BlackRock Emerging Europe Plc - Portfolio Update
February 23 2018 - 9:23AM
PR Newswire (US)
BLACKROCK EMERGING EUROPE PLC
(LEI - 549300OGTQA24Y3KMI14) |
All information is at 31 January
2018 and unaudited. |
Performance at month end with net
income reinvested |
|
One |
Three |
One |
Three |
Five |
*Since |
|
Month |
Months |
Year |
Years |
Years |
30.04.09 |
Sterling: |
|
|
|
|
|
|
Share price |
9.4 |
10.5 |
30.9 |
96.7 |
45.4 |
170.3 |
Net asset value |
6.6 |
9.8 |
19.9 |
77.7 |
31.8 |
150.1 |
MSCI EM Europe |
4.5 |
7.8 |
14.9 |
55.1 |
2.7 |
87.9 |
10/40(NR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
US Dollars: |
|
|
|
|
|
|
Share price |
15.0 |
18.3 |
48.0 |
86.2 |
30.4 |
159.4 |
Net asset value |
12.1 |
17.5 |
35.4 |
68.2 |
18.3 |
140.1 |
MSCI EM Europe |
9.9 |
15.4 |
29.8 |
46.9 |
-7.86 |
80.3 |
10/40(NR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources: BlackRock,
Standard & Poor’s Micropal |
*BlackRock took over
the investment management of the Company with effect from 1 May
2009 |
|
At month end |
|
US Dollar: |
|
Net asset value –
capital only: |
558.53c |
Net asset value* – cum
income: |
574.48c |
Sterling: |
|
Net asset value –
capital only: |
392.76p |
Net asset value* – cum
income: |
403.97p |
Share price: |
386.50p |
Total assets^: |
£145.1m |
Discount (share price to
cum income NAV): |
4.3% |
Net gearing at month
end: |
3.3% |
Net yield^^^^: |
1.5% |
Gearing range as a % of
Net assets: |
0-20% |
Issued Capital –
ordinary shares^^ |
35,916,028 |
Ongoing charges^^^ |
1.2% |
|
|
* Includes year to date
net revenue equal to 11.21 pence per share. |
^ Total assets include
current year revenue. |
^^ Excluding 5,000,000
shares held in treasury. |
^^^ Calculated as at 31
January 2017, in accordance with AIC guidelines. |
^^^^ Yield calculations
are based on dividends announced in the last 12 months as at the
date of release of this announcement, and comprise of the final
dividend of 7.50 cents per share, (announced on 28 March 2017,
ex-dividend on 18 May 2017) |
|
Sector
Analysis |
Gross
assets (%) |
|
Country
Analysis |
Gross
assets
(%) |
Financials |
37.5 |
|
Russia |
55.8 |
Energy |
28.5 |
|
Poland |
17.8 |
Consumer Staples |
10.1 |
|
Turkey |
7.5 |
Telecommunication
Services |
7.4 |
|
Greece |
6.7 |
Health Care |
5.6 |
|
Hungary |
3.6 |
Materials |
4.2 |
|
Ukraine |
3.6 |
Information
Technology |
3.0 |
|
Pan-Emerging Europe |
2.9 |
Industrials |
1.2 |
|
|
|
Consumer
Discretionary |
0.4 |
|
|
|
Net
current assets |
2.1 |
|
Net
current assets |
2.1 |
|
----- |
|
|
----- |
|
100.0 |
|
|
100.0 |
|
===== |
|
|
===== |
|
|
|
|
|
Short position |
(1.6) |
|
|
(1.6) |
|
|
|
|
|
Fifteen Largest Investments |
|
|
|
(in % order of Gross
Assets as at 31.01.18) |
|
Company |
Region of
Risk |
Gross
assets |
|
|
(%) |
Sberbank |
Russia |
9.3 |
Lukoil |
Russia |
8.9 |
Gazprom |
Russia |
8.6 |
PKO Bank Polski |
Poland |
7.1 |
Bank Pekao |
Poland |
5.1 |
Novatek |
Russia |
4.9 |
Lenta |
Russia |
4.4 |
Rosneft Oil Company |
Russia |
4.1 |
PZU |
Poland |
3.9 |
Gedeon Richter |
Hungary |
3.6 |
National Bank of
Greece |
Greece |
3.4 |
Mobile Telesystems |
Russia |
3.4 |
Alpha Bank |
Greece |
3.2 |
MHP |
Ukraine |
3.0 |
Erste Group Bank |
Pan-Emerging Europe |
2.9 |
|
|
|
|
|
|
|
Commenting on the
markets, Sam Vecht and Christopher Colunga, representing the
Investment Manager noted; |
|
Market
Commentary |
|
The MSCI
Emerging Europe 10/40 Index gained +4.5% (GBP) in January (+9.9%*
in USD terms) marking the region’s best start over the last six
years, as strong global growth and commodity prices helped support
markets. The Company outperformed the index over the period,
returning +6.6% in GBP or +12.1%* in USD terms.
|
Russia was
the region’s top performer, rising by 12.1% in US Dollar terms** in
January. The equity market finally started to catch up to the
higher in oil prices, and was further supported by a weak US
Dollar. Central Europe continued its streak of outperformance as
currencies strengthened against the US Dollar and growth remains
robust. Poland ended the month up +8.8% in US Dollar terms**,
while the Czech Republic and Hungary both saw +8% gains in US
Dollar terms**. Similarly, Greece rallied +11.8% in US Dollar
terms** on faster growth and further supported by a preliminary
agreement on the latest review of their bailout memorandum. Turkey
lagged the region but still rose +4.9% in US Dollar terms**; the
market seems to be holding up well following upgrades to the banks
2018 earnings expectations. |
Focus
on: Rosneft
Rosneft is one of the world’s largest integrated oil companies,
with a majority of its operations in Russia. The company’s business
lines span across exploration and production, refining, exports and
retail distribution. Despite a supportive macro backdrop, including
positive monetary and fiscal policy trends and record low
inflation, as well as a pick-up in oil prices, the stock has lagged
its peer group. |
We believe
that recent stock price underperformance is overdone given that
both earnings and dividends are some of the most highly levered in
Russia to oil prices. The company should start to generate high
levels of free cash flow in 2018 as several new greenfield sites
begin production. These new fields will also benefit from tax
breaks, improving the profit Rosneft generates on each barrel. This
coupled with the company’s announced 50% dividend pay-out policy,
leads us to believe that Rosneft is uniquely positioned to catch up
to its peers in early 2018. The stock remains our largest
overweight within the Russian energy space. |
|
*Source: BlackRock,
data as at end January 2018. |
**Source: JPM, data as
at end January 2018. |
|
23 February 2018 |
|
ENDS |
|
Latest information is available by
typing www.blackrock.co.uk/beep 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. |
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