BlackRock Energy and Resources Income Trust Plc Portfolio Update
23 Abril 2021 - 8:28AM
UK Regulatory
TIDMBERI
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)
All information is at 31 March 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 3.4% 10.5% 38.3% 84.0% 45.4% 106.9%
Share price -0.2% 17.5% 49.2% 117.3% 50.3% 96.3%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 92.97p
Net asset value cum income*: 93.67p
Share price: 91.10p
Discount to NAV (cum income): 2.7%
Net yield: 4.4%
Gearing - cum income: 7.3%
Total assets: £112.6m
Ordinary shares in issue: 113,470,349
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.3%
* Includes net revenue of 0.70p.
** 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 44.8%
Energy 24.5%
Transition
Energy 32.0%
Net Current Liabilities -1.3%
-----
100.0%
=====
Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Mining:
Diversified 23.1 Global 56.9
Copper 7.2 USA 16.7
Industrial Minerals 4.7 Canada 9.2
Gold 4.0 Latin America 7.7
Diamonds 1.5 Australia 2.7
Platinum 1.4 South Africa 2.3
Iron 1.3 Germany 2.2
Nickel 0.9 Norway 1.3
Steel 0.7 France 0.9
Subtotal mining: 44.8 Ireland 0.7
United Kingdom 0.5
Energy: Africa 0.2
E&P 15.1 Other Net Liabilities^ -1.3
Integrated 12.4 -----
Refining & Marketing 2.9 100.00
Distribution 1.2 =====
Oil Services 0.4
Subtotal Energy: 32.0
Energy Transition:
Electrification 10.0
Energy Efficiency 7.8
Renewables 4.8
Transport 1.2
Storage 0.7
Subtotal Energy Transition: 24.5
Net Current Liabilities^ -1.3
----
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 5.9% of the Company's net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Vale Latin America
Equity 6.8
Bond 0.2
Rio Tinto Global 4.7
Chevron Global 4.4
BHP Global 4.2
Anglo American Global 3.8
Enel Global 3.5
Glencore Global 3.4
Freeport-McMoran United States 3.3
Vestas Global 3.1
Total Global 2.8
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
The Company's NAV increased by 3.4% during the month of March (in Sterling
terms with dividends reinvested).
Global equity markets experienced volatility in March. Despite positive news on
vaccine rollouts, European and US Markets were negatively impacted towards the
end of the month on the back of further lockdown fears and worsening economic
data. However, recent economic data has shown that economies are continuing to
grow despite COVID-19 related issues. Elsewhere, the US 10-year treasury yield
reached its highest level since January 2020. This new bout of volatility came
on the back of increased optimism over the US's vaccine rollout and plans to
boost fiscal stimulus. For reference the MSCI All Country World Index (ACWI)
rose 2.5% over the month.
Within the traditional energy sector, oil prices pulled back on concerns of a
delayed reopening, following risks of renewed lockdowns across Europe and the
curbed expectations of an imminent economic recovery. Against this backdrop,
the Brent and WTI (West Texas Intermediate) decreased by 3.6% and 6.9%, ending
the month at $64/bbl and $59/bbl respectively. However, whilst spot prices
posted negative returns during the month, the forward curve was only marginally
down between 1-2%, and Gulf Coast refining margins were up strongly on the back
of some pent up demand through the month following the abnormally cold weather
in the US.
The mining sector pulled back in March following a strong run in February.
Industrial metals saw a modest correction, with copper and iron ore (62% fe.)
prices down by 3.9% and 5.4% respectively (for reference, they are still up on
a year to date basis, most notably copper up by 13.4%). Meanwhile, gold prices
remained stable. Elsewhere, Chinese nickel and stainless-steel producer
Tsingshan Holding Group announced its decision to mass-produce nickel matte, an
intermediate product which can be used to make stainless steel and
battery-grade nickel for electric vehicles (EVs), thus pushing the nickel price
downward by 13.5%.
Within the energy transition space, IHS Market announced that it expects up to
50% increase in annual renewable energy installations by 2024 (versus 2020),
driven by falling costs for wind and solar power and country carbon reduction
commitments. At the end of the month, President Biden announced plans for a
$2.2trillion American Jobs Plan to target spending on roads, clean energy
generation and grid, water and waste infrastructure and support for a domestic
electric vehicle supply chain, including EV charging points. Whilst in the long
term this could be a headwind for oil demand, the proposed plan requires
significant infrastructure spend and therefore is likely to result in rising
nearer term demand for oil and mined commodities, if it is to be enacted.
All data points in US Dollar terms unless otherwise specified. Commodity price
moves sourced from Thomson Reuters Datastream.
23 April 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
April 23, 2021 09:28 ET (13:28 GMT)
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