BlackRock Energy and Resources Income Trust Plc - Portfolio Update
December 20 2021 - 6:01AM
PR Newswire (US)
BLACKROCK ENERGY AND
RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) |
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All information is at
30 November 2021 and unaudited. |
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Performance at month
end with net income reinvested |
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One |
Three |
Six |
One |
Three |
Five |
|
Month |
Months |
Months |
Year |
Years |
Years |
Net asset value |
-0.9% |
6.0% |
5.3% |
34.3% |
59.7% |
60.0% |
Share price |
-2.9% |
10.3% |
-3.6% |
41.6% |
62.3% |
53.6% |
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Sources: Datastream,
BlackRock |
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At month end |
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Net asset value –
capital only: |
101.98p |
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Net asset value cum
income1: |
103.97p |
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Share price: |
96.70p |
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Discount to NAV (cum
income): |
7.0% |
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Net yield: |
4.1% |
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Gearing - cum
income: |
5.8% |
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Total assets: |
£120.8m |
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Ordinary shares in
issue2: |
116,218,357 |
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Gearing range (as a % of
net assets): |
0-20% |
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Ongoing
charges3: |
1.25% |
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1 Includes net revenue of 1.99p.
2 Excluding 2,747,643 ordinary shares held in
treasury.
3 Calculated as a percentage of average net assets and
using expenses, excluding any interest costs and excluding taxation
for the year ended 30 November 2020. The Manager has also
undertaken to cap the Company’s ongoing charges by way of a
management fee rebate to ensure that these do not exceed 1.25% of
net asset value per annum. |
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Sector
Overview |
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Mining |
42.8% |
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Traditional Energy |
33.6% |
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Energy
Transition |
24.1% |
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Net Current
Liabilities
|
-0.5% |
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|
----- |
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100.0% |
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===== |
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Sector
Analysis |
% Total
Assets^ |
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Country
Analysis |
% Total
Assets^ |
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Mining: |
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Diversified |
21.6 |
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Global |
53.4 |
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Industrial Minerals |
5.4 |
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USA |
18.2 |
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Copper |
5.3 |
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Canada |
11.0 |
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Gold |
4.1 |
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Latin America |
5.9 |
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Steel |
2.4 |
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Australia |
3.7 |
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Diamonds |
1.2 |
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Germany |
2.0 |
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Iron |
1.0 |
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Russian Federation |
1.4 |
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Platinum |
0.9 |
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South Africa |
1.3 |
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Nickel |
0.9 |
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France |
1.0 |
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Subtotal
Mining: |
42.8 |
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Chile |
0.9 |
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India |
0.9 |
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Ireland |
0.8 |
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Net Current
Liabilities |
-0.5 |
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Traditional
Energy: |
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----- |
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E&P |
13.4 |
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|
100.00 |
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Integrated |
13.3 |
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===== |
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Refining &
Marketing |
3.3 |
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Distribution |
1.9 |
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Oil Services |
1.7 |
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Subtotal Traditional
Energy: |
33.6 |
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Energy
Transition: |
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Energy Efficiency |
9.9 |
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Electrification |
7.3 |
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Renewables |
4.2 |
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Transport |
2.7 |
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Subtotal Energy
Transition: |
24.1 |
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Net Current
Liabilities |
-0.5 |
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---- |
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100.0 |
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===== |
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^ Total Assets for the
purposes of these calculations exclude bank overdrafts, and the net
current liabilities figure shown in the tables above therefore
exclude bank overdrafts equivalent to 5.3% of the Company’s net
asset value. |
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Ten Largest
Investments |
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Company |
Region
of Risk |
% Total
Assets |
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Vale |
Latin
America |
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Equity |
|
3.8 |
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Bond |
|
2.1 |
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Glencore |
Global |
5.8 |
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Chevron |
Global |
4.6 |
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BHP |
Global |
3.9 |
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Anglo American |
Global |
3.5 |
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First Quantum
Minerals |
Global |
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Equity |
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2.2 |
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Bond |
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1.3 |
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ConocoPhillips |
Global |
2.7 |
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EDP Renovaveis |
Global |
2.3 |
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Total |
Global |
2.2 |
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Enel |
Global |
2.1 |
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Commenting on the markets, Tom Holl and Mark Hume, representing
the Investment Manager noted:
The Company’s Net Asset Value (NAV) per share decreased by 0.9%
during the month of November (in Sterling terms with dividends
reinvested).
Traditional energy equities fell back in November as the US
announced a plan to co-ordinate a release of 50million barrels of
oil from the Strategic Petroleum Reserve (SPR), together with
releases from China, India, South Korea, Japan and Britain with the
aim of dampening oil prices, which had reached over $80bbl. Towards
the end of the month the emergence of a new Omicron variant of
Covid-19, contributed to the 7th largest one-day fall in oil
prices, on concerns about the potential impact to oil demand in
2022 should virus-related movement restrictions be reintroduced.
This news impacted global equity markets, with the MSCI AC World
Index falling by 2.5%. Jerome Powell was nominated for a second
term as Chair of the US Federal Reserve. Volatility in natural gas
prices continued and natural gas prices fell by 17.2% over the
month, but remain at elevated levels compared to recent years and
60% higher than at the start of the year. Tightness in the supply
of natural gas continues to support these higher prices given the
limited scope for additional gas supply into European and Asian
markets this winter. The Brent and WTI (West Texas Intermediate)
fell by 11.7% and 20.8%, ending the month at $70/bbl and $66/bbl
respectively.
Within the mining sector, China’s year-on-year industrial
production growth was relatively soft at 3.5%, whilst the country’s
steel production continued to decline. Bulk commodity prices were
weak, with the iron ore (62% fe(iron)) price falling by a further
6.6% over the month, ending at $106/tonne. Meanwhile, energy market
shortages eased, causing thermal coal prices to decline along with
some of the more energy-intensive commodities, such as aluminium.
Elsewhere in the base metal space, the copper price was down by
3.0% but the physical market remained very tight, with copper for
immediate delivery trading at a significant premium.
Within the energy transition space, COP26 took place during the
month, where leaders from around 200 countries convened in the hope
to take decisive actions to limit global warming. There was
agreement to cut 30% of methane emissions by 2030, to shift away
from coal use and end deforestation by 2030. In a joint statement
the US and China pledged to co-operate on climate change. US
President Biden also signed the $1trillion infrastructure bill into
law, which includes investment into grid infrastructure to
accommodate higher levels of renewable electricity generation. In
clean transportation, Nissan announced plans to invest $18billion
over the next five years to electrify more models.
16 December 2021 |
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ENDS |
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Latest information is
available by typing www.blackrock.com/uk/beri 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. |
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