Portfolio Update
March 28 2008 - 12:22PM
UK Regulatory
MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc
All information is at 29 February 2008 and unaudited.
Performance at month end with net income reinvested
One Three Six One Since
Month Months Months Year Launch*
Net asset value 15.6% 9.1% 32.7% 60.8% 88.6%
Share price 19.4% 14.4% 39.5% 68.8% 83.8%
*Launched on 13 December 2005.
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 168.93p
Net asset value - cum income: 170.49p
Share price: 169.25p
Premium to NAV (capital only): 0.2%
Net yield: 3.1%
Gearing: 8.9%
Revenue per share: 1.56p
Total assets: �129.0m
Ordinary shares in issue: 69,610,662
(excluding 5,989,338 Treasury shares)
Sector Analysis % of Total Country Analysis % of Total
Assets Assets
Integrated Oil 22.4 Global 20.5
Diversified 18.3 USA 17.0
Exploration & Production 13.3 Europe 12.9
Copper 7.6 Asia 12.0
Aluminium 6.3 Latin America 9.6
Gold 6.0 Canada 8.7
Nickel 5.2 Australia 5.6
Platinum 5.0 China 4.3
Coal 4.6 South Africa 3.9
Oil Services 3.8 Russia 1.9
Zinc 2.0 Africa 1.8
Tin 1.1 Current assets 1.8
Uranium 0.7 -----
Refining & Marketing 0.7 Total 100.0
Distribution 0.6
Diamond 0.3
Mineral Sands 0.3
Current assets 1.8
-----
Total 100.0
Ten Largest Equity Investments (in alphabetical order)
Company Region of Risk
Alcoa USA
BHP Billiton Global
Chevron Global
CNOOC China
CVRD Latin America
Eni Europe
Impala Platinum South Africa
Rio Tinto Global
StatoilHydro Europe
Total Global
Commenting on the markets, Richard Davis, representing the Investment Manager
noted:
February was a much better month for commodity markets, after their falls in
January. In the energy market, oil prices peaked at US$103/Bbl (WTI). This
strength was driven by falling US crude oil inventories as colder weather in
many parts of the US drove heating oil demand, as well as US dollar weakness
and a bullish supply-demand picture emerging for 2008. OPEC took the decision
not to increase production quotas at their early March meeting, despite calls
that they do so in order to close the projected supply shortage. International
coal and gas prices rallied on supply disruptions in Australia, South Africa
and China, coupled with robust Asian demand. In the mining sector, negotiations
regarding the annual price for iron ore settled on a 65% price increase for the
2008 contractual year. Continuing power shortages in South Africa resulted in a
rally in precious metals prices, with platinum in particular making strong
gains. In equity news, BHP Billiton made its formal offer for Rio Tinto,
raising the level to 3.4 shares per Rio Tinto share.
Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).
28 March 2008
END
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