BlackRock North Amer Portfolio Update
October 14 2020 - 6:57AM
UK Regulatory
TIDMBRNA
BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 30 September 2020 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 -0.2% -1.9% 11.8% -9.5% 10.5% 70.2%
Share price -1.6% 0.6% 10.7% -17.3% 11.1% 76.6%
Russell 1000 Value Index 1.0% 0.9% 15.7% -9.5% 12.2% 69.4%
Source: BlackRock
At month end
Net asset value - capital only: 161.02p
Net asset value - cum income: 161.77p
Share price: 150.00p
Discount to cum income NAV: 7.3%
Net yield¹: 5.3%
Total assets including current year revenue: GBP129.8m
Gearing: Nil
Options overwrite: 18.4%
Ordinary shares in issue²: 80,214,044
Ongoing charges³: 1.1%
1 Based on four quarterly interim dividends of 2.00p per share declared on 7
November 2019 for the year ended 31 October 2019, and on 20 March 2020, 5 May
2020 and 6 August 2020 for the year ending 31 October 2020, and based on the
share price as at close of business on 30 September 2020.
² Excluding 20,147,261 ordinary shares held in treasury.
³ 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 2019.
Benchmark Sector Analysis Total Assets (%)
Financials 24.3
Health Care 17.2
Information Technology 11.9
Consumer Staples 9.7
Communication Services 7.8
Energy 6.8
Industrials 6.7
Consumer Discretionary 5.0
Utilities 3.4
Materials 2.0
Net current assets 5.2
-----
100.0
=====
Country Analysis Total Assets (%)
United States 72.5
Netherlands 5.1
United Kingdom 4.7
Germany 4.3
Ireland 2.7
France 2.5
Switzerland 1.7
Norway 0.8
Canada 0.5
Net current assets 5.2
-----
100.0
=====
Ten Largest Investments
Company Country of Risk Total Assets (%)
Verizon Communications USA 4.3
Bank of America USA 3.0
Citigroup USA 2.7
Medtronic Ireland 2.7
Comcast Corporation USA 2.5
Cognizant Technology USA 2.4
Solutions
Wells Fargo USA 2.3
Sanofi France 2.3
Samsung Electronics USA 2.3
Altria Group USA 2.2
Tony DeSpirito, Franco Tapia and David Zhao, representing the Investment
Manager, noted:
For the one-month period ended 30 September 2020, the Company's NAV decreased
by 0.2% and the share price by 1.6% (all in sterling). The Company's benchmark,
the Russell 1000 Value Index, returned 1.0% for the period.
The largest contributor to relative performance was stock selection in the
communication services sector. Notably, selection decisions in the media and
diversified telecom services industries proved beneficial. In information
technology, stock selection in technology hardware, storage and peripherals and
communications equipment boosted relative returns. Other modest contributors
during the month included stock selection in consumer staples and the
portfolio's cash allocation.
The largest detractor from relative performance was stock selection in the
financials sector. Notably, stock selection in the banks and diversified
financial services industries proved costly during the month. In industrials,
stock selection in aerospace and defence and an underweight exposure to the
machinery industry weighed on relative results. Other notable detractors during
the period included an overweight exposure to the energy sector and an
underweight exposure to materials.
The portfolio's option overwriting strategy contributed to relative performance
in September.
Transactions/Options
Transactions: In September, the portfolio initiated a new position in PPG
Industries and we added to our existing position in Samsung Electronics.
Conversely, we exited our position in Quest Diagnostics and reduced our
exposure to Morgan Stanley during the month.
Options: As of 30 September 2020, the Company's options exposure was 18.4% and
the delta of the options was 89.2.
Positioning
As of the period end, the Company's largest overweight positions relative to
the benchmark were in the financials, health care and energy sectors. The
Company's largest underweight positions relative to the benchmark were in the
industrials, real estate and materials sectors.
Source: BlackRock. Data as of 30 September 2020.
14 October 2020
Latest information is available by typing blackrock.com/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.
END
(END) Dow Jones Newswires
October 14, 2020 06:57 ET (10:57 GMT)
Blackrock North American... (LSE:BRNA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Blackrock North American... (LSE:BRNA)
Historical Stock Chart
From Apr 2023 to Apr 2024
