BlackRock Com Portfolio Update

 
TIDMBRCI 
 
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31) 
 
All information is at 31 July 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                    7.0%       1.8%                   -9.9%      8.4%       -15.5%          -8.0% 
 
Share price                        3.8%      -2.8%                  -18.0%      8.2%       -23.1%         -14.3% 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                                           75.25p 
 
Net asset value cum income*:                                                              76.47p 
 
Share price:                                                                              71.13p 
 
Discount to NAV (cum income):                                                               7.0% 
 
Net yield:                                                                                  5.6% 
 
Gearing - cum income:                                                                       8.6% 
 
Total assets^:                                                                           GBP107.1m 
 
Ordinary shares in issue:                                                            118,768,000 
 
Gearing range (as a % of net assets):                                                      0-20% 
 
Ongoing charges**:                                                                          1.4% 
 
* Includes net revenue of 1.22p. 
^ 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 
 
Diversified Mining                         24.4        Global                                                48.7 
 
Integrated Oil                             18.1        USA                                                   13.4 
 
Exploration & Production                   15.6        Canada                                                13.2 
 
Copper                                      9.5        Australia                                              6.1 
 
Gold                                        8.7        Latin America                                          4.7 
 
Distribution                                3.5        Europe                                                 2.4 
 
Silver                                      2.9        Africa                                                 2.0 
 
Oil Services                                1.7        Mali                                                   1.3 
 
Oil Sands                                   1.7        Asia                                                   0.3 
 
Industrial Minerals                         1.4        Net current assets                                     7.9 
 
Steel                                       1.3                                                             ----- 
 
Industrial Resources                        1.0                                                             100.0 
 
Iron Ore                                    1.0                                                             ===== 
 
Coal & Uranium                              0.7 
 
Diamonds                                    0.6 
 
Net current assets                          7.9 
 
                                          ----- 
 
                                          100.0 
 
                                          ===== 
 
Ten Largest Investments 
 
Company                                               Region of Risk                     % Total Assets 
 
First Quantum Minerals*                                       Global                                8.3 
 
Rio Tinto                                                     Global                                5.4 
 
Royal Dutch Shell 'B'                                         Global                                5.2 
 
BHP                                                           Global                                5.1 
 
Glencore                                                      Global                                4.8 
 
ExxonMobil                                                    Global                                3.9 
 
Anadarko Petroleum                                               USA                                3.2 
 
Teck Resources                                                Canada                                2.9 
 
Newcrest Mining                                            Australia                                2.6 
 
Vale                                                   Latin America                                2.6 
 
*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: 
 
July was a positive month for the energy and mining sectors but particularly 
strong for mining, which saw the Company's NAV rise by 7.0% during the month 
(in GBP terms). Economic data from China exceeded expectations, sending mined 
commodity prices up almost across the board. Robust data included China's 
official year-on-year second quarter GDP growth coming in at 6.9% (up from 6.7% 
in the second quarter of 2016) and manufacturing PMI (Purchasing Managers 
Index) hitting a 4-month high of 51.1, indicating expansion. These data points 
eased concerns that tighter credit conditions could cause a sharp slowdown in 
China's growth, concerns which had dragged mined commodity prices lower in 
April and May. Of the mined commodities, iron ore was the strongest-performing, 
rising by 15.6% to $74/tonne; well above analyst consensus for the 2017 average 
iron ore price which is below $60/tonne. Copper also performed well, gaining 
6.9%, on signs of market tightness with news emerging that China, the world's 
largest copper scrap consumer, may look to ban imports of low quality copper 
scrap from 2018. Towards the end of the month, the mining sector entered the 
reporting season for the first half of the year and whilst most companies 
didn't report until into August, general themes that had begun to emerge were 
rising free cash flow, deleveraging and capital being returned to shareholders. 
 
In energy, larger-than-expected US inventory declines caused oil prices to 
recover somewhat, with Brent and WTI (West Texas International) increasing by 
10.4% and 9.1% to finish the month at $52 per barrel (bbl) and $50/bbl 
respectively. The corresponding move up in energy equities was however 
relatively muted, as sentiment towards the sector remains negative. 
Geopolitical risk was elevated during the month as the US government imposed 
sanctions on Venezuelan President Nicolás Maudro after a new legislative body 
was elected to redraft the country's constitution. Should sanctions be 
introduced more broadly, this could have implications for the oil market. 
Venezuela currently produces around 2 million barrels per day and oil accounts 
for approximately 95% of the country's export revenues. 
 
 
All data points in US dollar terms unless otherwise specified. Commodity price 
moves sourced from Thomson Reuters Datastream. 
 
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

August 14, 2017 09:27 ET (13:27 GMT)