BlackRock Changes Name of Commodities Investment Trust

Date : 05/13/2019 @ 12:41PM
Source : Dow Jones News
Stock : Blackrock, Inc. (BLK)
Quote : 446.97  -1.31 (-0.29%) @ 4:59AM

BlackRock Changes Name of Commodities Investment Trust

Blackrock (NYSE:BLK)
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By Joe Wallace

 

BlackRock Inc. (BLK) is changing the name of a U.K.-based trust that invests in energy and mining equities so that it better reflects the assets the trust holds.

The BlackRock Commodities Income Investment Trust PLC (BRCI.LN) is now known as the BlackRock Energy and Resources Income Trust PLC, the U.S. asset manager said Monday.

BlackRock said there will be no change to the trust's investment approach, and that the change reflects the fact it invests mainly in stocks as opposed to commodities.

"We hope the name change will encourage some investors, who might have been put off by historical volatility, to take another look at these sectors," said Tom Holl, co-manager of the trust.

The 14-year-old trust has 96.81 million pounds ($125.86 million) in assets and a market capitalization of GBP82.8 million. Its shares had gained 2.1% this year through Friday, but lost 8.5% over the previous month.

The trust's biggest holdings are First Quantum Minerals Ltd. (FM.T), BHP Group PLC (BHP.LN) and Royal Dutch Shell (RDSA.LN).

 

Write to Joe Wallace at joe.wallace@wsj.com.

 

(END) Dow Jones Newswires

May 13, 2019 07:26 ET (11:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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