BlackRock Com Portfolio Update

 
TIDMBRCI 
 
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31) 
All information is at 30 November 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           -1.6      -0.7       6.8      -3.3        3.9      -10.1 
 
Share price                1.0       4.0       6.1      -4.4       -5.7      -15.3 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                           75.07p 
 
Net asset value cum income*:                                              76.92p 
 
Share price:                                                              75.00p 
 
Discount to NAV (cum income):                                               2.5% 
 
Net yield:                                                                  5.3% 
 
Gearing - cum income:                                                       3.1% 
 
Total assets**:                                                           GBP95.8m 
 
Ordinary shares in issue:                                            118,768,000 
 
Gearing range (as a % of net assets):                                      0-20% 
 
Ongoing charges^:                                                           1.4% 
 
*Includes net revenue of 1.85p. 
 
**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. 
 
                                 % Total                                 % Total 
Sector Analysis                   Assets    Country Analysis             Assets 
 
Diversified Mining                  27.1    Global                          57.8 
 
Integrated Oil                      23.1    USA                             13.1 
 
Exploration & Production            14.9    Canada                          12.0 
 
Copper                              10.4    Latin America                    5.2 
 
Gold                                 8.5    Australia                        4.8 
 
Distribution                         3.6    Europe                           2.5 
 
Silver                               2.7    Africa                           1.9 
 
Oil Sands                            1.9    Mali                             1.3 
 
Industrial Minerals                  1.7    Net current assets               1.4 
 
Oil Services                         1.5                                   ----- 
 
Steel                                1.5                                   100.0 
 
Industrial Resources                 1.1                                   ===== 
 
Diamonds                             0.6 
 
Net current assets                   1.4 
 
                                   ----- 
 
                                   100.0 
 
                                   ===== 
 
Ten Largest Investments 
 
Company                                   Region of Risk        % Total Assets 
 
First Quantum Minerals*                           Global                   9.3 
 
Rio Tinto                                         Global                   6.7 
 
BHP                                               Global                   6.6 
 
Royal Dutch Shell 'B'                             Global                   6.1 
 
Glencore                                          Global                   5.0 
 
Chevron                                           Global                   4.7 
 
Exxon Mobil                                       Global                   4.1 
 
Vale - ADS                                 Latin America                   3.3 
 
BP                                                Global                   3.1 
 
Anadarko Petroleum                                   USA                   3.0 
 
*The holding in First Quantum Minerals includes both an equity holding and a 
holding in several bonds. 
 
Commenting on the markets, Olivia Markham and Tom Holl, representing the 
Investment Manager noted: 
 
The Company's NAV decreased by 1.6% during the month of November (in GBP terms 
with dividends reinvested and net of ongoing charges). 
 
The performance of the energy sector was positive during the month, whilst the 
mining sector came under pressure. In the energy space, the oil price rallied 
on rising geopolitical risk with the crown Prince of Saudi Arabia, Mohammed bin 
Salman, launching an anti-corruption operation which saw the arrest of over 40 
people, including 11 princes and more than three dozen current and former 
ministers. Shortly thereafter, the prime-minister of Lebanon resigned from his 
post in a televised statement made from Saudi Arabia, whilst Venezuela 
announced a military general as the new leader of its state-owned energy 
company and the Oil Ministry. On the final day of the month OPEC, and non-OPEC 
producers led by Russia, agreed to extend oil output cuts until the end of 
2018. These events combined, bolstered oil prices in November with Brent and 
West Texas International (WTI) finishing the month +3.6% and +5.6% higher at 
$64/barrel and $57/barrel respectively. The portfolio's overweight to US 
exploration and production companies positively contributed to relative 
performance during the month 
 
For the mining sector, following a period of strong economic data from China, 
Chinese manufacturing data was the weakest we have seen in five months, with 
the Caixin Manufacturing Purchasing Manager's Index ('PMI') falling to 50.8 in 
November from a prior level of 51 in October. In addition, there were concerns 
around credit tightening in China during the month, as China's financial 
regulators proposed sweeping rules to curb the risks in the country's $15 
trillion of asset management products. Against this backdrop, we saw a sell-off 
in mined commodities, following the strong performance we saw in the run up to 
LME (London Metal Exchange) week during October. Base metals came under 
pressure, with nickel, zinc, copper and aluminium decreasing by -9.8%, -4.4%, 
-1.2% and -5.0% respectively.  On the other hand, bulk commodities posted 
positive performance, with the price of iron ore bucking the negative trend and 
increasing by +17.1%. We continue to see attractive valuations across a number 
of the mining companies, in particularly the bulk commodity producers, who are 
generating very strong free cash flow allowing them to further reduce debt on 
the balance sheet and increase dividends to shareholders. 
 
All data points in US dollar terms unless otherwise specified. Commodity price 
moves sourced from Thomson Reuters Datastream. 
 
14 December 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

December 14, 2017 08:37 ET (13:37 GMT)