BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC - Portfolio Update
February 16 2017 - 10:20AM
PR Newswire (US)
BLACKROCK
COMMODITIES INCOME INVESTMENT TRUST PLC (LEI:
54930040ALEAVPMMDC31) |
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All information is at
31 January 2017 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 |
2.2% |
8.8% |
20.3% |
79.8% |
5.7% |
-10.3% |
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Share price |
1.6% |
10.3% |
31.9% |
84.5% |
7.6% |
-9.1% |
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Sources: Datastream,
BlackRock |
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At month end |
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Net asset value –
capital only: |
86.17p |
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Net asset value cum
income*: |
87.12p |
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Share price: |
89.13p |
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Premium to NAV (cum
income): |
2.3% |
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Net yield: |
5.6% |
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Gearing - cum
income: |
4.2% |
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Total assets^: |
£115.2m |
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Ordinary shares in
issue: |
118,768,000 |
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Gearing range (as a % of
net assets): |
0-20% |
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Ongoing charges**: |
1.4% |
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* Includes
net revenue of 0.95p.
^ Includes current year revenue.
** Calculated as a percentage of average net assets and using
expenses, excluding any interest costs and excluding taxation for
the year ended 30 November 2016. |
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Sector
Analysis |
% Total
Assets |
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Country
Analysis |
% Total
Assets |
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Integrated Oil |
20.3 |
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Global |
49.0 |
Exploration &
Production |
18.3 |
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USA |
21.5 |
Diversified Mining |
16.9 |
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Canada |
9.0 |
Gold |
13.1 |
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Latin America |
4.4 |
Copper |
6.9 |
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Africa |
3.5 |
Silver |
3.7 |
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Australia |
3.2 |
Distribution |
3.5 |
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Europe |
2.6 |
Nickel |
2.8 |
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Asia |
0.4 |
Fertilizers |
2.1 |
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Net current
assets |
6.4 |
Oil Services |
1.9 |
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----- |
Agriculture Science |
1.7 |
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100.0 |
Diamonds |
1.6 |
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===== |
Steel |
0.8 |
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Net current assets |
6.4 |
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----- |
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100.0 |
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===== |
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Ten Largest
Investments (in % of Total Assets order) |
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Company |
Region
of Risk |
% Total
Assets |
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Royal Dutch Shell
‘B’ |
Global |
6.1 |
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First Quantum
Minerals |
Global |
6.0 |
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Rio Tinto |
Global |
5.9 |
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ExxonMobil |
Global |
5.4 |
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BHP Billiton |
Global |
4.0 |
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Barrick Gold |
Global |
3.0 |
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Norilsk Nickel |
USA |
2.8 |
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ConocoPhillips |
USA |
2.7 |
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Anadarko Petroleum |
USA |
2.6 |
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Enbridge Income Fund
Trust |
Canada |
2.6 |
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Commenting on the markets, Olivia Markham and Tom Holl,
representing the Investment Manager noted: |
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The Company’s NAV rose
by 2.2% during the month (in GBP terms with income
reinvested). |
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Global markets made
gains in January, with the Dow Jones Index crossing the 20,000
barrier for the first time ever. Markets were generally supported
by robust economic data such as strong European and Chinese
PMI’s. January also saw the inauguration of the new President
of the United States. Since taking office, President Trump has
generally reiterated support for the domestic oil and gas industry,
approving the construction of the Dakota Access and Keystone XL
pipelines on the basis of job creation. The Keystone XL pipeline
had been blocked by the previous administration on environmental
grounds, with scepticism over the long-term job creation
prospects. |
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In the energy sector,
there was little change in oil prices during the month, with Brent
gaining +0.7% and WTI falling by -1.9%, to finish the month at
$56/bbl and $53/bbl. The month also saw the first meeting of
OPEC and non-OPEC members since the announcement of the
co-ordinated cut. Early data and rhetoric from producers has been
encouraging, but the cuts will, in our view, need to show up in
real-time data before we see oil prices react. Oil prices were also
held back by a moderate build in US inventories. |
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After a difficult
December, the mining sector returned to trending upwards in
January, buoyed by mined commodity prices remaining at elevated
levels and some recording further price gains. The commodity
price strength seen last year has led to a dramatic improvement in
free cash flow in the mining sector and companies are now looking
to return capital to shareholders. The base metals saw strong
performance with copper, aluminium and zinc strengthening +8.5%,
+6.5% and +11.5% respectively, however nickel bucked this trend
declining -0.7%. |
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Elsewhere the gold
price started the year at $1,160/oz and climbed +4.7% to finish the
month at $1,211/oz. This appeared to be driven by increased
safe-haven buying interest perhaps in response to the
unpredictability of President Trump’s policies and US dollar
weakness on the back of declining treasury yields. |
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16 February 2017 |
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ENDS |
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Latest information is
available by typing www.blackrock.co.uk/brci 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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