BlackRock Emerging Europe Plc - Portfolio Update
August 15 2017 - 6:58AM
PR Newswire (US)
BLACKROCK EMERGING EUROPE PLC
(LEI - 549300OGTQA24Y3KMI14) |
All information is at 31 July
2017 and unaudited. |
Performance at month end with net
income reinvested |
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|
One |
Three |
One |
Three |
Five |
*Since |
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|
|
Month |
Months |
Year |
Years |
Years |
30.04.09 |
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|
Sterling: |
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|
|
|
|
|
|
Share price |
2.4% |
1.8% |
35.5% |
32.5% |
40.7% |
126.7% |
|
|
Net asset value |
1.5% |
-0.4% |
28.8% |
34.3% |
33.4% |
116.5% |
|
|
MSCI EM Europe |
3.4% |
1.0% |
24.2% |
11.8% |
8.1% |
67.4% |
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|
10/40(NR) |
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US Dollars: |
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|
|
|
|
|
|
|
Share price |
3.8% |
3.6% |
34.4% |
3.4% |
18.3% |
101.5% |
|
|
Net asset value |
3.0% |
1.4% |
27.9% |
4.9% |
12.3% |
92.7% |
|
|
MSCI EM Europe |
4.9% |
3.0% |
23.4% |
-12.7% |
-9.0% |
48.9% |
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|
10/40(NR) |
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Sources: BlackRock,
Standard & Poor’s Micropal |
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*BlackRock took over
the investment management of the Company with effect from 1 May
2009 |
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At month end |
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|
US Dollar: |
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|
|
Net asset value –
capital only: |
447.44c |
|
|
Net asset value* – cum
income: |
460.97c |
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|
Sterling: |
|
|
|
Net asset value –
capital only: |
339.38p |
|
|
Net asset value* – cum
income: |
349.65p |
|
|
Share price: |
324.13p |
|
|
Total assets^: |
£125.6m |
|
|
Discount (share price to
cum income NAV): |
7.3% |
|
|
Net cash at month
end: |
5.5% |
|
|
Net yield^^^^: |
1.8% |
|
|
Gearing range as a % of
Net assets: |
0-20% |
|
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Issued Capital –
Ordinary Shares^^ |
35,916,028 |
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Ongoing charges^^^ |
1.2% |
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* Includes year to date
net revenue equal to 10.27 pence per share. |
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^ Total assets include
current year revenue. |
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^^ Excluding 5,000,000
shares held in treasury. |
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^^^ Calculated as at 31
January 2017, in accordance with AIC guidelines. |
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^^^^ Yield calculations
are based on dividends announced in the last 12 months as at the
date of release of this announcement, and comprise of the final
dividend of 7.50 cents per share, (announced on 28 March 2017,
ex-dividend on 18 May 2017) |
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Sector
Analysis |
Gross
assets (%) |
|
Country
Analysis |
Gross
assets
(%) |
|
Energy |
29.7 |
|
Russia |
54.6 |
|
Financials |
26.6 |
|
Turkey |
16.5 |
|
Consumer Staples |
8.5 |
|
Poland |
11.9 |
|
Telecommunication
Services |
7.8 |
|
Greece |
6.9 |
|
Industrials |
7.4 |
|
Ukraine |
4.8 |
|
Information
Technology |
4.8 |
|
Net current assets |
5.3 |
|
Materials |
4.8 |
|
|
|
|
Real Estate |
2.8 |
|
|
|
|
Health Care |
2.3 |
|
|
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|
Net
current assets |
5.3 |
|
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----- |
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|
----- |
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|
100.0 |
|
|
100.0 |
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===== |
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===== |
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Short positions |
(1.8) |
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|
(1.8) |
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Fifteen Largest
Investments |
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(in % order of Gross
Assets as at 31.07.17) |
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Company |
Region of
Risk |
Gross
assets |
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|
(%) |
|
Gazprom |
Russia |
9.9 |
|
Sberbank |
Russia |
9.2 |
|
Novatek |
Russia |
6.4 |
|
Lukoil |
Russia |
5.0 |
|
PKO Bank Polski |
Poland |
4.4 |
|
Rosneft Oil Company |
Russia |
4.2 |
|
Lenta |
Russia |
4.1 |
|
National Bank of
Greece |
Greece |
4.0 |
|
Turk Hava Yollari |
Turkey |
3.9 |
|
Globaltrans |
Russia |
3.5 |
|
Mobile Telesystems |
Russia |
3.4 |
|
TSKB |
Turkey |
3.2 |
|
PZU |
Poland |
2.9 |
|
Alpha Bank |
Greece |
2.8 |
|
Turkcell |
Turkey |
2.8 |
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Commenting on the
markets, Sam Vecht and Christopher Colunga, representing the
Investment Manager noted; |
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Market
Commentary |
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The MSCI Emerging
Europe 10/40 Index returned +4.9% in July in USD terms. The Company
underperformed the index and returned +3.0% in USD terms. |
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Central European
countries led the region with Hungary (+7.5%) leading, followed by
Poland (+6.7%) and Czech Republic (+6.3%). The region benefitted
from stronger currencies vs. USD: Forint (+5%), Koruna (+3.6%) and
Zloty (+3%). |
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Turkey (+6.1%) rose
over the month on expectations that the second quarter reporting
period would be stronger than previously anticipated. The index saw
strong support from financials as monthly loan volumes continue to
improve, and also the airlines on stronger passenger numbers being
reported. |
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Russia (+4.3%) was
supported by the oil price movement in July. Brent crude
gained +8.2% to $52.17 per barrel at month-end. However, this was
partially offset by the US Congress passing a bill to impose some
additional sanctions on Russia and codify the existing sanctions.
Whilst the new additions are minor, the market reacted negatively
to the news. Meanwhile, the Russian economy continued to recover
with expanded industrial production numbers, solid wage growth and
credit impulse (change in net new credit issued as % of GDP over
last four quarters) turning positive. |
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Greece (+1.1%)
continued to perform positively as the ESM approved the €8.5bn
tranche after Greece successfully completed its second review of
the 3rd bailout programme. Of the entire tranche, €6.9bn will be
used for debt repayment and €1.6bn to cover arrears. Moreover,
Greece returned to the bond markets issuing its first new bond
since 2014, attracting €3bn in funding. The 5-year bonds were
priced to yield 4.625% below the initial guidance of 4.875% on the
back of high demand (2.2x). S&P raised Greece’s sovereign
credit-rating outlook to positive (from stable). |
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Focus on:
Turkcell |
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Turkcell is the leading
mobile phone operator in Turkey with a dominant market share
position. Historically, as a result of this position, Turkcell paid
an elevated level of special communication tax relative to its peer
group. When new regulation was proposed that would move to
normalise the level of taxes paid, thus increasing earnings, we
began to add to our position. This was further supported by our
belief that the competitive environment was improving at the same
time which would further aid the company. Most recently, the
company reported strong second quarter 2017 results with net income
well above consensus expectations thanks to better growth in
revenues, higher EBITDA, robust operational profitability and the
company benefiting from the new regulation. We continue to hold the
stock on expectation of continuing improvement in the company’s
margins and the resumption of its dividend. |
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15 August 2017 |
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ENDS |
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Latest information is
available by typing www.blackrock.co.uk/beep 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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