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BERI Blackrock Energy And Resources Income Trust Plc

113.50
0.70 (0.62%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Blackrock Energy And Resources Income Trust Plc LSE:BERI London Ordinary Share GB00B0N8MF98 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.70 0.62% 113.50 112.00 115.00 113.00 112.80 112.80 284,187 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -20.02M -23.4M -0.1810 -6.24 146.07M

BlackRock Energy and Resources Income Trust Plc Portfolio Update

13/10/2020 3:06pm

UK Regulatory


 
TIDMBERI 
 
BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31) 
 
All information is at 30 September 2020 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                      -1.8%         2.1%                              33.0%             -6.4%                          6.1%           62.1% 
 
Share price                           2.8%        13.9%                              45.6%             -6.1%                          3.5%           50.0% 
 
Sources: Datastream, BlackRock 
 
At month end 
 
Net asset value - capital only:                                                                                                    68.22p 
 
Net asset value cum income*:                                                                                                       69.26p 
 
Share price:                                                                                                                       62.50p 
 
Discount to NAV (cum income):                                                                                                        9.8% 
 
Net yield:                                                                                                                           6.4% 
 
Gearing - cum income:                                                                                                                3.0% 
 
Total assets:                                                                                                                      GBP78.6m 
 
Ordinary shares in issue:                                                                                                     113,470,349 
 
Gearing range (as a % of net assets):                                                                                               0-20% 
 
Ongoing charges**:                                                                                                                   1.5% 
 
* Includes net revenue of 1.04p. 
** Calculated as a percentage of average net assets and using expenses, 
excluding any interest costs and excluding taxation for the year ended 30 
November 2019. 
 
Sector Overview 
 
Mining                                          51.60% 
 
Energy                                          31.80% 
Transition 
 
Energy                                          18.20% 
 
Cash & Cash                                     -1.60% 
Equivalents 
 
                                                 ----- 
 
                                               100.00% 
 
                                                 ===== 
 
Sector Analysis                       % Total Assets^     Country Analysis                                                                 % Total Assets^ 
 
Mining: 
 
Diversified                                      21.8     Global                                                                                       62.5 
 
Copper                                           13.7     USA                                                                                          14.4 
 
Gold                                              7.3     Latin America                                                                                 6.8 
 
Industrial Minerals                               3.5     Australia                                                                                     4.3 
 
Diamonds                                          1.9     Canada                                                                                        4.3 
 
Platinum                                          1.2     Germany                                                                                       2.5 
 
Steel                                             1.0     South Africa                                                                                  1.6 
 
Nickel                                            0.7     France                                                                                        1.3 
 
Iron                                              0.5     Ireland                                                                                       1.2 
 
Subtotal mining:                                 51.6     Norway                                                                                        1.1 
 
                                                          United Kingdom                                                                                0.9 
 
Energy:                                                   Brazil                                                                                        0.4 
 
Integrated                                        9.5     Africa                                                                                        0.3 
 
E&P                                               4.1     Other Net Liabilities^                                                                       -1.6 
 
Distribution                                      3.0                                                                                                 ----- 
 
Refining & Marketing                              1.2                                                                                                100.00 
 
Oil Services                                      0.4                                                                                                 ===== 
 
Subtotal Energy:                                 18.2 
 
Energy Transition: 
 
Electrification                                  14.6 
 
Energy Efficiency                                 8.9 
 
Renewables                                        6.0 
 
Transport                                         1.4 
 
Storage                                           0.9 
 
Subtotal Energy Transition:                      31.8 
 
Net Current Liabilities^                         -1.6 
 
                                                 ---- 
 
                                                100.0 
 
                                                ===== 
 
^ Total Assets for the purposes of these calculations exclude bank overdrafts, 
and the net current liabilities figure shown in the tables above therefore 
exclude bank overdrafts equivalent to 1.4% of the Company's net asset value. 
 
Ten Largest Investments 
 
Company                                                          Region of Risk                                                  % Total Assets 
 
BHP                                                                      Global                                                             8.0 
 
First Quantum Minerals*                                                  Global                                                             7.4 
 
Rio Tinto                                                                Global                                                             5.5 
 
Vale                                                              Latin America                                                             5.1 
 
Vestas                                                                   Global                                                             4.2 
 
NextEra Energy                                                              USA                                                             3.6 
 
Enel                                                                     Global                                                             3.5 
 
Freeport-McMoran                                                            USA                                                             3.4 
 
Anglo American                                                           Global                                                             3.3 
 
Chevron                                                                  Global                                                             3.1 
 
*The holding in First Quantum Minerals includes both an equity holding and a 
holding in several bonds. 
 
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment 
Manager noted: 
 
The Company's NAV decreased by 1.8% during the month of September (in Sterling 
terms with dividends reinvested). 
 
Global equity markets lost ground in September, amid rising infection rates 
across much of Western Europe and renewed concerns about the strength of the 
global economic recovery (for reference the MSCI AC World Index fell by 3.4%). 
Elsewhere, the US Federal Reserve disappointed expectations with respect to 
further stimulus to spur inflation and support the economy on a short-term 
basis, potentially driving the tick up in real interest rates. 
 
The mining sector pulled back in September following a strong run in August. 
Most mined commodities were down over the month, with US Dollar strength acting 
as a headwind. For reference, copper, gold and iron ore (62% fe.) prices fell 
0.4%, 3.5% and 4.4% respectively, albeit remaining at elevated prices, all 
still well above where they started the year. Market sentiment appeared to be 
negatively impacted by mounting fears around a second wave of COVID-19. 
Economic activity data continued to be encouraging, with China's manufacturing 
PMI coming in at 51.5, up from 51.0 in August. China also announced an aim to 
achieve carbon neutrality before 2060 during the month in a move seen as hugely 
significant in the fight against climate change. 
 
Within the conventional energy sector, OPEC oil production rose, as Libyan oil 
output hit 300,000bpd, following the partial lifting of a blockade on the 
country's energy facilities. However, despite this increase in supply, OPEC 
continues to put pressure on those countries not complying with the agreed 
cuts. Against this backdrop of increased oil supply and sluggish demand, oil 
prices came under pressure, with Brent and WTI falling by 10.9% and 6.0% 
respectively, ending the month at $40/bbl. 
 
Within the energy transition space, at the State of the Union Address, the 
European Commission President Ursula von der Leyen announced plans to increase 
emission reduction targets to -55% by 2030 (from current target of -40% vs 1990 
levels).  Funding of the EUR750bn NextGenerationEU budget will also see 30% 
raised via green bonds and 37% of the funding will be invested in European 
Green Deal objectives. This was viewed as positive for the sustainable energy 
sector. Within transportation CO2 emissions are targeted to be 50% below 2021 
levels (the current plan is at 62g/km and this new proposal would reduce 
emissions to 43g/km). This forms part of the EU's target to be zero-emissions 
by 2050. Finally, China announced it will aim to hit peak emissions before 2030 
and for carbon neutrality by 2060, which was viewed as positive for clean 
energy technologies given the high level of investment required to meet these 
ambitions. 
 
All data points in US Dollar terms unless otherwise specified. Commodity price 
moves sourced from Thomson Reuters Datastream. 
 
13 October 2020 
 
ENDS 
 
Latest information is available by typing www.blackrock.com/uk/beri 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

October 13, 2020 10:06 ET (14:06 GMT)

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