BlackRock World Mining Trust Plc - Portfolio Update
16 Abril 2024 - 1:18PM
UK Regulatory
BlackRock World Mining Trust Plc -
Portfolio Update
PR Newswire
LONDON, United Kingdom, April 16
BLACKROCK WORLD MINING TRUST PLC (LEI -
LNFFPBEUZJBOSR6PW155)
All
information is at
31 March
2024 and
unaudited.
Performance
at month end with net income reinvested
|
|
|
One
|
Three
|
One
|
Three
|
Five
|
|
Month
|
Months
|
Year
|
Years
|
Years
|
Net
asset value
|
10.7%
|
-3.5%
|
-9.4%
|
19.9%
|
78.8%
|
Share
price
|
8.4%
|
-9.0%
|
-17.8%
|
8.2%
|
91.3%
|
MSCI
ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*
|
9.8%
|
-0.4%
|
-0.3%
|
22.6%
|
65.4%
|
|
*
(Total return)
Sources:
BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index,
Datastream
|
|
At month
end
Net
asset value (including income)1:
|
568.07p
|
Net
asset value (capital only):
|
560.36p
|
Share
price:
|
517.00p
|
Discount to
NAV2:
|
9.0%
|
Total
assets:
|
£1,220.6m
|
Net
yield3:
|
6.5%
|
Net
gearing:
|
13.4%
|
Ordinary shares
in issue:
|
191,183,036
|
Ordinary shares
held in Treasury:
|
1,828,806
|
Ongoing
charges4:
|
0.91%
|
Ongoing
charges5:
|
0.81%
|
1 Includes net
revenue of 7.71p.
2 Discount to NAV
including income.
3 Based on a first
interim dividend of 5.50p per share declared on 18 April 2023, a second interim dividend of 5.50p
per share declared on 24 August 2023,
a third interim dividend of 5.50p per share declared on
11 October 2023 and a final dividend
of 17.00p per share declared on 7 March
2024 with ex date 21 March
2024 and pay date 14 May 2024
in respect of the year ended 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 2023.
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 2023.
Country Analysis
|
Total
Assets (%)
|
|
|
Global
|
63.6
|
United
States
|
9.6
|
Latin
America
|
8.2
|
Canada
|
7.8
|
Australasia
|
7.2
|
Other
Africa
|
3.9
|
Indonesia
|
0.5
|
South
Africa
|
0.1
|
Net
Current Liabilities
|
-0.9
|
|
-----
|
|
100.0
|
|
=====
|
|
Sector Analysis
|
Total
Assets (%)
|
|
|
Diversified
|
35.8
|
Copper
|
25.1
|
Gold
|
15.3
|
Steel
|
9.9
|
Industrial
Minerals
|
5.2
|
Aluminium
|
3.0
|
Iron
Ore
|
2.4
|
Uranium
|
1.5
|
Platinum Group
Metals
|
1.0
|
Nickel
|
1.0
|
Mining
Services
|
0.6
|
Zinc
|
0.1
|
Net
Current Liabilities
|
-0.9
|
|
-----
|
|
100.0
|
|
=====
|
|
Ten largest investments
|
|
|
|
Company
|
Total Assets %
|
|
|
BHP:
|
|
Equity
|
7.6
|
Royalty
|
1.5
|
Glencore
|
8.0
|
Vale:
|
|
Equity
|
4.0
|
Debenture
|
2.9
|
Rio
Tinto
|
6.2
|
Freeport-McMoRan
|
4.8
|
Nucor
|
3.9
|
Teck
Resources
|
3.8
|
Barrick
Gold
|
3.1
|
Wheaton Precious
Metals
|
3.0
|
Anglo
American
|
3.0
|
|
|
|
Asset
Analysis
|
Total
Assets (%)
|
Equity
|
97.7
|
Bonds
|
1.5
|
Preferred
Stock
|
1.0
|
Convertible
Bonds
|
0.7
|
Net
Current Liabilities
|
-0.9
|
|
-----
|
|
100.0
|
|
=====
|
|
Commenting
on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
|
|
Performance
The
Company’s NAV rose by 10.7% in March, outperforming its reference
index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net
return), which returned +9.8% (performance figures in
GBP).
March
was a positive month for the mining sector, outperforming broader
equity markets, as the MSCI All Country World Index returned +3.1%.
Improvements in economic data from the US and China helped boost
investor sentiment and demand for mining stocks during the period.
China’s manufacturing PMI rose above 50 for the first time since
September 2023, increasing from 49.1 to 50.8. Copper stood out
among industrial metals, delivering strong performance driven by
tight physical markets and rising demand for use in electricity
grids. The severity of the constraints on copper supply was
highlighted by refining charges in China falling close to zero,
having been ~US$80 six months ago (lower refining charges suggest
refiners are struggling for materials and are cutting charges to be
more competitive as a result).
On
the other hand, ongoing weakness in China’s property market started
to translate into some softness in steel demand and iron ore prices
came under pressure. The Chinese government announced plans to
reinstate pollution control measures, which is expected to result
in production cuts for highly polluting industries such as steel
and cement. For reference, prices for iron ore (62% fe) and nickel
fell by 13.2% and 6.2% respectively, whereas zinc rose by 0.5%.
Meanwhile, precious metals performance was strong during the month
due to concerns around inflation and robust physical demand for
gold. Gold, silver and platinum prices rose by 8.3%, 9.6% and 2.3%
respectively.
Strategy
and Outlook
China
has re-opened but with less impact than had been expected.
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.
We
are seeing 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.
|
|
16
April 2024
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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