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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Blackrock Frontiers Investment Trust Plc | LSE:BRFI | London | Ordinary Share | GB00B3SXM832 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 150.50 | 145.50 | 151.50 | 1,091 | 08:05:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 91.29M | 74.86M | 0.3954 | 3.81 | 284.94M |
TIDMBRFI BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706) All information is at 31 December 2020 and unaudited. Performance at month end with net income reinvested. One Three One Three Five Since month months year years years Launch* % % % % % % Sterling: Share price 10.1 30.3 -5.4 -14.3 45.1 71.4 Net asset value 5.7 25.3 0.1 -8.9 40.5 76.7 Benchmark (NR)** 1.9 10.0 -7.9 -5.9 38.8 50.9 MSCI Frontiers Index (NR) 3.3 5.2 -1.7 -1.0 46.0 59.9 MSCI Emerging Markets Index (NR) 4.8 13.2 14.7 18.4 97.0 68.8 US Dollars: Share price 12.7 37.8 -2.4 -13.2 34.7 50.9 Net asset value 8.2 32.5 3.3 -7.8 30.5 55.3 Benchmark (NR)** 4.4 16.3 -5.0 -4.9 28.7 33.4 MSCI Frontiers Index (NR) 5.7 11.2 1.4 0.0 35.4 40.2 MSCI Emerging Markets Index (NR) 7.4 19.7 18.3 19.7 82.7 48.0 Sources: BlackRock and Standard & Poor's Micropal * 17 December 2010. ** The Company's benchmark changed from MSCI Frontier Markets Index to MSCI Emerging ex Selected Countries + Frontier Markets + Saudi Arabia Index (net total return, USD) effective 1/4/2018. At month end US Dollar Net asset value - capital only: 162.93c Net asset value - cum income: 163.86c Sterling: Net asset value - capital only: 119.20p Net asset value - cum income: 119.88p Share price: 118.50p Total assets (including income): £289.2m Discount to cum-income NAV: 1.2% Gearing: nil Gearing range (as a % of gross assets): 0-20% Net yield*: 4.5% Ordinary shares in issue**: 241,210,518 Ongoing charges***: 1.4% Ongoing charges plus taxation and performance fee: 1.4% *The Company's yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 4.5% and includes the 2020 final dividend of 4.25 cents per share declared on 11 December 2020 with a pay date of 12 February 2021. Also included is the 2020 interim dividend of 2.75 cents per share, announced on 28 May 2020 and paid to shareholders on 26 June 2020. ** Excluding 612,283 ordinary shares held in treasury. ***Calculated as a percentage of average net assets and using expenses, excluding Performance fees and interest costs for the year ended 30 September 2020. Sector Gross market Country Gross market value as Analysis value as a % of Analysis a % of net assets* net assets* Financials 30.8 Indonesia 14.2 Consumer Discretionary 17.7 Saudi Arabia 11.7 Industrials 14.0 Vietnam 8.7 Materials 13.1 Philippines 8.4 Energy 10.0 Egypt 6.5 Real Estate 5.3 Kazakhstan 5.9 Consumer Staples 5.0 Chile 5.5 Utilities 3.4 Greece 5.5 Communication Services 3.0 Thailand 5.1 Health Care 2.4 Malaysia 4.9 Information Technology 2.1 Poland 4.1 ----- Pakistan 3.4 106.8 Qatar 2.9 ----- Turkey 2.4 Short positions -1.1 Romania 2.1 ===== United Arab Emirates 2.1 Panama 2.0 Hungary 1.9 Pan-Emerging Europe 1.8 Ukraine 1.8 Peru 1.7 Pan Africa 1.6 Kenya 1.0 Colombia 0.8 Nigeria 0.4 Czech Republic 0.4 ----- Total 106.8 ----- Short positions -1.1 ===== *reflects gross market exposure from contracts for difference (CFDs). Market Exposure 31.01 29.02 31.03 30.04 31.05 30.06 31.07 31.08 30.09 31.10 30.11 31.12 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 % % % % % % % % % % % % Long 113.0 107.1 106.4 105.9 109.6 109.8 110.3 110.2 107.8 106.9 107.3 107.9 Short 1.1 3.8 2.5 2.6 2.5 1.5 1.1 0.0 0.0 0.0 0.0 1.1 Gross 114.1 110.9 108.9 108.5 112.1 111.3 111.4 110.2 107.8 106.9 107.3 109.0 Net 111.9 103.3 103.9 103.3 107.1 108.3 109.2 110.2 107.8 106.9 107.3 106.8 Ten Largest Investments Company Country of Risk Gross market value as a % of net assets JSC Kaspi Kazakhstan 3.1 Indocement Tunggal Prakarsa Indonesia 3.0 Mobile World Vietnam 2.7 PTT Exploration & Production Public Thailand 2.6 Astra International Indonesia 2.6 Tupras Turkey 2.4 LT Group Philippines 2.4 National Commercial Bank Saudi Arabia 2.3 United International Transport Saudi Arabia 2.3 Quimica Y Minera - ADR Chile 2.3 Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted: The Company's NAV returned +8.2% versus its benchmark the MSCI Emerging ex Selected Countries + Frontier Markets + Saudi Arabia Index ("Benchmark Index"), which returned +4.4% in December. For reference, the MSCI Emerging Markets Index ended the month +7.4% and the MSCI Frontier Markets Index +5.7% over the same period (all performance figures are on a US Dollar basis with net income reinvested). For the year ending December 2020, the Company's NAV returned +3.3% versus its benchmark the MSCI Emerging ex Selected Countries + Frontier Markets + Saudi Arabia Index ("Benchmark Index"), which returned -5.0% for the year. For reference, the MSCI Emerging Markets Index ended the year +18.3% and the MSCI Frontier Markets Index +1.4% over the same period (all performance figures are on a US Dollar basis with net income reinvested). December was another very strong month for the Company, both in absolute and relative terms. As we have discussed extensively over the past few months, the Company is positioned for a normalizing economic environment and a return of emerging market growth as COVID-19 pressures ease. News flow around the various vaccines, pointing to significantly higher than expected efficacy, has given investors confidence that we can see normalization come through in 2021. On the back of this, we saw strong returns to our positioning, as some of our more cyclical positions rallied strongly.
In Kazakhstan, online payment platform Kazpi.kz (+32%) contributed most to the portfolio as the company continued its post IPO rally. Maiden results, reported in November 2020, showed operating trends tracking in line with our expectations and we believe the company is on track to show earnings growth above 50% for the year. Aeon (+29%), a credit card operator in Thailand, was also a strong performer after the company guided for better credit conditions in the kingdom. National Bank of Greece (+52%) contributed strongly after reporting better non-performing loan trends in its Q3 results. The company also benefited from capital going back to European financials and a better environment for dividends returning across Europe. Ferrexpo (+37%), an Iron Ore producer in Ukraine, benefited from the continued tightness in the iron ore market as Vale, the world's second largest producer, failed to meet production expectations in Q4. Chinese steel demand continues to be at record levels. On the other hand, relative detractors came mostly from positions we did not own in countries like Turkey or Colombia. Our positions in the Philippines gave back some of their earlier gains on concerns current shutdowns will be extended following the emergence of more contagious COVID-19 strains in the UK and South Africa. As markets have rallied, we have locked some profits on stocks that have shown very strong performance, such as Aeon in Thailand and Mr DIY in Malaysia. We initiated a new position in Tupras, a Turkish refiner, expecting some recovery in spreads in 2021 on which basis we think valuation is very attractive. However, in aggregate we have traded little, choosing to maintain current portfolio positioning. We continue to be positioned for a strong rebound in global economic activity which we expect to see over the next six months. We believe that the combination of strong liquidity, easy financial conditions and high levels of disposable income is a very powerful mix for earnings growth, a factor that has been scarce in emerging markets for an extended period. Even now, despite the strong bounce, we believe that frontier and small emerging markets contain some of the best valued companies globally with a number of markets still trading significantly below their average 10-year price to book valuations. Sources: 1BlackRock as at 31 December 2020 2MSCI as at 31 December 2020 15 January 2020 ENDS Latest information is available by typing www.blackrock.com/uk/brfi 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 BlackRock's website (or any other website) is incorporated into, or forms part of, this announcement. END
(END) Dow Jones Newswires
January 15, 2021 11:29 ET (16:29 GMT)
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