TIDMBRFI 
 
The information contained in this release was correct as at 28 February 2021. 
Information on the Company's up to date net asset values can be found on the 
London Stock Exchange Website at 
 
https://www.londonstockexchange.com/exchange/news/market-news/ 
market-news-home.html. 
 
BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706) 
 
All information is at 28 February 2021 and unaudited. 
 
Performance at month end with net income reinvested. 
 
                                        One    Three     One    Three     Five    Since 
                                      month   months    year    years    years   Launch* 
                                          %        %       %        %        %         % 
 
Sterling: 
 
Share price                            -1.9      8.9    17.2    -17.5     36.9      69.6 
 
Net asset value                         1.3      6.7    14.1    -13.4     39.9      78.3 
 
Benchmark (NR)**                       -1.1     -0.4     0.0    -10.1     33.0      47.5 
 
MSCI Frontiers Index (NR)              -1.7      1.5    -1.0     -4.9     40.7      57.2 
 
MSCI Emerging Markets Index (NR)       -1.0      6.5    24.3     18.5    102.6      71.4 
 
US Dollars: 
 
Share price                            -0.1     14.0    28.3    -16.2     37.4      52.7 
 
Net asset value                         3.2     11.7    24.9    -12.1     40.4      60.3 
 
Benchmark (NR)**                       -0.7      3.0     8.0    -10.0     31.7      31.6 
 
MSCI Frontiers Index (NR)               0.1      6.3     8.4     -3.5     41.2      40.9 
 
MSCI Emerging Markets Index (NR)        0.8     11.5    36.0     20.3    103.2      53.7 
 
Sources: BlackRock and Standard & Poor's Micropal 
 
* 17 December 2010. 
 
** The Company's benchmark changed from MSCI Frontier Markets Index to MSCI 
Emerging ex Selected Countries + Frontier Markets + Saudi Arabia Index (net 
total return, USD) effective 1/4/2018. 
 
 
At month end 
 
US Dollar 
 
Net asset value - capital only:                                                167.70c 
 
Net asset value - cum income:                                                  169.15c 
 
Sterling: 
 
Net asset value - capital only:                                                119.96p 
 
Net asset value - cum income:                                                  120.99p 
 
Share price:                                                                   117.25p 
 
Total assets (including income):                                               £229.1m 
 
Discount to cum-income NAV:                                                       3.1% 
 
Gearing:                                                                           nil 
 
Gearing range (as a % of gross assets):                                          0-20% 
 
Net yield*:                                                                       4.5% 
 
Ordinary shares in issue**:                                                189,325,748 
 
Ongoing charges***:                                                               1.4% 
 
Ongoing charges plus taxation and performance fee:                                1.4% 
 
*The Company's yield based on dividends announced in the last 12 months as at 
the date of the release of this announcement is 4.5% and includes the 2020 
final dividend of 4.25 cents per share declared on 11 December 2020 which paid 
on 12 February 2021. Also included is the 2020 interim dividend of 2.75 cents 
per share, announced on 28 May 2020 and paid to shareholders on 26 June 2020. 
 
** Excluding 612,283 ordinary shares held in treasury. 
 
***Calculated as a percentage of average net assets and using expenses, 
excluding Performance fees and interest costs for the year ended 30 September 
2020. 
 
Sector                          Gross market    Country                Gross market value as 
Analysis                     value as a % of    Analysis                  a % of net assets* 
                                 net assets* 
 
Financials                              31.9    Saudi Arabia                            14.1 
 
Materials                               16.6    Indonesia                               12.6 
 
Consumer Discretionary                  15.6    Vietnam                                 10.6 
 
Industrials                             13.0    Kazakhstan                               8.0 
 
Energy                                  11.0    Thailand                                 7.4 
 
Consumer Staples                         8.9    Egypt                                    6.8 
 
Real Estate                              5.4    Greece                                   6.3 
 
Information Technology                   3.3    Philippines                              5.5 
 
Utilities                                3.0    Chile                                    5.0 
 
Communication Services                   2.7    Malaysia                                 4.2 
 
Health Care                              2.6    Turkey                                   4.0 
 
                                       -----    United Arab Emirates                     3.9 
 
                                       114.0    Poland                                   3.9 
 
                                       -----    Pakistan                                 3.5 
 
Short positions                         -4.5    Qatar                                    3.0 
 
                                       =====    Hungary                                  2.2 
 
                                                Peru                                     2.0 
 
                                                Romania                                  1.9 
 
                                                Panama                                   1.6 
 
                                                Pan-Emerging Europe                      1.5 
 
                                                Ukraine                                  1.5 
 
                                                Colombia                                 1.4 
 
                                                Pan Africa                               1.4 
 
                                                Kenya                                    1.2 
 
                                                Nigeria                                  0.5 
 
                                                                                       ----- 
 
                                                Total                                  114.0 
 
                                                                                       ----- 
 
                                                Short positions                         -4.5 
 
                                                                                       ===== 
 
*reflects gross market exposure from contracts for difference (CFDs). 
 
Market Exposure 
 
 
        31.03  30.04  31.05  30.06  31.07  31.08  30.09  31.10  30.11  31.12  31.01  28.02 
         2020   2020   2020   2020   2020   2020   2020   2020   2020   2020   2020   2020 
            %      %      %      %      %      %      %      %      %      %      %      % 
 
Long    106.4  105.9  109.6  109.8  110.3  110.2  107.8  106.9  107.3  107.9  110.4  114.0 
 
Short     2.5    2.6    2.5    1.5    1.1    0.0    0.0    0.0    0.0    1.1    1.1    4.5 
 
Gross   110.9  108.9  108.5  112.1  111.3  111.4  110.2  107.8  106.9  107.3  109.0  118.5 
 
Net     103.3  103.9  103.3  107.1  108.3  109.2  110.2  107.8  106.9  107.3  106.8  109.5 
 
Ten Largest Investments 
 
Company                                 Country of Risk        Gross market value as a 
                                                                      % of net assets* 
 
Mobile World                            Vietnam                                    3.8 
 
FPT                                     Vietnam                                    3.3 
 
Bk Rakyat                               Indonesia                                  3.3 
 
JSC Kaspi                               Kazakhstan                                 3.1 
 
CP All PCL                              Thailand                                   3.1 
 
National Commercial Bank                Saudi Arabia                               3.1 
 
PTT Exploration & Production Public     Thailand                                   3.0 
 
Yanbu National Petrochemical            Saudi Arabia                               2.8 
 
Tupras                                  Turkey                                     2.6 
 
Sahara International Petrochemical      Saudi Arabia                               2.6 
 
 
 
*These percentages reflect portfolio exposure gained from both the equity 
holdings and exposure through contracts for differences where relevant. 
 
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the 
  Investment Manager noted: 
 
 
The Company's NAV returned +3.2%1 versus the Company's benchmark (the MSCI 
Emerging ex Selected Countries + Frontier Markets + Saudi Arabia Index 
("Benchmark Index")), which returned -0.7% in February2. For reference, the 
MSCI Emerging Markets Index ended the month +0.8% and the MSCI Frontier Markets 
Index +0.1%2 over the same period (all performance figures are on a US Dollar 
basis with net income reinvested). 
 
February saw the hope of eventual reopening spread further through frontier 
markets. Whilst the majority of countries are still at early stages with their 
vaccination programs, frontier markets have started to price the expectation of 
reopening. 
 
For emerging markets, February was a volatile month with markets driven by a 
rotation favouring cyclicality to the detriment of growth and momentum. The 
rotation was more muted within the smaller markets, but sufficient to see many 
of our "reopening" and more cyclical trades benefit. Indicators suggest that US 
household wealth actually rose substantially through 2020 and as a result of 
this pent-up demand, we expect to see a sharp acceleration in growth as the 
economy reopens. At the same time, what started as price rises due to supply 
side constraints in the commodities sector, has been met with this strong 
emergence of demand, causing the majority of both soft and hard commodities to 
reach prices that we haven't seen for multiple years. There is, as yet, little 
sign of inflation picking up in the vast majority of markets, however, but we 
do expect some pick up over the next quarters. 
 
Kazakhstan was the best performing country for the month. Uranium miner, 
Kazatomprom, rose 27% as investors concluded that a shift towards lower carbon 
sources of energy would likely results in an increased emphasis on nuclear 
energy, particularly in China, benefiting Uranium prices. Fintech, Kaspi rose 
12% as the company continued to show very strong growth trends, building on its 
very high market share in payments in Kazakhstan. February was also a good 
month for Vietnam. IT outsourcer, FPT, rose 22% after reporting better than 
expected results, with profits up 13% compared with the previous year, despite 
the COVID impact. Soy milk producer, Quang Ngai Sugar, rose 14% following the 
increase in sugar prices in Vietnam. 
 
Our position in wind energy stock, Terna Energy, was the weakest performer over 
the month, falling 14% as the company's Texas operations froze in the 
abnormally cold weather. This meant that Terna was forced to purchase 
electricity on grid at extremely high prices to cover its contract obligations. 
Whilst this had a significant impact on the company, the maximum liability for 
this event is known and we continue to think the company offers a very 
interesting growth profile through its Greek assets. 
 
We have increased our exposure our exposure to a number of companies which are 
currently benefiting from the strong trends in commodity prices, including 
Titan Cement and methanol producer, Sahara International Petrochemical. This 
has been funded from a reduction some of the exposure that we had to "carry" 
countries, those with greater debt loads, who are more reliant on foreign 
capital investment, such as Indonesia and the Philippines. We believe that 
frontier markets continue to look very attractive both on a relative and 
absolute basis, containing some of the best valued companies globally with a 
number of markets still trading significantly below their average 10 year price 
to book valuations. 
 
Sources: 
 
1BlackRock as at 28 February 2021 
 
2MSCI as at 28 February 2021 
 
09 April 2021 
 
ENDS 
 
Latest information is available by typing www.blackrock.com/uk/brfi 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 BlackRock's website (or any other 
website) is incorporated into, or forms part of, this announcement. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

April 09, 2021 10:31 ET (14:31 GMT)