BlackRock Commodities Income Investment Trust Plc - Portfolio Update
May 21 2018 - 7:07AM
PR Newswire (US)
BLACKROCK
COMMODITIES INCOME INVESTMENT TRUST plc
(LEI:54930040ALEAVPMMDC31) |
|
All information is at
30 April 2018 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 |
9.6% |
2.7% |
8.3% |
14.3% |
12.8% |
2.1% |
|
Share price |
10.6% |
0.4% |
10.1% |
13.3% |
9.0% |
-4.8% |
|
|
|
|
|
|
|
|
|
Sources: Datastream,
BlackRock |
|
|
|
|
At month end |
|
|
|
|
|
Net asset value –
capital only: |
81.76p |
|
Net asset value cum
income*: |
82.56p |
|
Share price: |
79.60p |
|
Discount to NAV (cum
income): |
3.6% |
|
Net yield: |
5.0% |
|
Gearing - cum
income: |
4.1% |
|
Total assets^: |
£102.2m |
|
Ordinary shares in
issue: |
118,966,000 |
|
Gearing range (as a % of
net assets): |
0-20% |
|
Ongoing charges**: |
1.4% |
|
|
|
|
* Includes
net revenue of 0.80p.
^ 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 2017. |
|
|
|
|
Sector
Analysis |
% Total
Assets |
|
Country
Analysis |
% Total
Assets |
|
|
|
|
|
Diversified Mining |
29.6 |
|
Global |
63.0 |
Integrated Oil |
26.8 |
|
Canada |
12.3 |
Exploration &
Production |
14.5 |
|
USA |
11.6 |
Copper |
9.3 |
|
Latin America |
5.6 |
Gold |
8.8 |
|
Australia |
3.3 |
Industrial Minerals |
3.3 |
|
Africa |
2.0 |
Diamonds |
2.1 |
|
Mali |
1.1 |
Silver |
1.8 |
|
Europe |
1.1 |
Steel |
1.5 |
|
Net current
liabilities |
(0.0) |
Oil Services |
1.2 |
|
|
----- |
Distribution |
1.1 |
|
|
100.0 |
Net current
liabilities |
(0.0) |
|
|
===== |
|
-----
100.0
----- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ten Largest
Investments |
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
|
Region
of Risk |
% Total
Assets |
|
Rio Tinto |
|
|
|
BHP |
Global |
8.6 |
|
Royal Dutch Shell
‘B’ |
Global |
7.9 |
|
First Quantum
Minerals |
Global |
6.8 |
|
Glencore |
Global |
6.2 |
|
Chevron |
Global |
5.8 |
|
BP |
Global |
4.6 |
|
Exxon Mobil |
Global |
4.3 |
|
Vale – ADS |
Global |
3.5 |
|
ConocoPhillips |
Latin
America |
3.2 |
|
|
USA |
2.9 |
|
|
|
|
|
|
|
|
|
Commenting on the markets, Olivia Markham and Tom Holl,
representing the Investment Manager noted: |
|
|
|
The
Company’s NAV increased by 9.6% during the month of April (in GBP
terms).
The mining sector outperformed broader equity markets during April,
with the Euromoney Global Mining Index (total return) returning
+4.6% versus the MSCI World Index up by +2.8%. Outperformance was
driven by evidence of strengthening economic activity in China and
healthy reductions in China’s steel inventories. Steel inventory
draws usually occur earlier in the year, but this year they were
delayed by the first session of the 13th National People’s Congress
in China held in March. Meanwhile environmental concerns remain a
key focus for China, with premiums for high quality products most
notably iron ore remaining at elevated levels. (in GBP terms)
Turning to the mined commodities, base metals performed strongly
during the month. The aluminium price finished up by +13.6% after
US sanctions were issued against Russian aluminium giant Rusal.
However, zinc fell by -4.8% during the month amid concerns of new
supply coming to the market in the near term. Bulk commodities
performed well, with iron ore (62% Fe) up by +3.1%, supported by
the aforementioned steel inventory draws in China. Precious metals
were weak, however, with gold falling by -0.8% during the month, as
headwinds included the US 10-yr yield reaching 3% and the US dollar
strengthening towards the end of April. This outweighed tailwinds
provided by the heightened geopolitical risks during the
period.
The energy sector also outperformed broader equity markets during
the month, with the MSCI World Energy Index (total return)
returning +11.4% (in GBP terms). We previously highlighted
that energy equities had materially lagged the move up in the oil
price last year, and the rebound in April appeared to be the
beginning of the much-anticipated catch-up trade. That said, the
oil price continued higher during the month, with Brent and WTI
increasing by +10.0% and +5.6% respectively, to finish the month at
$73/bbl and $68/bbl. Whilst geopolitical risk was additive to oil
price performance during the month, with rising risks of Iran
sanctions, which have since been confirmed, we believe the oil
price persistence is being driven by supportive supply/demand
fundamentals. This has been illustrated by seven consecutive
months of inventory draws; the International Energy Agency reported
that “OECD stocks were just 30 million barrels above the five-year
average”, having peaked at over 400 million barrels in 2017,
suggesting an increasingly tight market.
The quarterly reporting season for energy companies got underway in
April, with many companies beating analyst expectations and
reporting higher than expected free-cash flows. Amidst this, we
began to see an increase in merger & acquisition activity
(M&A) across the energy space; early in the month the Norwegian
exploration & production company, DNO ASA, acquired a 15% stake
in Faroe Petroleum. This was followed by Subsea 7, an off-shore oil
services company, announcing a bid for its off-shore peer,
McDermott. McDermott is currently in the process of merging with
Chicago Bridge & Iron and rejected the offer.
All data points in US dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters Datastream. |
|
|
|
21 May 2018 |
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright y 17 PR Newswire
Blackrock Energy And Res... (LSE:BERI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Blackrock Energy And Res... (LSE:BERI)
Historical Stock Chart
From Apr 2023 to Apr 2024