BLACKROCK EMERGING EUROPE PLC - Portfolio Update
20 Janeiro 2017 - 8:41AM
PR Newswire (US)
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BLACKROCK EMERGING
EUROPE PLC |
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All information is at
31 December 2016 and unaudited. |
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Performance at month
end with net income reinvested |
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One |
Three |
One |
Three |
Five |
*Since |
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|
|
Month |
Months |
Year |
Years |
Years |
30.04.09 |
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Sterling: |
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|
|
|
|
|
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Share price |
7.0% |
12.9% |
47.5% |
12.0% |
30.7% |
104.3% |
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Net asset value |
7.7% |
14.0% |
47.9% |
15.5% |
37.2% |
106.3% |
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|
MSCI EM Europe |
10.5% |
15.0% |
49.9% |
1.3% |
15.8% |
63.5% |
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|
10/40(NR) |
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US Dollars: |
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|
|
|
|
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Share price |
5.8% |
7.4% |
23.7% |
-16.4% |
4.0% |
70.5% |
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Net asset value |
6.5% |
8.4% |
24.0% |
-13.8% |
9.2% |
72.1% |
|
|
MSCI EM Europe |
9.2% |
9.4% |
25.7% |
-24.4% |
-7.9% |
36.4% |
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10/40(NR) |
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Sources: BlackRock,
Standard & Poor’s Micropal |
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*BlackRock took over
the investment management of the Company with effect from
1 May 2009 |
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At month end |
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US Dollar: |
|
|
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Net asset value –
capital only: |
410.94c |
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Net asset value** – cum
income: |
418.61c |
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Sterling: |
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Net asset value –
capital only: |
332.57p |
|
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Net asset value** – cum
income: |
338.78p |
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Share price: |
297.50p |
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Total assets^: |
£121.7m |
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Discount (share price to
cum income NAV): |
12.2% |
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Net cash at month
end: |
1.7% |
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Gearing range as a % of
Net assets: |
0-20% |
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Issued Capital –
Ordinary Shares^^ |
35,933,428 |
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Ongoing charges* |
1.3% |
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* Calculated as at 31
January 2016, in accordance with AIC guidelines. |
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** Includes year to
date net revenue equal to 6.21 pence per share. |
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^ Total assets include
current year revenue. |
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^^ Excluding 5,400,000
shares held in treasury. |
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Sector |
Gross
assets
(%) |
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Country |
Gross
assets
(%) |
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Analysis |
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Analysis |
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Financials |
41.3 |
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Russia |
51.9 |
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Energy |
25.9 |
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Turkey |
18.6 |
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Consumer Staples |
6.1 |
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Poland |
8.0 |
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Industrials |
5.6 |
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Greece |
7.6 |
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Information
Technology |
5.5 |
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Ukraine |
5.8 |
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Materials |
4.2 |
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Czech Republic |
4.8 |
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Utilities |
3.1 |
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Romania |
1.8 |
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Health Care |
3.1 |
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Kazakhstan |
1.4 |
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Telecommunication
Services |
2.9 |
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Net current assets |
1.7 |
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Consumer
Discretionary |
2.2 |
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Net current assets |
1.7 |
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----- |
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----- |
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101.6 |
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101.6 |
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===== |
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===== |
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Short positions |
(0.0) |
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(0.0) |
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Fifteen Largest
Investments |
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(in % order of Gross
Assets as at 31.12.16) |
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Company |
Region of
Risk |
Gross
assets |
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(%) |
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Sberbank |
Russia |
10.6 |
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Gazprom |
Russia |
8.9 |
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Novatek |
Russia |
6.7 |
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Lukoil |
Russia |
6.2 |
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Globaltrans |
Russia |
5.6 |
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Garanti Bank |
Turkey |
5.1 |
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Moneta Money Bank |
Czech Republic |
4.8 |
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PZU |
Poland |
3.5 |
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PKO Bank Polski |
Poland |
3.5 |
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Halk Bank |
Turkey |
3.3 |
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Inter RAO |
Russia |
3.1 |
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MD Medical Group |
Russia |
3.1 |
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Mail.Ru |
Russia |
3.0 |
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Alpha
Bank |
Greece |
2.9 |
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Turkcell |
Turkey |
2.9 |
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Commenting on the
markets, Sam Vecht and Christopher Colunga, representing the
Investment Manager noted; |
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Market
Commentary |
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The MSCI Emerging
Europe 10/40 Index returned +9.2% in December in USD terms. The
Company underperformed the index and was up +6.5% in USD
terms. |
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Every country in the
region posted positive performance led by Russia (+12.6%), Poland
(+8.1%) and Hungary (+7.6%); whilst Czech Republic (+3.5%), Turkey
(+2.4%) and Greece (+1.5%) rose to a lesser extent in
December. |
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Russia was the best
performing country in the region in December following the 30
November OPEC agreement to cut oil production, which saw oil rise
20%+ and the Rouble strengthen almost 6% from pre-agreement levels.
Financials in Poland and Hungary performed well amidst rising
global reflation expectations as the Federal Reserve hiked rates 25
bps and surprised the market by projecting three hikes in 2017 vs
the previous two it had forecast in its September dot plot. In
Turkey the rebound was muted as declining PMI and GDP data, coupled
with a dovish central bank, lead to the Lira weakening further.
Following a strong November, Greece took a breather in December as
European creditors suspended proposed debt-relief measures for
Greece after the Greek government surprised by announcing it would
boost welfare benefits for low-income pensioners. Following talks
between the Greek government and the European creditors the
suspension appears to be temporary, and may be reinstated in
January. |
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Focus on:
Sberbank |
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Sberbank is Russia’s
largest state-owned bank with branches throughout the country and a
50% share in the retail deposit market. The stock has performed
well over the past year on the back of the Central Bank maintaining
high rates, the Russian macro recovery as well as the recent OPEC
production cut agreement. Additionally, the bank continues to build
on its restructuring strategy which has driven much of its success
over the past few years, improving its services and customer
offering, enhancing its efficiency, and investing heavily in IT to
both modernise the bank and prepare it for the future evolution of
investment services. At the recent analyst day in December the bank
gave much better efficiency and cost targets than we had
anticipated, suggesting the bank can continue to deliver positive
results over the next couple of years. Coupling these improvements
with one of the most attractive valuations in our markets explains
why we continue to believe that Sberbank is well positioned to
perform well. |
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19 January 2017 |
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|
ENDS |
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Copyright y 19 PR Newswire
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