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Share Name Share Symbol Market Type Share ISIN Share Description
Blackrock Income And Growth Investment Trust Plc LSE:BRIG London Ordinary Share GB0030961691 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.50 1.29% 197.00 192.00 202.00 197.00 192.00 196.00 14,900 08:29:51
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.6 1.2 5.4 36.3 43

BlackRock Income Portfolio Update

22/07/2021 10:38am

UK Regulatory (RNS & others)


 
TIDMBRIG 
 
The information contained in this release was correct as at 30 June 2021. 
Information on the Company's up to date net asset values can be found on the 
London Stock Exchange Website at: 
 
https://www.londonstockexchange.com/exchange/news/market-news/ 
market-news-home.html. 
 
BLACKROCK INCOME & GROWTH INVESTMENT TRUST PLC (LEI:5493003YBY59H9EJLJ16) 
 
All information is at 30 June 2021 and unaudited. 
 
Performance at month end with net income reinvested 
 
                                   One    Three        One    Three       Five     Since 
                                 Month   Months       Year    Years      Years   1 April 
                                                                                    2012 
 
Sterling 
 
Share price                       0.0%     8.8%      18.2%     0.0%      29.9%     94.5% 
 
Net asset value                   0.0%     5.8%      18.7%     5.1%      34.1%     92.5% 
 
FTSE All-Share Total Return       0.2%     5.6%      21.5%     6.3%      36.9%     86.4% 
 
Source: BlackRock 
 
BlackRock took over the investment management of the Company with effect from 1 
April 2012. 
 
At month end 
 
Sterling: 
 
Net asset value - capital only:                                              198.67p 
 
Net asset value - cum income*:                                               202.60p 
 
Share price:                                                                 186.00p 
 
Total assets (including income):                                              £44.1m 
 
Discount to cum-income NAV:                                                     8.2% 
 
Gearing:                                                                        6.9% 
 
Net yield**:                                                                    3.9% 
 
Ordinary shares in issue***:                                              21,767,207 
 
Gearing range (as a % of net assets):                                          0-20% 
 
Ongoing charges****:                                                            1.2% 
 
 
* Includes net revenue of 3.93 pence per share 
 
** The Company's yield based on dividends announced in the last 12 months as at 
the date of the release of this announcement is 3.9% and includes the 2020 
final dividend of 4.60p per share declared on 01 February 2021 and paid to 
shareholders on 17 March 2021 and the 2021 interim dividend of 2.60p per share 
declared on 23 June 2021 with a pay date of 1 September 2021. 
 
*** excludes 10,081,532 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 31 October 
2020. 
 
 
 
Sector Analysis                                                     Total assets (%) 
 
Support Services                                                                11.6 
 
Pharmaceuticals & Biotechnology                                                  8.5 
 
Household Goods & Home Construction                                              8.3 
 
Financial Services                                                               8.1 
 
Mining                                                                           7.2 
 
Oil & Gas Producers                                                              6.4 
 
Personal Goods                                                                   5.4 
 
Banks                                                                            4.9 
 
Life Insurance                                                                   4.4 
 
Media                                                                            4.2 
 
Tobacco                                                                          3.8 
 
Travel & Leisure                                                                 3.6 
 
Health Care Equipment & Services                                                 3.4 
 
General Retailers                                                                3.4 
 
Nonlife Insurance                                                                2.6 
 
General Industrials                                                              2.5 
 
Food & Drug Retailers                                                            1.9 
 
Electronic & Electrical Equipment                                                1.7 
 
Industrial Metals & Mining                                                       1.6 
 
Technology Hardware & Equipment                                                  1.0 
 
Electricity                                                                      1.0 
 
Food Producers                                                                   0.9 
 
Real Estate Investment Trusts                                                    0.9 
 
Industrial Engineering                                                           0.6 
 
Real Estate Investment & Services                                                0.2 
 
Net Current Assets                                                               1.9 
 
                                                                               ----- 
 
Total                                                                          100.0 
 
                                                                               ===== 
 
 
 
Country Analysis                                                          Percentage 
 
United Kingdom                                                                  91.6 
 
United States                                                                    3.3 
 
France                                                                           1.9 
 
Italy                                                                            1.0 
 
Sweden                                                                           0.3 
 
Net Current Assets                                                               1.9 
 
                                                                               ----- 
 
                                                                               100.0 
 
                                                                               ===== 
 
 
 
Top 10 holdings                                                               Fund % 
 
AstraZeneca                                                                      6.6 
 
Rio Tinto                                                                        5.2 
 
Reckitt Benckiser                                                                4.6 
 
RELX                                                                             4.2 
 
Unilever                                                                         4.1 
 
British American Tobacco                                                         3.8 
 
Royal Dutch Shell 'B'                                                            3.8 
 
Smith & Nephew                                                                   3.4 
 
Ferguson                                                                         3.3 
 
Electrocomponents                                                                2.7 
 
Commenting on the markets, representing the Investment Manager noted: 
 
Performance Overview: 
 
The Company returned 0.0% during the month net of fees, underperforming the 
FTSE All-Share which returned 0.2%. 
 
Market Summary: 
 
Global equity markets rose during June despite the growing presence of the 
Delta variant of the coronavirus which caused a modest rotation towards more 
defensive holdings. 
 
Early in the month, OPEC and its allies agreed to continue relaxing curbs on 
oil production signalling their confidence in improving oil demand and a drop 
in the global supply glut; oil prices rallied as a result. 
 
China announced that it would allow couples to have as many as three children, 
lifting the previous two-child policy in a bid to tackle the ageing population 
trend after census data showed birth rates at a low point. 
 
The announcement of an upgrade to inflation came from a Federal Open Market 
Committee (FOMC) meeting mid-month which caused a short surge in US Treasury 
yields and market volatility. 
 
June's flash UK PMIs suggested a modest cooling in the pace of the recovery in 
activity as the impact of the initial re-openings faded slightly. There was no 
sign of inflation pressures easing, with supply chain disruption exacerbating 
the impact of raw material shortages, and firms across all sectors intensifying 
the search for new staff. 
 
The FTSE All Share rose 0.16% in June with Health Care, Oil & Gas and 
Technology as top performing sectors. 
 
Stocks: 
 
Oxford Instruments delivered strong numbers in early June ahead of 
expectations; the company continues to make good progress and demonstrates a 
strong order book which bodes well for the year ahead. AstraZeneca and RELX 
benefitted from the rotation reversal which favoured more quality growth 
holdings; both companies were top contributors to performance during the month. 
Ferguson was another top contributor; the company released an unscheduled and 
strong Q3 update upgrading FY21 by more than 10%; the demand backdrop for the 
company appears very strong. 
 
Conversely, Financials such as Standard Chartered and Legal & General fell out 
of favour due to the rotation reversal and both holdings were detractors from 
performance during the month. Taylor Wimpey was another detractor; the 
company's shares fell back following strong performance earlier in the year; 
however fundamentals remain strong. 
 
Portfolio Activity: 
 
During the month we purchased a new holding in Tate and Lyle, supplier of food 
and beverage ingredients. The company is actively pursuing a split of its two 
divisions to focus on its faster growing and higher margin specialty 
ingredients business. We think this will unlock significant value over time. We 
sold the position in SSP to reduce our exposure to cross border travel revenues 
given the continued delay in reopening. 
 
We added to some domestic holdings on weakness including Taylor Wimpey and 
Legal & General and we reduced AstraZeneca, following a very strong run in the 
shares. 
 
Outlook: 
 
After five years under a Brexit-induced cloud, the relative position of the UK 
in the eyes of global investors appears to have improved, helped by the 
vaccination programme, and evidenced by the resurgence in takeover activity as 
bidders look to capitalise on the discount at which UK equities trade relative 
to global peers. Specifically, we've seen acquisitions of real assets 
potentially demonstrating a desire to find unlevered free cash flow. 
 
The pandemic has generated an economic cycle unlike any other with 
unprecedented fiscal and monetary responses. Despite the continuation of 
COVID-19 restrictions globally, economic activity has been less impacted as 
consumers and corporates in Developed Markets have adapted their behaviours 
since the development of an effective vaccine. Concerns have been raised around 
new variants; however, recovery has been buoyed by ongoing monumental monetary 
and fiscal support. 
 
As economic activity rebounds this has caused some strains on supply chains 
with specific industry shortages as well as building inflationary pressures. We 
continue to monitor the bond market to determine if the current surge in 
inflation is transitory or, fuelled by a more relaxed Fed, a phenomenon that 
may persist. We are also cognisant of the evolution of relationships between 
China and the West and the potential impact on industries and shares. 
 
We continue to have conviction in cash-generative companies that have delivered 
for the Company and we foresee delivering into the future. We view the dividend 
outlook for the UK market with renewed optimism as we expect dividends, in 
aggregate, to be more resilient and to grow faster in the future as those 
companies that had been overdistributing for a number of years reset their 
dividends during the pandemic. Resilience was a crucial feature of the Company 
and its underlying holdings in 2020 and while this will still be important in 
2021, we are excited by the approaching economic recovery and the opportunity 
to deliver strong capital and dividend growth for our clients over the 
long-term. 
 
22 July 2021 
 
 
 
END 
 
 

(END) Dow Jones Newswires

July 22, 2021 05:38 ET (09:38 GMT)

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