BlackRock Energy and Resources Income Trust Plc - Portfolio Update
22 Maio 2024 - 12:08PM
UK Regulatory
BlackRock Energy and Resources Income
Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, May 22
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
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All
information is at
30 April 2024 and
unaudited.
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Performance
at month end with net income reinvested
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One
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Three
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Six
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One
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Three
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Five
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Month
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Months
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Months
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Year
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Years
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Years
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Net
asset value
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3.8%
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12.1%
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13.1%
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5.9%
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53.2%
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108.2%
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Share
price
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7.9%
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13.3%
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15.1%
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0.3%
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41.0%
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104.1%
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Sources:
Datastream, BlackRock
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At month end
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Net
asset value – capital only:
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134.28p
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Net
asset value cum income1:
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134.48p
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Share
price:
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122.50p
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Discount to NAV
(cum income):
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8.9%
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Net
yield:
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3.6%
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Gearing - cum
income:
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14.8%
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Total
assets:
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£168.1m
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Ordinary shares
in issue2:
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125,011,194
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Gearing range (as
a % of net assets):
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0-20%
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Ongoing
charges3:
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1.19%
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1 Includes net
revenue of 0.20p.
2 Excluding
10,575,000 ordinary shares held in treasury.
3 The Company’s
ongoing charges are calculated as a percentage of average daily net
assets and using the management fee and all other operating
expenses excluding finance costs, direct transaction costs, custody
transaction charges, VAT recovered, taxation and certain other
non-recurring items for the year ended 30 November 2023.
In
addition, the Company’s Manager has also agreed to cap ongoing
charges by rebating a portion of the management fee to the extent
that the Company’s ongoing charges exceed 1.25% of average net
assets.
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Sector Overview
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Mining
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44.9%
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Traditional
Energy
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29.7%
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Energy
Transition
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25.6%
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Net
Current Liabilities
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-0.2%
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-----
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100.0%
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=====
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Sector Analysis
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% Total Assets^
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Country Analysis
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% Total Assets^
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Mining:
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Diversified
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23.5
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Global
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54.9
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Copper
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7.5
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USA
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20.1
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Steel
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3.6
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Canada
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9.5
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Industrial
Minerals
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2.8
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Latin
America
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4.2
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Gold
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2.4
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Other
Africa
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2.6
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Aluminium
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1.9
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Germany
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2.5
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Metals &
Mining
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1.7
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Australia
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2.2
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Nickel
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1.3
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United
Kingdom
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1.9
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Platinum Group
Metals
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0.2
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France
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1.8
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Subtotal
Mining:
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44.9
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Ireland
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0.5
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Net
Current Liabilities
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-0.2
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-----
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Traditional
Energy:
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100.0
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E&P
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13.2
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=====
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Integrated
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8.4
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Distribution
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3.2
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Oil
Services
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2.7
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Oil,
Gas & Consumable Fuels
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1.4
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Refining &
Marketing
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0.8
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Subtotal
Traditional Energy:
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29.7
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Energy
Transition:
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Energy
Efficiency
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9.7
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Electrification
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6.9
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Renewables
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6.3
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Transport
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2.7
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Subtotal
Energy Transition:
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25.6
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Net
Current Liabilities
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-0.2
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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 14.6%
of the Company’s net asset value.
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Ten Largest Investments
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Company
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Region of Risk
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% Total Assets
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Anglo
American
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Global
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4.8
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Rio
Tinto
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Global
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4.5
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Teck
Resources
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Global
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4.0
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Glencore
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Global
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3.3
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Shell
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Global
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3.2
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NextEra
Energy
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United
States
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2.9
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BHP
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Global
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2.8
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Filo
Corp
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Latin
America
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2.5
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Canadian Natural
Resources
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Canada
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2.4
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Exxon
Mobil
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Global
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2.3
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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) had returned by 3.8% during the
month of April (in GBP terms).
Global equity
markets fell in April with expectations for US interest rate cuts
pushed back following stronger inflation data (US Core CPI at +0.4%
month on month) and subsequent commentary from the US Federal
Reserve.
Geopolitical
tensions persisted, with a drone and missile attack by Iran on
Israel escalating Middle East tensions. Markets, however, largely
looked through this and Israel’s subsequent response.
April
was a positive month for the mining sector, outperforming broader
equity markets. Meanwhile, we saw strength almost across the board
in mined commodity prices as Chinese economic data remained
improved. For reference, the country’s manufacturing PMI came in
above 50 for the second consecutive month. Iron ore had a
particularly strong month, with the 62% fe. price rising by 15.8%.
Elsewhere, the base metals were buoyant with copper, nickel and
zinc prices rising by 12.8%, 15.1% and 21.7% respectively. Gold and
silver prices had rose by 3.7% and 6.5% respectively appearing to
benefit from ‘safe-haven’ demand. Turning to the companies, we saw
high profile M&A activity with BHP proposing a US$39bn takeover
of fellow diversified miner Anglo American. Anglo American rejected
the offer, but the market expectation is that BHP may improve its
offer or that other buyers may emerge. This proposal supports our
view that existing copper assets are currently trading
significantly below replacement costs in the listed market, making
them attractive to peers and strategic buyers.
Energy equities
have been supported by stronger oil prices in recent months and
outperformed global equity markets in April, which also follows
March’s stronger performance. The Brent oil price rose by 2.4%,
whilst WTI fell by 0.6%, ending the month at US$88/bbl and
US$83/bbl respectively. The US Henry Hub natural gas price rose
11.4% during the month to end at US$1.96/mmbtu.
Within the energy
transition theme, energy security has become a key driver of global
energy policy, from diversification of energy imports to a greater
focus on renewables and domestic clean tech manufacturing
capabilities. Nevertheless, higher bond yields have been a headwind
for infrastructure, including renewable energy assets despite
renewable utilities reporting reassuring earnings results
throughout the past year. In recent weeks there has been a focus on
the need for power and electricity grid investment required to
deliver an increase in data centres for AI.
The
International Energy Agency (IEA) also published their annual EV
outlook, which forecast further EV sales growth to around 17
million vehicles in 2024, up from ~14m sales in 2023. IEA highlight
that “policy developments continue to reinforce expectations for
swift electrification”. Bloomberg New Energy Finance have
previously estimated that the US has attracted over $100 billion in
battery and EV manufacturing related investment following the
Inflation Reduction Act.
All
data points in US dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters
Datastream.
22
May 2024
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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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