BlackRock Energy and Resources Income Trust Plc - Portfolio Update
July 25 2024 - 11:41AM
UK Regulatory
BlackRock Energy and Resources Income
Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, July 25
5BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
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All
information is at
30 June 2024 and
unaudited.
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Performance
at month end with net income reinvested
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One
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Three
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Six
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One
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Three
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Five
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Month
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Months
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Months
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Year
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Years
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Years
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Net
asset value
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-3.8%
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2.7%
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4.3%
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7.3%
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44.7%
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96.4%
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Share
price
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-2.8%
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4.1%
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3.9%
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6.7%
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42.6%
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99.7%
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Sources:
Datastream, BlackRock
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At month end
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Net
asset value – capital only:
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131.80p
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Net
asset value cum income1:
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131.95p
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Share
price:
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117.00p
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Discount to NAV
(cum income):
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11.3%
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Net
yield:
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3.8%
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Gearing - cum
income:
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9.5%
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Total
assets:
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£162.7m
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Ordinary shares
in issue2:
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123,294,497
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Gearing range (as
a % of net assets):
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0-20%
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Ongoing
charges3:
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1.19%
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1 Includes net
revenue of 0.15p.
2 Excluding
12,291,697 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 2023.
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.
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Sector Overview
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Mining
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42.9%
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Traditional
Energy
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30.5%
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Energy
Transition
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27.5%
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Net
Current Liabilities
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-0.9%
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-----
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100.0%
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=====
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Sector Analysis
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% Total Assets^
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Country Analysis
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% Total Assets^
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Mining:
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Diversified
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22.9
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Global
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52.3
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Copper
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7.0
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USA
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21.3
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Steel
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3.6
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Canada
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9.2
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Gold
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2.7
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Latin
America
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3.4
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Industrial
Minerals
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2.2
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United
Kingdom
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3.0
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Aluminium
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1.7
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Germany
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2.6
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Metals &
Mining
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1.5
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Other
Africa
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2.5
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Nickel
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1.3
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Australia
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2.3
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Subtotal
Mining:
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42.9
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Italy
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1.9
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France
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1.8
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Ireland
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0.6
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Net
Current Liabilities
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-0.9
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Traditional
Energy:
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-----
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E&P
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12.5
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100.0
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Integrated
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8.9
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Distribution
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3.9
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Oil
Services
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2.8
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Oil,
Gas & Consumable Fuels
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1.5
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Refining &
Marketing
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0.9
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Subtotal
Traditional Energy:
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30.5
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Energy
Transition:
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Energy
Efficiency
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9.8
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Electrification
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7.4
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Renewables
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5.3
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Transport
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3.1
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Storage
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1.9
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Subtotal
Energy Transition:
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27.5
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Net
Current Liabilities
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-0.9
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----
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100.0
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=====
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^
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 8.4%
of the Company’s net asset value.
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Ten Largest Investments
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Company
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Region of Risk
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% Total Assets
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Rio
Tinto
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Global
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4.7
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Anglo
American
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Global
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4.6
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Teck
Resources
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Global
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3.9
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Shell
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Global
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3.5
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Glencore
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Global
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3.4
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Targa
Resources
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United
States
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2.4
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NextEra
Energy
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United
States
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2.3
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Schneider
Electric
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Global
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2.3
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Filo
Corp
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Latin
America
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2.2
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Exxon
Mobil
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Global
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2.2
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Commenting on the
markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
The
Company’s NAV (Net Asset Value) had declined by 3.8% in June (in
GBP terms).
Economic data in
June showed signs of decelerating global growth and easing
inflation. This led the European Central Bank to cut rates for the
first time since the start of the pandemic, whereas the Bank of
England and Federal Reserve left rates unchanged. Elsewhere, there
was increased political uncertainty as President Emmanuel Macron
called for snap elections in France, leading to volatility amongst
French stocks. US interest rate expectations declined modestly,
with the US 5-year yield falling from 4.5% to 4.3% which supported
the performance of growth sectors such as technology over value
sectors like mining and traditional energy.
Within
traditional energy, oil prices ended the period higher, recovering
from May’s decline, but this masked notable volatility during the
month with the Brent oil price down by 5% to $75 at the low point.
At the start of the month, OPEC announced an intention to add back
oil production later in the year, with oil demand expected to
continue to rise and this was initially taken negatively by the
market. The Brent oil price rose by 9.9%, whilst WTI rose by 6.2%,
ending the month at $87/bbl and $82/bbl respectively. The US Henry
Hub natural gas price rose by 0.8% during the month to end at
$2.60/mmbtu.
Within the mining
sector, most mined commodity prices posted declines through June,
with iron ore (62% fe), copper and gold prices falling by 10.9%,
8.9% and 1.3% respectively. Economic data from China was weak with
its manufacturing PMI below 50 indicating contraction, whilst
average house prices recorded the largest year-on-year decline
since 2015.
Within the energy
transition theme, sentiment around renewables weakened during the
month impacting the share prices of both clean power utility
companies and renewable energy technology companies. Meanwhile,
Bloomberg NEF’s Long-Term Electric Vehicle Outlook indicated that
rapidly falling battery prices, advancements in next-generation
battery technology and improving economics of Electric Vehicles
(EVs) continue to underpin long-term EV growth globally.
All
data points in US dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters
Datastream.
25
July 2024
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ENDS
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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.
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