BLACKROCK NORTH
AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 31 March 2017
and unaudited.
Performance at month end with net
income reinvested
|
One
Month |
Three
Months |
Six
Months |
One
Year |
Three
Years |
Since
Launch* |
|
|
|
|
|
|
|
Net asset value |
-1.0% |
1.9% |
16.0% |
36.7% |
68.5% |
101.8% |
Share price |
-2.6% |
-5.2% |
11.2% |
36.8% |
64.4% |
85.6% |
Russell 1000 Value
Index |
-1.5% |
2.0% |
14.4% |
37.0% |
71.1% |
128.0% |
Source: BlackRock
*Launched on 24
October 2012.
At month
end |
|
Net asset value –
capital only: |
170.41p |
Net asset value – cum
income: |
171.33p |
Share
price: |
159.50p |
Discount to cum income
NAV: |
6.9% |
Net
yield*: |
3.0% |
Total assets including
current year
revenue: |
£118.1m |
Gearing: |
Nil |
Options
overwrite: |
16.67% |
Ordinary shares in
issue**: |
68,949,044 |
Ongoing
charges***: |
1.04% |
*Based on dividends of 1.20p per share declared on 21 February 2017, 3
November 2016, 3 August 2016
and 4 May 2016.
** Excluding 31,412,261 ordinary shares held in treasury.
*** 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 2016.
Benchmark |
|
Sector Analysis |
Total Assets
(%) |
|
|
Financials |
27.0 |
Health Care |
14.3 |
Industrials |
10.8 |
Energy |
10.6 |
Information Technology |
9.6 |
Consumer Staples |
6.5 |
Consumer Discretionary |
5.4 |
Utilities |
5.0 |
Materials |
3.6 |
Telecommunication Services |
2.1 |
Net current assets |
5.1 |
|
----- |
|
100.0 |
|
===== |
Country Analysis |
Total Assets
(%) |
|
|
USA |
84.5 |
United Kingdom |
2.8 |
Canada |
2.2 |
France |
2.2 |
Netherlands |
2.1 |
Ireland |
0.7 |
China |
0.4 |
Net current assets |
5.1 |
|
----- |
|
100.0 |
|
===== |
|
|
Ten Largest Investments |
|
|
Company |
Country of
Risk |
Total Assets
(%) |
|
|
|
JP Morgan Chase |
USA |
4.4 |
Bank of America |
USA |
4.2 |
Pfizer |
USA |
3.7 |
Citigroup |
USA |
3.2 |
Wells Fargo |
USA |
2.9 |
Dow Chemical |
USA |
2.7 |
General Electric |
USA |
2.5 |
Oracle |
USA |
2.5 |
Microsoft |
USA |
2.4 |
Anthem |
USA |
2.2 |
Bob
Shearer and Tony DeSpirito,
representing the Investment Manager, noted:
Performance
For the month of March, the Company’s NAV decreased by 1.0%
while the share price fell by 2.6% (all in sterling). The
Company’s benchmark, the Russell 1000 Value Index, returned -1.5%
for the period.
The largest contributor to relative performance during the month
was stock selection in the information technology sector.
Notably, selection decisions in the software and technology
hardware, storage & peripherals industries proved to be
beneficial. Stock selection in health care also added to
relative returns, led by portfolio holdings in the pharmaceuticals
and health care providers & services industries. Lastly,
stock selection in the industrials and materials sectors also added
to relative returns during the month.
The largest detractor from relative performance was stock
selection in the financials sector. Notably, our overweight
positions in Morgan Stanley and Bank of America Corporation proved
to be costly. Other modest detractors included stock
selection in the utilities, consumer staples and energy sectors
during the period.
Transactions/Options
Transactions: Notable portfolio transactions during the month
included exiting our positions in Intel Corporation, CMS Energy
Corporation, Raytheon Company and Pioneer Natural Resources
Company. Proceeds from these trades were used to initiate a
position in Constellation Software Inc. and to increase our
exposure to portfolio holdings PG&E Corporation, Taiwan
Semiconductor Manufacturing Company Limited and The Dow Chemical
Company.
Options: As of 31 March
2017, the Company’s options exposure was 16.67% and the
delta of the options was 88.39%.
Positioning
As at the period end, the Company’s largest overweight positions
relative to the benchmark were in the health care, consumer
discretionary, materials and industrials sectors. The Company
was approximately equal-weight in the financials sector, and was
underweight to the real estate, consumer staples, energy,
telecommunication services, utilities and information technology
sectors.
25 April 2017
Latest information is available by typing blackrock.co.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.