MLCO Merrill Com

 
TIDMBRCI 
 
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc 
 
All information is at 30 September 2015 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                   -7.0%  -23.0%                 -28.4%                   -39.9%                 -42.0%                     -41.7% 
 
Share price                       -6.1%  -26.2%                 -30.5%                   -41.4%                 -42.8%                     -42.8% 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                                                             56.97p 
 
Net asset value cum income*:                                                                                57.60p 
 
Share price:                                                                                                57.25p 
 
Discount to NAV (cum income):                                                                                 0.6% 
 
Net yield:                                                                                                   10.5% 
 
Gearing - cum income:                                                                                         1.7% 
 
Total assets^^:                                                                                             GBP67.8m 
 
Ordinary shares in issue:                                                                              115,568,000 
 
Gearing range (as a % of net assets):                                                                        0-20% 
 
Ongoing charges**:                                                                                            1.5% 
 
* Includes net revenue of 0.63p. 
^^ Includes current year revenue. 
** Calculated as a percentage of average net assets and using expenses, 
excluding any interest costs and excluding taxation for the year ended 30 
November 2014. 
 
Sector Analysis                     % Total      Country Analysis                                                                   % Total Assets 
                                     Assets 
 
Integrated Oil                         35.0      Global                                                                                       43.5 
 
Diversified                            17.8      USA                                                                                          22.6 
 
Exploration & Production               14.7      Canada                                                                                       12.4 
 
Copper                                  9.3      Europe                                                                                        9.4 
 
Distribution                            5.1      Africa                                                                                        4.5 
 
Gold                                    5.0      Latin America                                                                                 3.0 
 
Nickel                                  3.0      Australia                                                                                     1.8 
 
Fertilizers                             2.4      Asia                                                                                          1.7 
 
Silver                                  2.3      China                                                                                         1.0 
 
Diamonds                                1.9      Net current assets                                                                            0.1 
 
Oil services                            1.7                                                                                                  ----- 
 
Coal                                    1.0                                                                                                  100.0 
 
Oil Sands                               0.7                                                                                                  ===== 
 
Net Current assets                      0.1 
 
                                      ----- 
 
                                      100.0 
 
                                      ===== 
 
Ten Largest Equity Investments (in % of Total Assets order) 
 
Company                                                             Region of Risk                                 % Total Assets 
 
BHP Billiton                                                                Global                                            7.0 
 
ExxonMobil                                                                  Global                                            5.8 
 
Rio Tinto                                                                   Global                                            5.5 
 
First Quantum Minerals                                                      Global                                            5.2 
 
Enbridge Income Fund Trust                                                  Canada                                            5.1 
 
Royal Dutch Shell                                                           Global                                            4.8 
 
Chevron                                                                     Global                                            4.7 
 
BP                                                                          Global                                            4.6 
 
ConocoPhillips                                                                 USA                                            4.4 
 
Statoil                                                                     Europe                                            4.1 
 
 
 
 
Commenting on the markets, Olivia Markham and Tom Holl, representing the 
Investment Manager noted: 
 
September saw a continuation of torrid market conditions across commodity 
equities as well as softer, and more volatile, equity markets in general. 
 
A number of key mining commodities actually held up relatively well with copper 
and iron ore both flat during the month. However concerns over the strength of 
the Chinese economy persisted with the Manufacturing PMI coming in at 47.2, the 
lowest reading since March 2009, and data released for August showed that 
fixed-asset investment in China had increased at its slowest pace in 15 years. 
Such data points contributed to a surge in negative sentiment towards the 
sector, and the mining index (in GBP) closed the month down by approximately 
10%. 
 
Energy share performance was slightly better, declining by 6% (in GBP) in the 
month, driven by a fall in the oil price of 3.7% for Brent and 8.4% for WTI. 
The key reason behind this oil price fall was the fear of supply increases from 
Iran following the agreement to lift sanctions. Although the market was focused 
on this possible source of supply increase, we are just as interested in the 
path of US production, which following almost a year of lower oil prices, is 
starting to show signs of rolling-over. This was echoed by a number of CEOs, 
presenting at a recent energy conference, who urged investors to focus on the 
medium-term and that the current oil price is highly unlikely to be enough to 
incentivise investment in projects to meet future demand. Demand is less of a 
concern at the moment on the oil side; in fact the International Energy Agency 
now forecast 2015 demand growth to be 1.7 million barrels per day 
(approximately 2%). 
 
In the portfolio, we added to a mid-cap Canadian gold company because the 
valuation looked attractive, and with the FED pushing out expectations for a 
rate rise, the outlook for gold moderately improved. 
 
23 October 2015 
 
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. 
 
 
 
END 
 

(END) Dow Jones Newswires

October 23, 2015 07:42 ET (11:42 GMT)

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