BlackRock World Mining Trust Plc - Portfolio Update
14 Dezembro 2023 - 11:27AM
PR Newswire (US)
BLACKROCK WORLD MINING TRUST PLC (LEI -
LNFFPBEUZJBOSR6PW155)
All
information is at
30 November
2023 and
unaudited.
Performance
at month end with net income reinvested
|
|
|
One
|
Three
|
One
|
Three
|
Five
|
|
Month
|
Months
|
Year
|
Years
|
Years
|
Net
asset value
|
3.2%
|
-2.9%
|
-12.7%
|
40.4%
|
97.2%
|
Share
price
|
2.5%
|
-5.0%
|
-15.9%
|
42.7%
|
123.0%
|
MSCI
ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*
|
4.4%
|
1.0%
|
-5.4%
|
34.8%
|
72.6%
|
|
*
(Total return)
Sources:
BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index,
Datastream
|
|
At month
end
Net
asset value (including income)1:
|
574.09p
|
Net
asset value (capital only):
|
559.35p
|
Share
price:
|
548.00p
|
Discount to
NAV2:
|
4.5%
|
Total
assets:
|
£1,248.4m
|
Net
yield3:
|
7.3%
|
Net
gearing:
|
13.5%
|
Ordinary shares
in issue:
|
191,183,036
|
Ordinary shares
held in Treasury:
|
1,828,806
|
Ongoing
charges4:
|
0.95%
|
Ongoing
charges5:
|
0.84%
|
1 Includes net
revenue of 14.74p.
2 Discount to NAV
including income.
3 Based on a final
dividend of 23.50p per share declared on 2
March 2023 in respect of year ended 31 December 2022, a first interim dividend of
5.50p per share declared on 18 April, a second interim dividend of
5.50p per share declared on 24 August and a third interim dividend
of 5.50p per share declared on 11 October
2023 with ex-date 23 November
2023 and pay date of 22 December
2023 in respect of the year ending 31
December 2023.
4 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 31 December 2022.
5 The Company’s
ongoing charges are calculated as a percentage of average daily
gross 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 31 December 2022.
Country Analysis
|
Total
Assets (%)
|
|
|
Global
|
66.8
|
Latin
America
|
7.8
|
Canada
|
7.6
|
Australasia
|
6.9
|
United
States
|
6.9
|
Other
Africa
|
2.8
|
Indonesia
|
0.8
|
South
Africa
|
0.2
|
Net
Current Assets
|
0.2
|
|
-----
|
|
100.0
|
|
=====
|
|
Sector Analysis
|
Total
Assets (%)
|
|
|
Diversified
|
38.1
|
Copper
|
21.2
|
Gold
|
15.4
|
Steel
|
7.1
|
Industrial
Minerals
|
5.7
|
Aluminium
|
3.0
|
Uranium
|
2.6
|
Iron
Ore
|
2.5
|
Platinum Group
Metals
|
1.7
|
Nickel
|
1.4
|
Mining
Services
|
1.0
|
Zinc
|
0.1
|
Net
Current Assets
|
0.2
|
|
-----
|
|
100.0
|
|
=====
|
|
Ten largest investments
|
|
|
|
Company
|
Total Assets %
|
|
|
Vale:
|
|
Equity
|
6.8
|
Debenture
|
2.8
|
BHP:
|
|
Equity
|
7.6
|
Royalty
|
1.5
|
Glencore
|
8.1
|
Rio
Tinto
|
7.0
|
Freeport-McMoRan
|
4.6
|
Newmont
|
3.5
|
Barrick
Gold
|
3.2
|
Wheaton Precious
Metals
|
3.1
|
Anglo
American
|
2.8
|
Cameco
Corp
|
2.6
|
|
|
|
Asset
Analysis
|
Total
Assets (%)
|
Equity
|
97.1
|
Bonds
|
2.2
|
Convertible
Bonds
|
0.6
|
Option
|
-0.1
|
Net
Current Assets
|
0.2
|
|
-----
|
|
100.0
|
|
=====
|
|
Commenting
on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
|
|
Performance
The
Company’s NAV rose by 3.2% in November, underperforming its
reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40
Index (net return), which rose by 4.4% (performance figures in
GBP).
November was a
strong month for broader equity markets, with the MSCI ACWI TR
Index rising by 3.8% (in
GBP terms). Signs of
moderating inflation and easing interest rate expectations
contributed to a positive market sentiment amongst investors. The
mining sector performed well but modestly lagged broader equity
markets. China’s manufacturing PMI reached a three-month high,
rising to 50.7 from 49.5 in October.
Mined
commodities were up across the board, with the copper and iron ore
prices (62% fe) rising by 4.5% and 7.8% respectively. The copper
price was buoyed by the shock to supply caused by the closing of
the Cobre de Panama asset in Panama, which accounts for 1.5% of
global copper supply. Iron ore prices appeared to be up on China’s
seasonal restocking ahead of Chinese New Year. Elsewhere, the
precious metals also performed well on geopolitical risk in the
Middle East, an uncertain macroeconomic outlook, a fall in real
rates and weakness in the US dollar. For reference, gold and silver
prices rose by 2.1% and 9.2% respectively.
Strategy
and Outlook
China
has re-opened but with less impact than had been expected early
this year. Uncertainty persists around China’s commodity demand,
but we are seeing the Chinese administration announce financial
support incrementally.
Longer-term, we
are excited by the structural demand growth for a range of mined
commodities that will result from the low carbon transition.
Meanwhile, commodity supply is likely to be constrained by the
capital discipline of recent years, whilst inventories for many
mined commodities are at historic lows. Mining companies have low
levels of debt, continue to return capital to shareholders but
appear to be entering a higher capital expenditure
phase.
In
2023, we have seen Brown to Green emerge as a key theme, where
mining companies are focusing on reducing the greenhouse gas
emissions intensity associated with their production. We expect to
see a re-rating for the mining companies able to best navigate this
and are playing this in the portfolio.
All
data points are in USD terms unless stated otherwise.
|
|
14
December 2023
Latest
information is available by typing www.blackrock.com/uk/brwm on the
internet. 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.
|
Release |
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