 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 6.9% 14.7% 31.4% 46.9% 38.4% 116.2%
Share price 19.4% 30.9% 53.7% 76.4% 41.6% 115.5%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 90.98p
Net asset value cum income*: 91.61p
Share price: 92.30p
Premium to NAV (cum income): 0.8%
Net yield: 4.3%
Gearing - cum income: 6.2%
Total assets: £109.8m
Ordinary shares in issue: 113,470,349
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.3%
* Includes net revenue of 0.63p.
** Calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2020.
Sector Overview
Mining 46.9%
Energy 23.4%
Transition
Energy 30.3%
Net Current Liabilities -0.6%
-----
100.0%
=====
Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Mining:
Diversified 24.4 Global 58.4
Copper 7.6 USA 15.3
Industrial Minerals 5.0 Latin America 8.9
Gold 3.6 Canada 6.6
Iron 2.0 Australia 3.7
Diamonds 1.5 South Africa 2.3
Platinum 1.2 Germany 1.9
Nickel 1.0 Norway 1.2
Steel 0.6 France 0.9
Subtotal mining: 46.9 Ireland 0.6
United Kingdom 0.6
Energy: Africa 0.2
Integrated 15.6 Other Net Liabilities^ -0.6
E&P 9.9
Refining & Marketing 3.2
Distribution 1.1 -----
Oil Services 0.5 100.00
Subtotal Energy: 30.3 =====
Energy Transition:
Electrification 9.7
Energy Efficiency 7.5
Renewables 4.3
Transport 1.1
Storage 0.8
Subtotal Energy Transition: 23.4
Net Current Liabilities^ -0.6
----
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 5.6% of the Company's net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Vale Latin America
Equity 6.5
Bond 0.2
Rio Tinto Global 6.4
BHP Global 4.7
Chevron Global 3.9
Exxon Mobil Global 3.8
Anglo American Global 3.8
Freeport-McMoran United States 3.4
Total Global 2.9
Enel Global 2.8
Glencore Global 2.6
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
The Company's NAV increased by 6.9% during the month of February (in Sterling
terms with dividends reinvested).
The falling COVID-19 infection rates and the rapid vaccination rollout
continued to drive markets higher in February. However, virus mutations
remained a background risk. From an economic standpoint, fiscal support has
somewhat boosted demand for goods, whilst core government bond yields have
risen on the back of perceived future growth and inflation expectations.
Against this backdrop, equity markets posted positive returns, with the MSCI
ACWI Index returning +2.2% in February.
Within the traditional energy sector, oil demand continued to upside surprise
throughout February, which has tightened physical oil markets faster than
expected. Elsewhere, freeze-offs in the US due to abnormally cold weather
conditions curtailed both oil and gas supply, but also took out significant
demand centres across Texas and the Gulf Coast. Much of it is now back online
but did serve to pull gas storage numbers down and maintain strong gas prices
throughout the month. Against this backdrop, oil prices rose, with the Brent
and WTI (West Texas Intermediate) increasing by 19.2% and 21.8%, ending the
month at $66/bbl and $64/bbl respectively.
February was a strong month for the mining sector in absolute terms and
relative to broader equity markets. Industrial metals performed particularly
well, with copper and iron ore (62% fe.) prices up 16.2% and 10.0% respectively
(for reference, this took the copper price to the highest level since August
2011). Industrial metal prices were supported by robust demand from China, as
the country came out of its New Year holiday period, and by demand from Europe
and the US exceeding expectations. On the precious metals side, gold
underperformed the other mined commodities, falling 7.0% as rising interest
rate expectations and redemptions from physically backed gold ETFs put pressure
on its price. Turning to the companies, the mining sector entered its full year
2020 financial reporting season and, in general, earnings met or exceeded
expectations and signs of cost inflation were limited. Meanwhile, we also saw a
number of dividend increases and given the run up in commodity prices, 2021
looks set to be a record year for mining dividends.
The energy transition space saw positive momentum continue for renewable power.
Within Germany, solar power generation now accounts for over 10% of electricity
generation and strong growth has continued, with annual installations rising
27% to 4.9GW for 2020 taking the total installed base to 54GW. The UK's
offshore wind auctions saw a range of prices paid with successful bidders
including utility group RWE and energy companies BP and Total. Within clean
transportation, there was further evidence of the accelerating shift toward
electric vehicles (EV) as Volvo announced that it plans to go all electric by
2030, whilst Jaguar announced that it had plans to become an electric-only
brand from 2025 onwards.
All data points in US Dollar terms unless otherwise specified. Commodity price
moves sourced from Thomson Reuters Datastream.
22 March 2021
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
March 22, 2021 10:11 ET (14:11 GMT)
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