BlackRock Energy and Resources Income Trust Plc - Portfolio Update
29 Dezembro 2023 - 10:30AM
PR Newswire (US)
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
|
|
|
|
All
information is at
30 November 2023 and
unaudited.
|
|
|
|
|
|
|
|
Performance
at month end with net income reinvested
|
|
|
|
|
|
|
|
|
One
|
Three
|
Six
|
One
|
Three
|
Five
|
|
|
|
Month
|
Months
|
Months
|
Year
|
Years
|
Years
|
|
|
Net
asset value
|
2.1%
|
-3.2%
|
2.3%
|
-11.8%
|
71.3%
|
103.7%
|
|
|
Share
price
|
1.7%
|
-3.4%
|
0.8%
|
-15.2%
|
73.9%
|
99.2%
|
|
|
Sources:
Datastream, BlackRock
|
|
|
|
|
|
|
|
At month end
|
|
|
|
|
Net
asset value – capital only:
|
122.51p
|
|
|
|
Net
asset value cum income1:
|
123.62p
|
|
|
|
Share
price:
|
110.40p
|
|
|
|
Discount to NAV
(cum income):
|
10.7%
|
|
|
|
Net
yield:
|
4.0%
|
|
|
|
Gearing - cum
income:
|
7.5%
|
|
|
|
Total
assets:
|
£162.4m
|
|
|
|
Ordinary shares
in issue2:
|
131,386,194
|
|
|
|
Gearing range (as
a % of net assets):
|
0-20%
|
|
|
|
Ongoing
charges3:
|
1.13%
|
|
|
|
|
|
|
|
|
1 Includes net
revenue of 1.11p.
2 Excluding
4,200,000 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 2022.
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.
|
|
|
|
|
|
|
|
|
Sector Overview
|
|
|
|
|
Mining
|
44.5%
|
|
|
|
|
Traditional
Energy
|
31.0%
|
|
|
|
|
Energy
Transition
|
25.0%
|
|
|
|
|
Net
Current Liabilities
|
-0.5%
|
|
|
|
|
|
-----
|
|
|
|
|
|
100.0%
|
|
|
|
|
|
=====
|
|
|
|
|
|
|
|
|
|
|
Sector Analysis
|
% Total Assets^
|
|
Country Analysis
|
% Total Assets^
|
|
|
|
Mining:
|
|
|
|
|
|
|
|
Diversified
|
23.8
|
|
Global
|
58.1
|
|
|
|
Copper
|
6.8
|
|
USA
|
15.9
|
|
|
|
Gold
|
3.2
|
|
Canada
|
9.2
|
|
|
|
Industrial
Minerals
|
2.9
|
|
Latin
America
|
8.0
|
|
|
|
Steel
|
2.6
|
|
Germany
|
3.2
|
|
|
|
Aluminium
|
2.1
|
|
France
|
2.6
|
|
|
|
Uranium
|
1.7
|
|
Australia
|
1.3
|
|
|
|
Nickel
|
1.5
|
|
Africa
|
1.0
|
|
|
|
Platinum Group
Metals
|
0.3
|
|
United
Kingdom
|
0.7
|
|
|
|
Tin
|
-0.4
|
|
Ireland
|
0.5
|
|
|
|
Subtotal
Mining:
|
44.5
|
|
|
|
|
|
|
|
|
|
Net
Current Assets
|
-0.5
|
|
|
|
|
|
|
|
-----
|
|
|
|
Traditional
Energy:
|
|
|
|
100.0
|
|
|
|
E&P
|
13.3
|
|
|
=====
|
|
|
|
Integrated
|
12.8
|
|
|
|
|
|
|
Distribution
|
2.4
|
|
|
|
|
|
|
Oil
Services
|
2.0
|
|
|
|
|
|
|
Refining &
Marketing
|
0.5
|
|
|
|
|
|
|
Subtotal
Traditional Energy:
|
31.0
|
|
|
|
|
|
|
Energy
Transition:
|
|
|
|
|
|
|
|
Energy
Efficiency
|
9.2
|
|
|
|
|
|
|
Electrification
|
8.1
|
|
|
|
|
|
|
Renewables
|
4.3
|
|
|
|
|
|
|
Transport
|
3.4
|
|
|
|
|
|
|
Subtotal
Energy Transition:
|
25.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Current Liabilities
|
-0.5
|
|
|
|
|
|
|
|
----
|
|
|
|
|
|
|
|
100.0
|
|
|
|
|
|
|
|
=====
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^
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 7.0%
of the Company’s net asset value.
|
|
|
|
Ten Largest Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
Region of Risk
|
% Total Assets
|
|
|
|
|
|
|
|
|
|
Glencore
|
Global
|
4.8
|
|
|
|
BHP
|
Global
|
4.7
|
|
|
|
Vale
|
Latin
America
|
|
|
|
|
Equity
|
|
3.3
|
|
|
|
Bond
|
|
1.3
|
|
|
|
Rio
Tinto
|
Global
|
4.4
|
|
|
|
Shell
|
Global
|
3.8
|
|
|
|
Exxon
Mobil
|
Global
|
3.8
|
|
|
|
NextEra
Energy
|
United
States
|
2.7
|
|
|
|
Canadian Natural
Resources
|
Canada
|
2.7
|
|
|
|
RWE
|
Germany
|
2.5
|
|
|
|
Hess
|
Global
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commenting
on the markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
The
Company’s NAV returned by 2.1% during the month of November (in GBP
terms).
Global equity
markets performed well in November, on the back of signs of
economic moderation in the US and falling inflation across
developed markets. Central banks also indicated that they had
reached the peak of the rate hiking cycle. The Bank of England,
Federal Reserve, and European Central Bank left their policy rates
unchanged. Markets anticipated rate cuts in the first half of next
year on the release of softer inflation data across developed
markets. Lower bond yields and healthy corporate earnings also
contributed to returns. Given this macroeconomic backdrop, the MSCI
All Country World Index returned 9.2%.
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 references, gold and
silver prices rose by 2.1% and 9.2% respectively.
Within energy
markets, OPEC announced a rollover of existing production targets
and greater production cuts. However, the impact on oil prices
proved temporary with apparent uncertainty over the cohesion and
support within OPEC.
Year
to date, global oil demand has been resilient rising 1.6mbpd to
101.6mbps according to US Energy Information Administration (EIA).
However, oil supply has also exceeded expectations with some
additional supply from Iran and Brazil, whilst there remains modest
production growth from US shale.
Brent
and WTI oil prices fell -5.9% and -7.4%, ending the month at
$82/bbl and $76/bbl respectively.
The
US Henry Hub natural gas price fell -21.6% during the month to end
at $2.80/mmbtu, given back last month’s price increase.
Within the energy
transition theme, ahead of COP28, US and China released a joint
statement announcing support for the G20 leaders to triple global
renewable energy capacity by 2030 and to accelerate renewable
energy deployment in their respective economies. It has been
estimated that this would require a ~21% per annum growth in
renewable energy capacity additions between 2023 and
2030.
The
statement also included that each would advance at least five large
scale carbon capture and storage projects.
Elsewhere, the UK
Government released revised parameters for the pricing cap on AR6
offshore wind bidding, an estimated 8GW of offshore capacity and
increased the price cap by 66% compared to a recent auction, where
there were no bidders due to the price cap for the power being set
too low to attract bids.
All data
points in US dollar terms unless otherwise specified. Commodity
price moves sourced from Thomson Reuters
Datastream.
|
|
|
|
ENDS
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
December 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copyright r 29 PR Newswire
Blackrock Energy And Res... (LSE:BERI)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Blackrock Energy And Res... (LSE:BERI)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024