BlackRock North Amer Portfolio Update

 
TIDMBRNA 
 
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 NORTH AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468) 
All information is at 30 June 2021  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                0.1%     3.7%    14.1%    23.0%    31.1%    67.7% 
 
Share price                   -1.6%    -1.1%    13.7%    27.9%    22.6%    73.9% 
 
Russell 1000 Value Index       1.7%     5.1%    15.8%    28.5%    35.8%    69.6% 
 
At month end 
 
Net asset value - capital only:                                                 196.20p 
 
Net asset value - cum income:                                                   196.38p 
 
Share price:                                                                    184.50p 
 
Discount to cum income NAV:                                                        6.1% 
 
Net yield1:                                                                        4.3% 
 
Total assets including current year revenue:                                    £157.6m 
 
Gearing:                                                                            Nil 
 
Options overwrite                                                                  0.2% 
 
Ordinary shares in issue2:                                                   80,229,044 
 
Ongoing charges3:                                                                  1.1% 
 
1 Based on four quarterly interim dividends of 2.00p per share declared on 6 
August 2020 and 4 November 2020 for the year ended 31 October 2020, and on 23 
March 2021 and 5 May 2021 for the year ending 31 October 2021, and based on the 
share price as at close of business on 30 June 2021. 
 
² Excluding 20,132,261 ordinary shares held in treasury. 
 
³ Ongoing charges represent the management fee and all other operating expenses 
excluding interest as a % of average shareholders' funds for the year ended 31 
October 2020. 
 
Sector Analysis           Total Assets 
                                   (%) 
 
Financials                        26.0 
 
Health Care                       17.1 
 
Information Technology            11.1 
 
Industrials                        7.2 
 
Energy                             7.0 
 
Consumer Discretionary             7.0 
 
Consumer Staples                   6.8 
 
Communication Services             5.9 
 
Utilities                          4.3 
 
Materials                          2.0 
 
Net Current Assets                 5.6 
 
                                  ---- 
 
                                 100.0 
 
                                 ===== 
 
 
 
 
Country Analysis         Total Assets 
                                  (%) 
 
United States                    73.6 
 
United Kingdom                    6.7 
 
Netherlands                       3.3 
 
France                            3.1 
 
Germany                           2.9 
 
Ireland                           1.8 
 
Japan                             1.0 
 
Canada                            0.8 
 
Norway                            0.6 
 
Switzerland                       0.6 
 
Net Current Assets                5.6 
 
                                ----- 
 
                                100.0 
 
                                ===== 
 
 
 
 
Top 10 Holdings                                  Country              % Total 
                                                                       Assets 
 
Wells Fargo                                      United States            3.6 
 
Citigroup                                        United States            3.4 
 
American International Group                     United States            2.6 
 
Cisco Systems                                    United States            2.6 
 
Bank of America                                  United States            2.5 
 
Verizon Communications                           United States            2.3 
 
Anthem                                           United States            2.3 
 
Morgan Stanley                                   United States            2.2 
 
General Motors                                   United States            2.1 
 
Comcast                                          United States            2.1 
 
 
Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, 
noted: 
 
For the one-month period ended 30 June 2021, the Company's NAV increased by 
0.1% and the share price decreased by 1.6% (all in sterling). The Company's 
benchmark, the Russell 1000 Value Index, returned +1.7% for the period. 
 
The largest detractor from relative performance was stock selection in health 
care, as selection decisions in the health care equipment and supplies industry 
meaningfully weighed on relative returns. Stock selection and an overweight 
exposure to health care providers and services companies and a lack of exposure 
to the biotechnology and life sciences tools and services industries also 
proved costly in the sector. In financials, stock selection and an overweight 
exposure to insurance companies weighed on relative returns, as did an 
overweight exposure to the banks industry. Other detractors during the period 
included stock selection and an underweight exposure to communication services 
and stock selection in the energy sector. 
 
The largest contributor to relative performance was an underweight exposure to 
the materials sector, including underweight allocations to the metals and 
mining and chemicals industries. In industrials, our decision to not invest in 
airlines companies and an underweight exposure to the machinery industry 
boosted relative returns. At the industry level, an overweight exposure to 
software and communications equipment companies also contributed to relative 
results during the period. 
 
The portfolio's options overwriting strategy added modestly to relative 
performance during the month. 
 
Transactions/Options 
 
Transactions: In June, the portfolio initiated new positions in Apollo Global 
Management, Panasonic, Seal Air, Komatsu, Centerpoint Energy and Rogers 
Communications. Conversely, we exited our positions in The TJX Companies and 
Applied Materials, and reduced our exposure to Berkshire Hathaway, Henkel AG, 
The Blackstone Group, Equinor and Marathon Petroleum Corporation. 
 
Options: As of 30 June 2021, the Company's options exposure was 0.2% and the 
delta of the options was 94.0. 
 
Positioning 
 
As of the period end, the Company's largest overweight positions relative to 
the benchmark were in the financials, energy and consumer discretionary 
sectors. The Company's largest underweight positions relative to the benchmark 
were in the real estate, industrials, and communication services sectors. 
 
Source: BlackRock. Data as of 30 June 2021. 
 
19 July 2021 
 
Latest information is available by typing blackrock.com/uk/brna 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

July 19, 2021 08:20 ET (12:20 GMT)