BlackRock Energy and Resources Income Trust Plc Portfolio Update
29 Décembre 2023 - 2:31PM
UK Regulatory
TIDMBERI
BLACKROCK ENERGY AND
RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 30
November 2023 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 2.1% -3.2% 2.3% -11.8% 71.3% 103.7%
Share price 1.7% -3.4% 0.8% -15.2% 73.9% 99.2%
Sources: Datastream,
BlackRock
At month end
Net asset value - capital 122.51p
only:
Net asset value cum 123.62p
income1:
Share price: 110.40p
Discount to NAV (cum 10.7%
income):
Net yield: 4.0%
Gearing - cum income: 7.5%
Total assets: £162.4m
Ordinary shares in issue2: 131,386,194
Gearing range (as a % of 0-20%
net assets):
Ongoing charges3: 1.13%
1 Includes net revenue of
1.11p.
2 Excluding 4,200,000
ordinary shares held in
treasury.
3 The Company's ongoing
charges are calculated as
a percentage of average
daily net assets and using
the management fee and all
other operating expenses
excluding finance costs,
direct transaction costs,
custody transaction
charges, VAT recovered,
taxation and certain other
non-recurring items for
the year ended 30 November
2022. In addition, the
Company's Manager has also
agreed to cap ongoing
charges by rebating a
portion of the management
fee to the extent that the
Company's ongoing charges
exceed 1.25% of average
net assets.
Sector Overview
Mining 44.5%
Traditional Energy 31.0%
Energy 25.0%
Transition
Net Current Liabilities -0.5%
-----
100.0%
=====
Sector Analysis % Total Country % Total
Assets^ Analysis Assets^
Mining:
Diversified 23.8 Global 58.1
Copper 6.8 USA 15.9
Gold 3.2 Canada 9.2
Industrial Minerals 2.9 Latin 8.0
America
Steel 2.6 Germany 3.2
Aluminium 2.1 France 2.6
Uranium 1.7 Australia 1.3
Nickel 1.5 Africa 1.0
Platinum Group Metals 0.3 United 0.7
Kingdom
Tin -0.4 Ireland 0.5
Subtotal Mining: 44.5
Net -0.5
Current
Assets
-----
Traditional Energy: 100.0
E&P 13.3 =====
Integrated 12.8
Distribution 2.4
Oil Services 2.0
Refining & Marketing 0.5
Subtotal Traditional 31.0
Energy:
Energy Transition:
Energy Efficiency 9.2
Electrification 8.1
Renewables 4.3
Transport 3.4
Subtotal Energy 25.0
Transition:
Net Current Liabilities -0.5
----
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
7.0% of the Company's net
asset value.
Ten Largest Investments
Company Region % Total
of Risk Assets
Glencore Global 4.8
BHP Global 4.7
Vale Latin
America
Equity 3.3
Bond 1.3
Rio Tinto Global 4.4
Shell Global 3.8
Exxon Mobil Global 3.8
NextEra Energy United 2.7
States
Canadian Natural Resources Canada 2.7
RWE Germany 2.5
Hess Global 2.4
Commenting on the markets,
Tom Holl and Mark Hume,
representing the
Investment Manager noted:
The Company's NAV returned
by 2.1% during the month
of November (in GBP
terms).
Global equity markets
performed well in
November, on the back of
signs of economic
moderation in the US and
falling inflation across
developed markets. Central
banks also indicated that
they had reached the peak
of the rate hiking cycle.
The Bank of England,
Federal Reserve, and
European Central Bank left
their policy rates
unchanged. Markets
anticipated rate cuts in
the first half of next
year on the release of
softer inflation data
across developed markets.
Lower bond yields and
healthy corporate earnings
also contributed to
returns. Given this
macroeconomic backdrop,
the MSCI All Country World
Index returned 9.2%.
The mining sector
performed well but
modestly lagged broader
equity markets. China's
manufacturing PMI reached
a three-month high, rising
to 50.7 from 49.5 in
October. Mined commodities
were up across the board,
with the copper and iron
ore prices (62% fe) rising
by 4.5% and 7.8%
respectively. The copper
price was buoyed by the
shock to supply caused by
the closing of the Cobre
de Panama asset in Panama,
which accounts for 1.5% of
global copper supply.
Iron ore prices appeared
to be up on China's
seasonal restocking ahead
of Chinese New Year.
Elsewhere, the precious
metals also performed well
on geopolitical risk in
the Middle East, an
uncertain macroeconomic
outlook, a fall in real
rates and weakness in the
US dollar. For references,
gold and silver prices
rose by 2.1% and 9.2%
respectively.
Within energy markets,
OPEC announced a rollover
of existing production
targets and greater
production cuts. However,
the impact on oil prices
proved temporary with
apparent uncertainty over
the cohesion and support
within OPEC. Year to
date, global oil demand
has been resilient rising
1.6mbpd to 101.6mbps
according to US Energy
Information Administration
(EIA). However, oil supply
has also exceeded
expectations with some
additional supply from
Iran and Brazil, whilst
there remains modest
production growth from US
shale. Brent and WTI oil
prices fell -5.9% and
-7.4%, ending the month at
$82/bbl and $76/bbl
respectively. The US
Henry Hub natural gas
price fell -21.6% during
the month to end at
$2.80/mmbtu, given back
last month's price
increase.
Within the energy
transition theme, ahead of
COP28, US and China
released a joint statement
announcing support for the
G20 leaders to triple
global renewable energy
capacity by 2030 and to
accelerate renewable
energy deployment in their
respective economies. It
has been estimated that
this would require a 21%
per annum growth in
renewable energy capacity
additions between 2023 and
2030. The statement also
included that each would
advance at least five
large scale carbon capture
and storage projects.
Elsewhere, the UK
Government released
revised parameters for the
pricing cap on AR6
offshore wind bidding, an
estimated 8GW of offshore
capacity and increased the
price cap by 66% compared
to a recent auction, where
there were no bidders due
to the price cap for the
power being set too low to
attract bids.
All data points in US
dollar terms unless
otherwise specified.
Commodity price moves
sourced from Thomson
Reuters Datastream.
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.
29 December 2023
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
December 29, 2023 08:31 ET (13:31 GMT)
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