BLACKROCK NORTH AMERICAN INCOME TRUST PLC - Portfolio Update
January 19 2017 - 9:19AM
PR Newswire (US)
BLACKROCK NORTH
AMERICAN INCOME TRUST plc
All information is at 31 December 2016 and unaudited.
Performance at month end with net income reinvested |
|
One
Month |
Three
Months |
Six
Months |
One
Year |
Three
Years |
Since
Launch
(24 Oct 2012) |
Net asset value |
3.3% |
13.8% |
19.6% |
38.2% |
65.9% |
98.1% |
Share price |
7.4% |
17.4% |
31.5% |
53.3% |
68.4% |
95.8% |
Russell 1000 Value
Index |
3.6% |
12.1% |
19.4% |
40.0% |
71.6% |
123.5% |
Source: BlackRock |
|
|
|
|
|
|
At month
end |
|
Net asset value –
capital only: |
168.15p |
Net asset value – cum
income: |
169.32p |
Share
price: |
169.50p |
Premium to cum income
NAV: |
0.1% |
Net
yield*: |
2.8% |
Total assets including
current year
revenue: |
£116.7m |
Gearing: |
Nil |
Options
overwrite: |
17.58% |
Ordinary shares in
issue**: |
68,949,044 |
Ongoing
charges***: |
1.04% |
* Based on dividends of
1.20p per share declared on 3 November, 3 August and 4 May 2016 and
1.10p per share declared on 18 February 2016.
** Excluding 31,412,261 ordinary shares held in treasury. |
*** Ongoing charges represent the
management fee and all other operating expenses excluding interest
as a % of average shareholders’ funds for the year ended 31 October
2016. |
Benchmark |
|
Sector Analysis |
Total Assets
(%) |
Financials |
27.8 |
Health Care |
14.2 |
Energy |
11.5 |
Industrials |
10.2 |
Information Technology |
9.4 |
Consumer Staples |
6.9 |
Consumer Discretionary |
5.4 |
Utilities |
5.3 |
Materials |
3.4 |
Telecommunication Services |
2.2 |
Net current assets |
3.7 |
|
----- |
|
100.0 |
|
===== |
Country Analysis |
Total Assets
(%) |
USA |
88.6 |
United Kingdom |
2.3 |
France |
2.0 |
Canada |
1.7 |
Netherlands |
0.8 |
Ireland |
0.5 |
China |
0.4 |
Net current assets |
3.7 |
|
----- |
|
100.0 |
|
===== |
|
|
Ten Largest Investments |
|
|
Company |
Country of
Risk |
Total Assets
(%) |
Bank of America |
USA |
4.3 |
JPMorgan Chase |
USA |
3.9 |
Pfizer |
USA |
3.4 |
Wells Fargo |
USA |
2.9 |
Citigroup |
USA |
2.8 |
General Electric |
USA |
2.6 |
Microsoft |
USA |
2.2 |
Oracle |
USA |
2.0 |
Merck |
USA |
2.0 |
Occidental Petroleum |
USA |
1.8 |
Bob Shearer and Tony DeSpirito,
representing the Investment Manager, noted: |
|
Performance |
For the one month
period ended 31 December 2016, the Company’s NAV increased by 3.3%
whilst the share price rose by 7.4% (all in sterling). The
Company’s benchmark, the Russell 1000 Value Index, gained 3.6% for
the period.
The largest contributor to relative performance during the month
was stock selection in the energy sector. Notably, our
position in non-benchmark holding Total (+9.6% in GBP) and our
overweight to Hess Corporation (+11.0% in GBP) proved to be
beneficial. Stock selection in consumer staples also added to
relative returns as our decision to own non-benchmark holding
Kroger and to not own benchmark holding Wal-Mart Stores,
contributed positively. Lastly, stock selection in the
financials and materials sectors also added modestly to relative
performance.
The largest detractor from relative performance was stock selection
in the aerospace & defence industry. Notably, our positions in
non-benchmark holdings Northrop Grumman (-5.5% in GBP) and Lockheed
Martin (-4.7% in GBP) proved to be costly. Stock selection in
telecommunication services also dampened relative returns, as did
our underweight to the real estate sector. Lastly, an
overweight to the health care providers & services industry
hurt relative performance during the month.
Transactions/Options
Transactions: Notable portfolio changes included increasing our
allocation to the technology sector through adding to positions in
Intel and Oracle. In materials, we reduced our allocation to E.I.
du Pont de Nemours and Company and used the proceeds to increase
our position in Dow Chemical Company. Lastly, we trimmed our
exposure to existing positions in Bank of America, General Electric
and Raytheon.
Options: As at 31 December 2016, the Company’s options
exposure was 17.58% and the delta of the options was
87.92%.
Positioning
The Company is currently overweight to the health care, consumer
discretionary, financials and materials sectors. We are
approximately equal-weight in the industrials and information
technology sectors, and underweight to real estate,
telecommunications, energy, utilities, and consumer staples. |
19 January 2017 |
|
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