BlackRock Com Portfolio Update

 
TIDMBRCI 
 
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31) 
 
All information is at 31 December 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           8.4%       8.9%      18.2%      1.8%      15.8%       -3.7% 
 
Share price               3.0%       7.3%      14.4%     -8.2%       5.7%      -10.3% 
 
 
 
Sources: Datastream, BlackRock 
 
 
 
At month end 
 
Net asset value - capital only:                                            81.32p 
 
Net asset value cum income*:                                               82.40p 
 
Share price:                                                               76.25p 
 
Discount to NAV (cum income):                                                7.5% 
 
Net yield:                                                                   5.2% 
 
Gearing - cum income:                                                        8.6% 
 
Total assets^:                                                            GBP102.9m 
 
Ordinary shares in issue:                                             118,768,000 
 
Gearing range (as a % of net assets):                                       0-20% 
 
Ongoing charges**:                                                           1.4% 
 
* Includes net revenue of 1.08p. 
^ 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 2017. 
 
Sector Analysis                        % Total     Country Analysis                      % Total 
                                        Assets                                            Assets 
 
Diversified Mining                        32.0     Global                                   60.5 
 
Integrated Oil                            22.6     Canada                                   13.6 
 
Exploration & Production                  15.2     USA                                      13.1 
 
Copper                                    10.5     Latin America                             5.9 
 
Gold                                       8.2     Australia                                 4.6 
 
Silver                                     2.7     Europe                                    2.4 
 
Industrial Minerals                        2.5     Africa                                    1.9 
 
Distribution                               2.2     Mali                                      1.3 
 
Diamonds                                   2.1     Net current liabilities                  (3.3) 
 
Oil Sands                                  1.9                                             ----- 
 
Steel                                      1.5                                             100.0 
 
Industrial Resources                       1.1                                             ===== 
 
Oil Services                               0.8 
 
Net current liabilities                   (3.3) 
 
                                         ----- 
 
                                         100.0 
 
                                         ===== 
 
Ten Largest Investments 
 
Company                                        Region of Risk          % Total Assets 
 
First Quantum Minerals                                 Global                     9.5 
 
BHP                                                    Global                     7.0 
 
Rio Tinto                                              Global                     7.0 
 
Glencore                                               Global                     6.4 
 
Royal Dutch Shell 'B'                                  Global                     5.9 
 
Chevron                                                Global                     4.6 
 
Teck Resources                                         Canada                     4.0 
 
Vale - ADS                                      Latin America                     3.9 
 
Exxon Mobil                                            Global                     3.9 
 
Andarko Petroleum                                         USA                     3.1 
 
Commenting on the markets, Olivia Markham and Tom Holl, representing the 
Investment Manager noted: 
 
The Company's NAV increased by 8.4% during the month of December (in GBP terms 
with income reinvested and net of ongoing charges). 
 
The performance of both the energy and the mining sectors was positive during 
the final month of 2017. Within the energy sector, the oil price saw further 
strength as Brent and WTI ('West Texas International') increased by 5.0% and 
5.3% respectively, finishing the year at $67/bbl and $61/bbl. Geopolitical 
tensions in the Middle East highlighted the market's sensitivity to temporary, 
unexpected outages, against a background where inventory levels are tightening. 
An explosion hit a pipeline that feeds Libya's Es Sider terminal, causing the 
country to lose 70,000 to 100,000 barrels a day of production temporarily 
during the month. 
 
December was a particularly strong month for mining, with the Euromoney Global 
Mining Constrained Weights Index posting its largest increase since July 2017. 
Following a sell-off in November, data emerged pointing towards a healthy 
economic and credit environment in China, which improved sentiment and provided 
a tailwind for the sector. The Caixin Manufacturing PMI ('Purchasing Managers' 
Index') reading for December was 51.5, which compares to 50.8 in November. 
Mined commodity prices rose strongly across the board, rebounding after a weak 
November. Base metals performed well, with nickel, zinc and copper increasing 
by 15.0%, 5.0% and 7.0%, respectively. Copper reached its highest price since 
February 2014, boosted by a tighter market outlook as a result of China curbing 
copper scrap imports. In addition, the market is now looking ahead to wage 
negotiations in Chile where contracts expire with 32 unions in 2018, which may 
lead to supply disruptions. Bulk metal prices also increased, with iron ore 
rising by 8.0%. The iron ore price was pushed higher by the current low level 
of steel inventories, which is expected to lead to significant restocking in 
early 2018. Elsewhere, a number of mining companies held their capital markets 
days during the month. These reinforced the themes we have seen in the year 
around capital discipline and returning cash to shareholders, either in the 
form of cash dividends or share buybacks. Mining companies have, however, 
started to see the early signs of cost inflation, mainly driven by the increase 
in the price of oil, and companies modestly increasing sustaining capital 
expenditure. 
 
All data points in US dollar terms unless otherwise specified. Commodity price 
moves sourced from Thomson Reuters Datastream. 
 
17 January 2018 
 
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

January 17, 2018 10:35 ET (15:35 GMT)