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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blackrock Emg | LSE:BEEP | London | Ordinary Share | GB00B0BN1P96 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 318.50 | 315.00 | 322.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMBEEP
BLACKROCK EMERGING EUROPE PLC (LEI - 549300OGTQA24Y3KMI14)
All information is at 31 July 2017 and unaudited.
Performance at month end with net income reinvested
One Three One Three Five *Since
Month Months Year Years Years 30.04.09
Sterling:
Share price 2.4% 1.8% 35.5% 32.5% 40.7% 126.7%
Net asset value 1.5% -0.4% 28.8% 34.3% 33.4% 116.5%
MSCI EM Europe 3.4% 1.0% 24.2% 11.8% 8.1% 67.4%
10/40(NR)
US Dollars:
Share price 3.8% 3.6% 34.4% 3.4% 18.3% 101.5%
Net asset value 3.0% 1.4% 27.9% 4.9% 12.3% 92.7%
MSCI EM Europe 4.9% 3.0% 23.4% -12.7% -9.0% 48.9%
10/40(NR)
Sources: BlackRock, Standard & Poor's Micropal
*BlackRock took over the investment management of the Company with effect from
1 May 2009
At month end
US Dollar:
Net asset value - capital only: 447.44c
Net asset value* - cum income: 460.97c
Sterling:
Net asset value - capital only: 339.38p
Net asset value* - cum income: 349.65p
Share price: 324.13p
Total assets^: GBP125.6m
Discount (share price to cum income NAV): 7.3%
Net cash at month end: 5.5%
Net yield^^^^: 1.8%
Gearing range as a % of Net assets: 0-20%
Issued Capital - Ordinary Shares^^ 35,916,028
Ongoing charges^^^ 1.2%
* Includes year to date net revenue equal to 10.27 pence per share.
^ Total assets include current year revenue.
^^ Excluding 5,000,000 shares held in treasury.
^^^ Calculated as at 31 January 2017, in accordance with AIC guidelines.
^^^^ Yield calculations are based on dividends announced in the last 12 months
as at the date of release of this announcement, and comprise of the final
dividend of 7.50 cents per share, (announced on 28 March 2017, ex-dividend on
18 May 2017)
Sector Gross assets Country Gross
Analysis (%) Analysis assets
(%)
Energy 29.7 Russia 54.6
Financials 26.6 Turkey 16.5
Consumer Staples 8.5 Poland 11.9
Telecommunication Services 7.8 Greece 6.9
Industrials 7.4 Ukraine 4.8
Information Technology 4.8 Net current assets 5.3
Materials 4.8
Real Estate 2.8
Health Care 2.3
Net current assets 5.3
----- -----
100.0 100.0
===== =====
Short positions (1.8) (1.8)
Fifteen Largest Investments
(in % order of Gross Assets as at 31.07.17)
Company Region of Risk Gross assets
(%)
Gazprom Russia 9.9
Sberbank Russia 9.2
Novatek Russia 6.4
Lukoil Russia 5.0
PKO Bank Polski Poland 4.4
Rosneft Oil Company Russia 4.2
Lenta Russia 4.1
National Bank of Greece Greece 4.0
Turk Hava Yollari Turkey 3.9
Globaltrans Russia 3.5
Mobile Telesystems Russia 3.4
TSKB Turkey 3.2
PZU Poland 2.9
Alpha Bank Greece 2.8
Turkcell Turkey 2.8
Commenting on the markets, Sam Vecht and Christopher Colunga, representing the
Investment Manager noted;
Market Commentary
The MSCI Emerging Europe 10/40 Index returned +4.9% in July in USD terms. The
Company underperformed the index and returned +3.0% in USD terms.
Central European countries led the region with Hungary (+7.5%) leading,
followed by Poland (+6.7%) and Czech Republic (+6.3%). The region benefitted
from stronger currencies vs. USD: Forint (+5%), Koruna (+3.6%) and Zloty (+3%).
Turkey (+6.1%) rose over the month on expectations that the second quarter
reporting period would be stronger than previously anticipated. The index saw
strong support from financials as monthly loan volumes continue to improve, and
also the airlines on stronger passenger numbers being reported.
Russia (+4.3%) was supported by the oil price movement in July. Brent crude
gained +8.2% to $52.17 per barrel at month-end. However, this was partially
offset by the US Congress passing a bill to impose some additional sanctions on
Russia and codify the existing sanctions. Whilst the new additions are minor,
the market reacted negatively to the news. Meanwhile, the Russian economy
continued to recover with expanded industrial production numbers, solid wage
growth and credit impulse (change in net new credit issued as % of GDP over
last four quarters) turning positive.
Greece (+1.1%) continued to perform positively as the ESM approved the EUR8.5bn
tranche after Greece successfully completed its second review of the 3rd
bailout programme. Of the entire tranche, EUR6.9bn will be used for debt
repayment and EUR1.6bn to cover arrears. Moreover, Greece returned to the bond
markets issuing its first new bond since 2014, attracting EUR3bn in funding. The
5-year bonds were priced to yield 4.625% below the initial guidance of 4.875%
on the back of high demand (2.2x). S&P raised Greece's sovereign credit-rating
outlook to positive (from stable).
Focus on: Turkcell
Turkcell is the leading mobile phone operator in Turkey with a dominant market
share position. Historically, as a result of this position, Turkcell paid an
elevated level of special communication tax relative to its peer group. When
new regulation was proposed that would move to normalise the level of taxes
paid, thus increasing earnings, we began to add to our position. This was
further supported by our belief that the competitive environment was improving
at the same time which would further aid the company. Most recently, the
company reported strong second quarter 2017 results with net income well above
consensus expectations thanks to better growth in revenues, higher EBITDA,
robust operational profitability and the company benefiting from the new
regulation. We continue to hold the stock on expectation of continuing
improvement in the company's margins and the resumption of its dividend.
15 August 2017
ENDS
Latest information is available by typing www.blackrock.co.uk/beep 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 15, 2017 07:59 ET (11:59 GMT)
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