BPO BR.Portfolio

 
TIDMBRIG 
 
BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC 
 
All information is at 30 September 2015 and unaudited. 
 
Performance at month end with net income reinvested 
 
 
 
                                   One    Three     One   Three     Since     Five 
                                 Month   Months    Year   Years   1 April    Years 
                                                                     2012 
 
Sterling 
 
Share                           -1.3%     -4.3%    6.0%   41.0%     50.0%    50.0% 
price 
 
Net asset                        -2.1%    -2.7%    8.2%   35.5%     39.6%    49.3% 
value 
 
FTSE All-Share Total             -2.7%    -5.7%   -2.3%   23.3%     25.7%    38.2% 
Return 
 
Source: BlackRock 
 
 
 
BlackRock took over the investment management of the Company with effect from 
1 April 2012. 
 
 
 
At month end 
 
Sterling: 
 
Net asset value - capital only:                                       174.83p 
 
 
Net asset value - cum income*:                                        178.44p 
 
 
Share price:                                                          175.25p 
 
 
Total assets (including income):                                       GBP48.8m 
 
 
Discount to cum-income NAV:                                              1.8% 
 
 
Net Gearing:                                                             2.9% 
 
 
Net yield**:                                                             3.4% 
 
 
Ordinary shares in issue***:                                       26,229,268 
 
 
Gearing range (as a % of net assets)                                    0-20% 
 
 
Ongoing charges****:                                                     1.2% 
 
 
 
 
* includes net revenue of 3.61 pence per share. 
 
** based on an interim dividend of 2.40p per share in respect of the year 
ending 31 October 2015 and a final dividend of 3.50p per share in respect of 
the year ended 31 October 2014. 
 
*** excludes 6,704,664 shares held in treasury. 
 
**** Calculated as a percentage of average net assets and using expenses, 
excluding performance fees and interest costs for the year ended 31 October 
2014. 
 
 
 
Benchmark 
 
Sector Analysis                                 Total assets (%) 
 
Banks                                                       12.0 
 
Tobacco                                                      9.1 
 
Support Services                                             8.9 
 
Media                                                        8.4 
 
Travel & Leisure                                             8.2 
 
Pharmaceuticals & Biotechnology                              8.1 
 
General Retailers                                            7.2 
 
Life Insurance                                               6.7 
 
Oil & Gas Producers                                          6.2 
 
Mining                                                       5.4 
 
Non-Life Insurance                                           3.9 
 
Financial Services                                           3.6 
 
Fixed Line Telecommunications                                3.0 
 
Food Producers                                               2.8 
 
Technology & Hardware Equipment                              1.5 
 
Industrial Engineering                                       1.4 
 
General Industrials                                          1.1 
 
Real Estate Investment Trusts                                0.7 
 
Household Goods & Home                                       0.5 
Construction 
 
Net Current Assets                                           1.3 
 
                                                           ----- 
 
Total                                                      100.0 
 
                                                           ===== 
 
 
 
Ten Largest Equity Investments 
 
Company                                         Total assets (%) 
 
British American Tobacco                                     5.6 
 
AstraZeneca                                                  5.2 
 
HSBC Holdings                                                4.7 
 
Lloyds Banking Group                                         4.3 
 
RELX (previously Reed Elsevier)                              4.3 
 
Next                                                         3.9 
 
Imperial Tobacco Group                                       3.5 
 
Royal Dutch Shell 'B'                                        3.4 
 
Legal & General Group                                        3.4 
 
Aviva                                                        3.3 
 
 
 
 
Commenting on the markets, Adam Avigdori and Mark Wharrier representing the 
Investment Manager noted: 
 
The Company's NAV returned -2.1% in September, outperforming its benchmark, 
the FTSE All Share Index which returned -2.7%. 
 
Year to date, the NAV has produced a positive return of 3.5%, significantly 
outperforming the FTSE All Share Index which has fallen by 2.9%. 
 
Over the quarter, UK equities fell as part of a wider drop in global shares 
as fears over Chinese growth intensified. The surprise decision by the Bank 
of China to devalue the Renminbi twice in two days and the subsequent 
decision by the US Federal Reserve to push back US rate rises led to fears of 
global contagion. European industrial growth has re-emerged from a low base 
and is now the bright spot in global growth. The weakest equities were those 
most exposed to China and emerging markets, especially those countries with 
slowing industrial production. Shares in resources companies therefore fell 
again during the quarter with particular weakness in mining shares. 
 
The largest contributor to performance over the quarter came from the holding 
in RELX (previously Reed Elsevier), following the company reporting strong 
results and continued capital discipline. Cineworld reported strong first 
half results with revenues and profits exceeding expectations and a more 
positive outlook. Admiral Group reported a rise in pre-tax profits, ahead of 
expectations driven largely by an increase in reserve releases and a growing 
number of customers.  Next reported positive growth from the online Directory 
business leading to group revenues and profits outperforming other UK 
retailers. Carnival continued to deliver on a profit improvement plan and 
rival Royal Caribbean Cruises raised full-year guidance as strong bookings in 
Caribbean and Chinese markets suggest that the industry outlook has improved. 
British American Tobacco rose following first half results which beat 
expectations and reiterated a robust outlook for product pricing. Other 
positive performers were Direct Line, AstraZeneca and Imperial Tobacco Group. 
 
Over the quarter, due to the significant outperformance, the largest 
detractors to relative returns came from not owning a few specific large cap 
defensive names; SABMiller, National Grid, Reckitt Benckiser and 
International Consolidated Airlines, as they all managed to outperform the 
falling market. Ashmore was weak following net outflows in the second quarter 
of 2015 as emerging market funds continued to be out of favour given currency 
weakness, and Rio Tinto fell from a combination of continued commodity price 
weakness and lower than expected iron ore production in the first half. 
 
Activity during the quarter included opening new positions in ARM Holdings, 
Hargreaves Lansdown and Intertek, whilst adding to our holdings in HSBC 
Holdings and Sky. We reduced our positions in Berkeley Group, DS Smith and 
Imperial Tobacco Group and sold our holdings in Spectris, Howden Joinery 
Group and DFS. 
 
Eurozone economic activity is showing signs of improvement as the European 
Central Bank continues its programme of quantitative easing, whilst in the US 
speculation over the path of future interest rates is contributing to 
uncertainty. We continue to focus on the specific drivers of individual 
companies and the ability to determine their future rather than relying on a 
specific macro outcome. Given the outlook for both economic growth and 
interest rates remains uncertain, we seek those companies that can drive 
returns through self-help and have a clear strategy to deploy the cashflow 
they generate. The portfolio is primarily invested in high free cash flow 
companies that can sustain cash generation and pay a growing dividend yield, 
but also has exposure to companies with sustainable growth franchises and 
turnaround situations. 
 
26 October 2015 
 
 
 
END 
 

(END) Dow Jones Newswires

October 26, 2015 11:23 ET (15:23 GMT)

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