BlackRock Energy and Resources Income Trust Plc Portfolio Update
January 22 2020 - 4:05AM
UK Regulatory
TIDMBERI
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)
All information is at 31 December 2019 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 4.5% 0.2% -4.0% 12.4% 6.2% 20.8%
Share price 8.5% 0.3% -1.6% 5.3% -5.4% 8.9%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 77.31p
Net asset value cum income*: 77.71p
Share price: 70.60p
Discount to NAV (cum income): 9.2%
Net yield: 5.7%
Gearing - cum income: 8.5%
Total assets: GBP93.7m
Ordinary shares in issue: 113,870,349
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.5%
* Includes net revenue of 0.40p.
** Calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2019.
Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Integrated Oil 31.0 Global 65.9
Diversified Mining 23.5 USA 12.7
Gold 16.3 Canada 11.2
Copper 10.0 Latin America 4.6
Exploration & Production 5.9 Australia 3.6
Industrial Minerals 5.1 Asia 2.3
Silver 3.5 South Africa 1.8
Distribution 3.1 Africa 0.4
Diamonds 2.1 Net Current Liabilities^ -2.5
Electricity 2.0 -----
Net Current Liabilities^ -2.5 100.0
----- =====
100.0
=====
^ Total Liabilities 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
BHP Global 8.5
First Quantum Minerals* Global 7.4
Royal Dutch Shell 'B' Global 6.2
Barrick Gold Global 5.7
BP Group Global 5.0
Exxon Mobil Global 4.0
Rio Tinto Global 3.9
Total Global 3.7
ConocoPhillips USA 3.6
Chevron Global 3.5
Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:
The Company's NAV increased by 4.5% during the month of December (in Sterling
terms).
Global equity markets continued to rise in December with the MSCI World Index
returning 3.0%. Geopolitical risk moderated somewhat as the US and China
tentatively reached a phase one trade deal, which continued to support equity
markets into year end. In terms of economic data, consumer confidence
indicators and services Purchasing Managers' Index (PMI) data remained
supportive, whilst manufacturing PMI data in December was broadly weaker across
the major economic blocs.
It was a strong end to the year for the mining sector on the back of the
improved equity market sentiment as well as rising mined commodity prices.
Mined commodity prices were up almost across the board, with copper, gold and
iron ore prices up 5.2%, 4.0% and 4.5% respectively (figures in US Dollars).
Within the energy sector, The Organisation of the Petroleum Exporting Countries
(OPEC+) agreed to remove 500,000 barrels per day from the oil market in their
December meeting, which is in addition to the previously agreed reduction of
1.2 million barrels per day announced in December 2018. Voluntary cuts in
addition to these by Saudi Arabia will also continue. Against this backdrop,
oil prices increased over the month, with the Brent and West Texas Intermediate
indices returning +5.1% and +10.7%, to end the period at prices of $67/bbl and
$61/bbl respectively. This positive return reflected the improving
macroeconomic sentiment, the OPEC+ commitment to constraining production
combined with a lower oil rig count suggesting US shale growth continues to
decline. Natural Gas and Natural Gas Liquids (NGL) prices also continued to
weaken during the month, due to an oversupplied market.
All data points in US Dollar terms unless otherwise specified. Commodity price
moves sourced from Thomson Reuters Datastream.
Source: BlackRock. Data as at 31 December 2019.
22 January 2020
ENDS
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.
*The holding in First Quantum Minerals includes both an equity holding and a
holding in several bonds.
END
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