BLACKROCK NORTH
AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 31 May 2017 and
unaudited.
Performance at month end with net
income reinvested
|
One
Month |
Three
Months |
Six
Months |
One
Year |
Three
Years |
Since
Launch* |
Net asset value |
0.8% |
-2.9% |
3.1% |
31.0% |
63.2% |
97.8% |
Share price |
-1.5% |
-5.0% |
-0.6% |
26.9% |
59.0% |
81.1% |
Russell 1000 Value
Index |
0.1% |
-4.9% |
2.2% |
29.3% |
62.3% |
120.2% |
Source: BlackRock
*Launched on 24 October 2012.
At month
end |
|
Net asset value –
capital only: |
165.90p |
Net asset value – cum
income: |
166.61p |
Share
price: |
154.38p |
Discount to cum income
NAV: |
7.3% |
Net
yield*: |
3.1% |
Total assets including
current year
revenue: |
£114.9m |
Gearing: |
Nil |
Options
overwrite: |
16.24% |
Ordinary shares in
issue**: |
68,949,044 |
Ongoing
charges***: |
1.04% |
* Based on dividends of 1.25p per share declared on 3 May 2017 and 1.20p per share declared on
21 February 2017, 3 November 2016 and 3
August 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 |
26.0 |
Health Care |
15.1 |
Industrials |
11.2 |
Energy |
11.0 |
Information Technology |
10.1 |
Consumer Staples |
6.2 |
Consumer Discretionary |
5.5 |
Utilities |
5.1 |
Materials |
3.6 |
Telecommunication Services |
2.2 |
Net current assets |
4.0 |
|
----- |
|
100.0 |
|
==== |
Country Analysis |
Total Assets
(%) |
|
|
USA |
82.7 |
Netherlands |
3.6 |
United Kingdom |
3.1 |
France |
2.5 |
Canada |
2.4 |
Ireland |
0.7 |
South Korea |
0.5 |
China |
0.5 |
Net current assets |
4.0 |
|
----- |
|
100.0 |
|
===== |
Ten Largest Investments |
|
|
Company |
Country of
Risk |
Total Assets
(%) |
|
|
|
JPMorgan Chase |
USA |
3.7 |
Bank of America |
USA |
3.4 |
Citigroup |
USA |
3.4 |
Pfizer |
USA |
3.4 |
Dow Chemical |
USA |
2.8 |
Oracle |
USA |
2.7 |
Wells Fargo |
USA |
2.6 |
Anthem |
USA |
2.3 |
General Electric |
USA |
2.2 |
Merck |
USA |
2.2 |
Bob
Shearer and Tony DeSpirito,
representing the Investment Manager, noted:
For the one month period ended 31 May
2017, the Company’s NAV increased by 0.8% while the share
price fell by 1.5% and the Company’s benchmark, the Russell 1000
Value Index, rose by 0.1% (all performance figures in are sterling
terms).
The largest contributor to relative performance during the month
was a combination of stock selection and an overweight to the
health care sector. Notably, investment decisions within the
health care providers & services industry proved to be
beneficial, including ownership of non-benchmark holding McKesson
and our overweight to Aetna. Stock selection in the energy
sector also added to relative returns, led by portfolio holdings
within the oil, gas & consumable fuels industry. Lastly,
stock selection in the consumer discretionary and telecommunication
services sectors added to relative returns during the month.
The largest detractor from relative performance was stock
selection in the financials sector. Notable detractors
included overweight positions in Bank of America, JPMorgan Chase
and Morgan Stanley. Other modest detractors during the period
included an underweight to the utilities sector and an underweight
to the airlines industry.
Transactions/Options
Transactions: Notable portfolio purchases during the month
included initiating new positions in Royal
Dutch Shell (ADR) and Smith & Nephew. Further,
notable portfolio sales during the month included exiting our
positions in American Water Works Company, CME Group and Rockwell
Automation.
Options: As of 31 May 2017,
the Company’s options exposure was 16.24% and the delta of the
options was 88.77%.
Positioning
As of the period end, the Company’s largest overweight positions
relative to the benchmark were in the health care, consumer
discretionary and materials sectors. Our largest underweight
positions relative to the benchmark were in the real estate,
consumer staples and utilities sectors.
21 June 2017
Latest information is available by typing blackrock.co.uk/brna
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.