BlackRock Com Portfolio Update

 
TIDMBRCI 
 
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC (LEI: 54930040ALEAVPMMDC31) 
 
All information is at 31 January 2017 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                    2.2%       8.8%                      20.3%     79.8%         5.7%         -10.3% 
 
Share price                        1.6%      10.3%                      31.9%     84.5%         7.6%          -9.1% 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                                              86.17p 
 
Net asset value cum income*:                                                                 87.12p 
 
Share price:                                                                                 89.13p 
 
Premium to NAV (cum income):                                                                   2.3% 
 
Net yield:                                                                                     5.6% 
 
Gearing - cum income:                                                                          4.2% 
 
Total assets^:                                                                              GBP115.2m 
 
Ordinary shares in issue:                                                               118,768,000 
 
Gearing range (as a % of net assets):                                                         0-20% 
 
Ongoing charges**:                                                                             1.4% 
 
* Includes net revenue of 0.95p. 
^ Includes current year revenue. 
** Calculated as a percentage of average net assets and using expenses, 
excluding any interest costs and excluding taxation for the year ended 30 
November 2016. 
 
Sector Analysis                  % Total Assets        Country Analysis                              % Total Assets 
 
Integrated Oil                             20.3        Global                                                   49.0 
 
Exploration & Production                   18.3        USA                                                      21.5 
 
Diversified Mining                         16.9        Canada                                                    9.0 
 
Gold                                       13.1        Latin America                                             4.4 
 
Copper                                      6.9        Africa                                                    3.5 
 
Silver                                      3.7        Australia                                                 3.2 
 
Distribution                                3.5        Europe                                                    2.6 
 
Nickel                                      2.8        Asia                                                      0.4 
 
Fertilizers                                 2.1        Net current assets                                        6.4 
 
Oil Services                                1.9                                                                ----- 
 
Agriculture Science                         1.7                                                                100.0 
 
Diamonds                                    1.6                                                                ===== 
 
Steel                                       0.8 
 
Net current assets                          6.4 
 
                                          ----- 
 
                                          100.0 
 
                                          ===== 
 
Ten Largest Investments (in % 
of Total Assets order) 
 
Company                                                 Region of Risk                      % Total Assets 
 
Royal Dutch Shell 'B'                                           Global                                 6.1 
 
First Quantum Minerals                                          Global                                 6.0 
 
Rio Tinto                                                       Global                                 5.9 
 
ExxonMobil                                                      Global                                 5.4 
 
BHP Billiton                                                    Global                                 4.0 
 
Barrick Gold                                                    Global                                 3.0 
 
Norilsk Nickel                                                     USA                                 2.8 
 
ConocoPhillips                                                     USA                                 2.7 
 
Anadarko Petroleum                                                 USA                                 2.6 
 
Enbridge Income Fund Trust                                      Canada                                 2.6 
 
 
Commenting on the markets, Olivia Markham and Tom Holl, representing the 
Investment Manager noted: 
 
The Company's NAV rose by 2.2% during the month (in GBP terms with income 
reinvested). 
 
Global markets made gains in January, with the Dow Jones Index crossing the 
20,000 barrier for the first time ever. Markets were generally supported by 
robust economic data such as strong European and Chinese PMI's.  January also 
saw the inauguration of the new President of the United States. Since taking 
office, President Trump has generally reiterated support for the domestic oil 
and gas industry, approving the construction of the Dakota Access and Keystone 
XL pipelines on the basis of job creation. The Keystone XL pipeline had been 
blocked by the previous administration on environmental grounds, with 
scepticism over the long-term job creation prospects. 
 
In the energy sector, there was little change in oil prices during the month, 
with Brent gaining +0.7% and WTI falling by -1.9%, to finish the month at $56/ 
bbl and $53/bbl.  The month also saw the first meeting of OPEC and non-OPEC 
members since the announcement of the co-ordinated cut. Early data and rhetoric 
from producers has been encouraging, but the cuts will, in our view, need to 
show up in real-time data before we see oil prices react. Oil prices were also 
held back by a moderate build in US inventories. 
 
After a difficult December, the mining sector returned to trending upwards in 
January, buoyed by mined commodity prices remaining at elevated levels and some 
recording further price gains.  The commodity price strength seen last year has 
led to a dramatic improvement in free cash flow in the mining sector and 
companies are now looking to return capital to shareholders. The base metals 
saw strong performance with copper, aluminium and zinc strengthening +8.5%, 
+6.5% and +11.5% respectively, however nickel bucked this trend declining 
-0.7%. 
 
Elsewhere the gold price started the year at $1,160/oz and climbed +4.7% to 
finish the month at $1,211/oz.  This appeared to be driven by increased 
safe-haven buying interest perhaps in response to the unpredictability of 
President Trump's policies and US dollar weakness on the back of declining 
treasury yields. 
 
16 February 2017 
 
ENDS 
 
Latest information is available by typing www.blackrock.co.uk/brci 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. 
 
 
 
 
END 
 

(END) Dow Jones Newswires

February 16, 2017 11:20 ET (16:20 GMT)