BlackRock Commodities Income Investment Trust Plc - Portfolio Update
August 14 2017 - 8:27AM
PR Newswire (US)
BLACKROCK
COMMODITIES INCOME INVESTMENT TRUST plc
(LEI:54930040ALEAVPMMDC31) |
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All information is at
31 July 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 |
7.0% |
1.8% |
-9.9% |
8.4% |
-15.5% |
-8.0% |
|
Share price |
3.8% |
-2.8% |
-18.0% |
8.2% |
-23.1% |
-14.3% |
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Sources: Datastream,
BlackRock |
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At month end |
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Net asset value –
capital only: |
75.25p |
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Net asset value cum
income*: |
76.47p |
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Share price: |
71.13p |
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Discount to NAV (cum
income): |
7.0% |
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Net yield: |
5.6% |
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Gearing - cum
income: |
8.6% |
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Total assets^: |
£107.1m |
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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 1.22p.
^ 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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Diversified Mining |
24.4 |
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Global |
48.7 |
Integrated Oil |
18.1 |
|
USA |
13.4 |
Exploration &
Production |
15.6 |
|
Canada |
13.2 |
Copper |
9.5 |
|
Australia |
6.1 |
Gold |
8.7 |
|
Latin America |
4.7 |
Distribution |
3.5 |
|
Europe |
2.4 |
Silver |
2.9 |
|
Africa |
2.0 |
Oil Services |
1.7 |
|
Mali |
1.3 |
Oil Sands |
1.7 |
|
Asia |
0.3 |
Industrial Minerals |
1.4 |
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Net current
assets |
7.9 |
Steel |
1.3 |
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----- |
Industrial
Resources |
1.0 |
|
|
100.0 |
Iron Ore |
1.0 |
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===== |
Coal & Uranium |
0.7 |
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Diamonds |
0.6 |
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Net current assets |
7.9 |
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----- |
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|
100.0 |
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===== |
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Ten Largest
Investments |
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Company |
Region
of Risk |
% Total
Assets |
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First Quantum
Minerals* |
Global |
8.3 |
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Rio Tinto |
Global |
5.4 |
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Royal Dutch Shell
‘B’ |
Global |
5.2 |
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BHP |
Global |
5.1 |
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Glencore |
Global |
4.8 |
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ExxonMobil |
Global |
3.9 |
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Anadarko Petroleum |
USA |
3.2 |
|
Teck
Resources |
Canada |
2.9 |
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Newcrest Mining |
Australia |
2.6 |
|
Vale |
Latin
America |
2.6 |
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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, Olivia Markham and Tom Holl,
representing the Investment Manager noted: |
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July was a
positive month for the energy and mining sectors but particularly
strong for mining, which saw the Company’s NAV rise by 7.0% during
the month (in GBP terms). Economic data from China exceeded
expectations, sending mined commodity prices up almost across the
board. Robust data included China’s official year-on-year second
quarter GDP growth coming in at 6.9% (up from 6.7% in the second
quarter of 2016) and manufacturing PMI (Purchasing Managers Index)
hitting a 4-month high of 51.1, indicating expansion. These data
points eased concerns that tighter credit conditions could cause a
sharp slowdown in China’s growth, concerns which had dragged mined
commodity prices lower in April and May. Of the mined commodities,
iron ore was the strongest-performing, rising by 15.6% to
$74/tonne; well above analyst consensus for the 2017 average iron
ore price which is below $60/tonne. Copper also performed well,
gaining 6.9%, on signs of market tightness with news emerging that
China, the world’s largest copper scrap consumer, may look to ban
imports of low quality copper scrap from 2018. Towards the end of
the month, the mining sector entered the reporting season for the
first half of the year and whilst most companies didn’t report
until into August, general themes that had begun to emerge were
rising free cash flow, deleveraging and capital being returned to
shareholders.
In energy, larger-than-expected US inventory declines caused oil
prices to recover somewhat, with Brent and WTI (West Texas
International) increasing by 10.4% and 9.1% to finish the month at
$52 per barrel (bbl) and $50/bbl respectively. The corresponding
move up in energy equities was however relatively muted, as
sentiment towards the sector remains negative. Geopolitical risk
was elevated during the month as the US government imposed
sanctions on Venezuelan President Nicolás Maudro after a new
legislative body was elected to redraft the country’s constitution.
Should sanctions be introduced more broadly, this could have
implications for the oil market. Venezuela currently produces
around 2 million barrels per day and oil accounts for approximately
95% of the country’s export revenues.
All data points in US dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters Datastream. |
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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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