BLACKROCK NORTH
AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 31 August 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 |
1.4% |
2.5% |
-0.6% |
16.2% |
61.8% |
102.6% |
Share price |
1.4% |
2.8% |
-2.4% |
15.0% |
61.0% |
86.1% |
Russell 1000 Value
Index |
1.1% |
2.0% |
-3.0% |
13.4% |
56.7% |
124.6% |
Source: BlackRock
*Launched on 24
October 2012.
At month
end |
|
Net asset value –
capital only: |
168.40p |
Net asset value – cum
income: |
169.45p |
Share
price: |
157.38p |
Discount to cum income
NAV: |
7.1% |
Net
yield*: |
3.1% |
Total assets including
current year
revenue: |
£116.7m |
Gearing: |
nil |
Options
overwrite: |
18.4% |
Ordinary shares in
issue**: |
68,874,044 |
Ongoing
charges***: |
1.0% |
* Based on dividends of 1.20p per share declared on 3 November 2016, 21
February 2017
and 1.25p per share declared on 3 May
2017 and 8 August 2017.
** Excluding 31,487,261 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 |
26.5 |
Health Care |
16.3 |
Industrials |
11.4 |
Energy |
10.6 |
Information Technology |
10.2 |
Consumer Staples |
6.3 |
Utilities |
5.3 |
Consumer Discretionary |
4.1 |
Materials |
3.2 |
Telecommunication Services |
2.2 |
Net current assets |
3.9 |
|
----- |
|
100.0 |
|
===== |
Country Analysis |
Total Assets
(%) |
|
|
USA |
81.9 |
Netherlands |
4.0 |
United Kingdom |
3.6 |
Canada |
2.8 |
France |
2.1 |
Ireland |
0.8 |
South Korea |
0.5 |
China |
0.4 |
Net current assets |
3.9 |
|
----- |
|
100.0 |
|
===== |
Ten Largest Investments |
|
|
Company |
Country of
Risk |
Total Assets
(%) |
|
|
|
JPMorgan Chase |
USA |
4.0 |
Citigroup |
USA |
3.7 |
Bank of America |
USA |
3.6 |
Pfizer |
USA |
3.5 |
Oracle |
USA |
3.0 |
Wells Fargo |
USA |
2.5 |
Anthem |
USA |
2.5 |
Dow Chemical |
USA |
2.5 |
Microsoft |
USA |
2.1 |
Merck |
USA |
2.1 |
Tony
DeSpirito, Franco Tapia and
David Zhao, representing the
Investment Manager, noted:
For the one month period ended August 31,
2017 the Company’s NAV increased by 1.4% while the share
price increased by 1.4%. The Company’s benchmark, the Russell 1000
Value Index, rose by 1.1% for the period (all performance figures
in sterling terms and with income reinvested).
The largest contributor to relative performance during the month
was stock selection in the health care sector. Notably, stock
selection decisions in the health care providers & services
industry proved to be beneficial. Stock selection in the energy
sector also boosted relative returns, led by our decisions to
underweight Exxon Mobil Corporation and to own non-benchmark
holding Total SA. Lastly, stock selection in industrials and
consumer staples contributed to relative performance during the
month.
The largest detractor from relative performance was stock
selection in the financials sector. Notably, stock selection in the
insurance industry proved to be costly, as did our decision not to
own Berkshire Hathaway, a large benchmark holding that does not pay
a dividend. Stock selection in information technology also weighed
on relative performance, as did our underweight to the utilities
sector during the month.
Transactions/Options
Transactions: Notable portfolio transactions during the month
included initiating a new position in Humana and exiting our
positions in The Allstate Corporation and Dominion Energy.
Options: As of 31 August
2017, the Company’s options exposure was 18.4% and the delta
of the options was 88.3.
Positioning
As of the period end, the Company’s largest overweight positions
relative to the benchmark were in the health care, information
technology and industrials sectors. Our largest underweight
positions relative to the benchmark were in the real estate,
consumer discretionary and consumer staples sectors.
21 September 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.