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BIST Blackrock Income Strategies Trust

111.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Blackrock Income Strategies Trust LSE:BIST London Ordinary Share GB0001297562 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 111.25 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Blackrock Income Strategies Trus Share Discussion Threads

Showing 51 to 74 of 100 messages
Chat Pages: 4  3  2  1
DateSubjectAuthorDiscuss
07/11/2016
16:11
there you go, NAV down to 118.82p now.
orinocor
07/11/2016
09:13
Lol yes - if equities are doing badly, they're in equities. If bonds finally look like rolling over, they're in bonds. Only have to look at the chart, they're in their own relentless bear market!

Could excuse it if they had conviction & were in out-of-favour sectors, but it's not the case - who'd up their govnt bond exposure when most are yielding next to nothing? How "safe" can they possibly think bonds are, buying here?

Hoping someone better will take over as manager, but having sent a rather leading question to BlackRock, got back the most anodyne response, so seems no conclusion to strategic review is imminent.

spectoacc
05/11/2016
10:25
Yes SHRS is much more attractive than BIST. I may revisit BIST if it falls below a quid but even then if NAV keeps relentlessly going down that may not be a bargain.
The odd thing with BIST is its NAV keeps trending downwards no matter what.

orinocor
31/10/2016
11:50
20% more than possible - they shifted to a heavier bond weighting recently, right at the time the bond bull market seems to be over. Much the same as they did with their equity exposure! Need to see the next Factsheet to see latest holdings but performance vs the market is so bad, widening discount not a surprise.

Shires - a quality player IMO - on a 2% wider discount, & Merchants (not one I'm a fan of for its expensive debt) 2% tighter, so BIST is in the middle, yet by far the worst performer.

A shocking lack of impetus on the so-called strategic review too - what's the betting that in December they announce that the strategic review's conclusion is once again to hold a strategic review?

" Further to the announcement dated 1 August 2016 of a review into the Company's
investment objective and policy, the Board has considered a number of factors.
These include the performance of the investment portfolio, the cost of the
Company's debt, the cost of paying the dividend and its discount management
policy.

The Board has now decided to undertake a strategic review and to invite fund
management groups, including BlackRock, with both established multi-asset
management credentials and the experience of managing listed closed-end funds,
to present proposals to the Board.

A further announcement will be released as soon as practicable and before the
publication of the report and accounts in December 2016"


[Edit - just looked up the debt: "The Company also has a 6.25% Bond 2031 in issue, which
equates to 17.2% of the Company's net assets."]

spectoacc
31/10/2016
11:15
Ah Mr Ryan.


How wide can the discount get?, near 20% to NAV possible?.

essentialinvestor
17/10/2016
09:44
Ryan's dreams less than 9 months ago...

"A focus for Ryan in 2016 is to stabilise the discount further in order to hopefully expand the size of the fund. The trust previously traded at around an 8 per cent discount to net asset value, says Ryan, while last year it traded at a small premium.

“Long term we would love to grow the trust, but for us to be able to do that we need to make sure there is trading volume to give investors comfort they can get in and out,” he says. “It would be lovely to have the trust as one of the larger ones in the sector.”

What a complete failure by Blackrock and more importantly in the past couple of months The Board - I'd vote to sack the lot of them.

wolstencroft
15/10/2016
12:01
Usually the word abysmal covers very poor perfor UImance,
but in this case it may not even suffice.

There are decent IT available on well over 10% discounts so
unless they are going to instigate a strict discount control mechanism
in whatever new form BIST takes, it is perhaps difficult to view these
as a buy.

How liquid are some of the holdings?, "alternatives"for example which comprise
a decent % of the fund.

essentialinvestor
14/10/2016
14:50
Lol you're right - some poor souls sold out at under a £ (seems the bid gapped).

Underperformance must be mainly govnt bond-related, & fearing we're clearly nearer the top of the bond market than the bottom, doesn't inspire me to go long.

I'd have thought a good money-making strategy would be "do the opposite of whatever BIST do".

spectoacc
14/10/2016
14:19
NAV down another 1p even though FTSE near all time highs. Shocking under-performance.

With dividend unsustainable and all the uncertainty as to the future direction I think a 20% discount is merited so I will not be buying back in again at over 100p.

The price did seem to spike down to 100p earlier today.

orinocor
06/10/2016
19:16
Not saying BIST isn't a buy if you think the strategic review will produce something interesting, and it's clearly on a discount, but strewth - was even more right in the post above than I realised:

Monday's close:
128.06p Capital only and including debt at par value
120.04p Capital only and including debt at fair value
130.81p Including current year income and debt at par value XD
122.79p Including current year income and debt at fair value XD

Tuesday's close after massive market rally to all-time FTSE highs:
128.11p Capital only and including debt at par value
120.21p Capital only and including debt at fair value
130.88p Including current year income and debt at par value XD
122.98p Including current year income and debt at fair value XD

By Wednesday:
127.66p Capital only and including debt at par value
119.89p Capital only and including debt at fair value
130.44p Including current year income and debt at par value XD
122.68p Including current year income and debt at fair value XD

Equivalent for SHRS (top line only):
254.44p
258.01p
256.32p

For MRCH, again just one figure for comparison:
489.63p
497.6p
495.04p

So over 3 days (with the ftse's monster day in the middle) there were rises of 0.74% for SHRS, 1.1% for MRCH (benefitting from not having the fixed interest exposure of SHRS) and...a fall for BIST, continuing a long-lasting theme.

spectoacc
04/10/2016
09:20
Used this rally to sell out again for a small profit. Had planned to stay in until outcome of strategic review. Another look at a selection oflast reported holdings:

Equities 44.4%, of which UK 26.9%, overseas 17.5%.
"Volatility Strategies", whatever that means - 5.7%
Fixed Income 40.3%, with no split to UK but at least some is in UK bonds.

Gearing c.10%.

Makes me think they won't be benefitting all that much from market rally/£ tank. Also too many highly-priced bonds for me to feel comfortable. Be interesting to see tomorrow's NAV RNS, will undoubtedly be some benefit, but feels like it'll be half the benefit that some other get.

Will keep an eye on BIST & wouldn't rule out returning to them at some point. Good luck anyone holding.

spectoacc
29/9/2016
07:27
Looking at the top investments again, the damage must have been done earlier - last Factsheet has an Equity weighting of 38%. That means they've been buying bonds near the top, and won't be benefiting much from recent equity rally. Quelle surprise.

The comparison with SHRS & MRCH seems pertinent - MRCH over-geared and over-paying, but SHRS is a great co IMO - the gearing is accounted for by the bond holdings, the divi's high & sustainable. Needless to say I hold a lot more SHRS than I do BIST, but fingers crossed for this strategic review. Though feels like it's the Board as much as the managers who need a good kick.

spectoacc
28/9/2016
15:46
Could be encouraging. Clearly this Blackrock team investment strategy failed. Board is right to invite other groups to pitch for the mandate rather than plod on or ditch investment policy. Trust of this size will attract a lot of interest. Pity 2 months wasted but should be able to conclude within next 2 months. Hopefully, other groups can identify where Blackrock went wrong and propose solutions that don't stray too far from basic investment policy - global, multi-asset, income - targets / parameters are likely to be revised down though, maybe to a yield linked to annual NAV cf JP Morgan Global Growth & Income (4%).
scallywagkid
28/9/2016
14:54
Which is odd, when they've so many bonds too. Not that you'd want to be in bonds when the bubble finally bursts, but must be a very small portion of the portfolio that's behaved disasterously.

From HL:
International Government Bonds
14.01%
Remaining 19 Uk Equity Investments
12.35%
High Yield Bonds
8.30%
Investment Grade Corporate Bonds
6.89%
iShares Inc Comex Gold ETF USD
6.24%
Uk Government Bonds
4.48%
Bsf Impact World Equity Fund
3.93%
Funding Circle SME NPV
2.75%
Blackrock Throgmorton Trust
2.74%
Remaining 46 Overseas Developed Market Equity Inve

spectoacc
28/9/2016
14:41
I've just sold my 10,000 for a small loss. Collected some good dividends though.

Look at the chart. There can't be many trusts with a chart like that with the FTSE near its all time high. It's like the FTSE chart if it was turned upside down. The BIST portfolio is 40% equity so it means the other stuff has performed horrendously.

orinocor
28/9/2016
14:34
"...And to invite fund management groups, including BlackRock..."

Odds on Blackrock keeping management of it?

spectoacc
28/9/2016
14:28
The current dividend looks unsustainable, it's specifically mentioned this time.

Well this must be a very serious review as it will take 3 months,
possibly longer.

essentialinvestor
28/9/2016
14:22
Flipping Heck! It's taken them 2 months to decide to have a strategic review. The previous news was a review but not a strategic one.

BlackRock Inc Strat
Announcement of Strategic Review
BLACKROCK INCOME STRATEGIES TRUST PLC

Announcement of Strategic Review

Further to the announcement dated 1 August 2016 of a review into the Company's investment objective and policy, the Board has considered a number of factors. These include the performance of the investment portfolio, the cost of the Company's debt, the cost of paying the dividend and its discount management policy.

The Board has now decided to undertake a strategic review and to invite fund management groups, including BlackRock, with both established multi-asset management credentials and the experience of managing listed closed-end funds, to present proposals to the Board.

A further announcement will be released as soon as practicable and before the publication of the report and accounts in December 2016.

Enquiries
Cenkos Securities plc
Will Rogers Tel: 020 7397 1920
Alan Ray Tel: 020 7397 1916

orinocor
28/9/2016
10:26
This is not just any old Strategic Review, this is a Blackrock one,
meanwhile they get paid.

Appears a big seller in the background as per one of the articles posted
here over the Summer, DYOR as always.

essentialinvestor
26/9/2016
11:54
Capital Preservation? Will see what they eventually come up with, but I think this will be dumped in short order.
getscenic
26/9/2016
11:43
How long does it take to conclude an investment strategy review? We in limbo here!
scallywagkid
30/8/2016
13:30
Taken a position here Friday,6% yield only just covered by earnings,a cut of 30% would still be over 4% (not bad in this environment)it may well give them ammunition to narrow that wide discount or even reduce their gearing,whatever the outcome that very attractive Z score was just to tempting,good luck to all holders.
contrarian joe
30/8/2016
12:34
1.6 pence dividend shortly, XD Thursday two weeks.
essentialinvestor
30/8/2016
11:40
On fire today. On fire. I hope everyone has their seat-belts on.

What are the possible outcomes of the review? Is there a chance they may wind-up?

orinocor
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