BLACKROCK NORTH AMERICAN INCOME TRUST PLC
(LEI:549300WWOCXSC241W468)
All information is at 31 January
2021 and unaudited.
Performance at month end with net income reinvested
|
One
Month |
Three
Months |
Six
Months |
One
Year |
Three
Years |
Five
Years |
Net asset value |
-1.5% |
10.8% |
9.8% |
-0.2% |
15.9% |
69.3% |
Share price |
-1.4% |
13.8% |
7.4% |
-8.6% |
14.6% |
77.5% |
Russell 1000 Value Index |
-1.4% |
9.9% |
11.8% |
-0.1% |
17.9% |
71.8% |
At month end
Net asset value - capital only: |
172.35p |
Net asset value - cum income: |
173.15p |
Share price: |
165.50p |
Discount to cum income NAV: |
5.6% |
Net yield1: |
4.9% |
Total assets including current year
revenue: |
138.1m |
Gearing: |
Nil |
Options overwrite |
17.4% |
Ordinary shares in
issue2: |
79,784,044 |
Ongoing charges3: |
1.1% |
1 Based on four quarterly interim dividends of 2.00p
per share declared on 20 March 2020,
5 May 2020, 6
August 2020 and 4 November
2020 for the year ended 31 October
2020 and based on the share price as at close of business on
31 January 2021.
2 Excluding 20,577,261 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 2020.
Sector Analysis |
Total Assets*
(%) |
Financials |
25.4 |
Health Care |
17.0 |
Information Technology |
11.9 |
Consumer Staples |
7.8 |
Energy |
7.4 |
Industrials |
6.8 |
Communication Services |
6.0 |
Consumer Discretionary |
5.0 |
Utilities |
4.1 |
Materials |
2.2 |
Net Current Assets |
6.4 |
|
----- |
|
100.0 |
|
===== |
|
Country Analysis |
Total Assets*
(%) |
United States |
73.7 |
Netherlands |
4.5 |
United Kingdom |
4.4 |
Germany |
4.0 |
France |
2.2 |
Ireland |
1.8 |
Switzerland |
1.7 |
Norway |
0.9 |
Canada |
0.4 |
Net Current Assets |
6.4 |
|
----- |
|
100.0 |
|
===== |
|
Top 10 Holdings |
Country |
% Total
Assets* |
Citigroup |
United States |
3.2 |
Bank of America |
United States |
2.8 |
Verizon Communications |
United States |
2.8 |
Wells Fargo |
United States |
2.7 |
American International Group |
United States |
2.5 |
Cisco Systems |
United States |
2.3 |
General Motors |
United States |
2.2 |
Anthem |
United States |
2.2 |
Comcast Corporation |
United States |
2.1 |
BAE Systems |
United Kingdom |
2.1 |
|
*These percentages reflect portfolio exposure gained from both
the equity holdings and options where relevant.
Tony
DeSpirito, Franco Tapia and
David Zhao, representing the
Investment Manager, noted:
For the one-month period ended 31 January
2021, the Company’s NAV decreased by 1.5% and the share
price by 1.4% (all in sterling). The Company’s benchmark, the
Russell 1000 Value Index, returned -1.4% for the period.
The largest contributor to relative performance was stock
selection and allocation decisions in the industrials sector.
Notably, stock selection among industrial conglomerates and
aerospace & defence firms proved beneficial. In consumer
discretionary, an overweight exposure to automobiles and an
underweight exposure to the hotels, restaurants and leisure
industry boosted relative performance. Overweight exposure to the
oil, gas and consumable fuels industry in energy also helped
relative results. Finally, stock selection in materials contributed
to relative performance.
The largest detractor from relative performance was stock
selection and allocation decisions in health care. More
specifically, selection decisions among health care providers and
services firms and a lack of exposure to biotechnology and life
sciences tools and services detracted from relative returns. In
financials, stock selection among banks and an overweight exposure
to the insurance industry detracted from relative results. Stock
selection in utilities, most notably the electric utilities and
multi-utilities industries, proved costly during the month. Other
notable detractors during the month included stock selection in
consumer staples, information technology and communication
services.
The portfolio’s option overwriting strategy detracted from
relative performance during the month.
Transactions/Options
Transactions: In January, the portfolio initiated new positions
in Huntington Ingalls Industries, CDW and Blackstone Group.
Allocations to Zimmer Biomet Holdings and Morgan Stanley were also
increased during the month. Conversely, we exited our position in
FedEx and reduced our exposure to Samsung Electronics and CME
Group.
Options: As of 31 January 2021,
the Company’s options exposure was 17.4% and the delta of the
options was 87.9.
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
communication services sectors.
Source: BlackRock. Data as of 31 January
2021.
18 February 2021
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.