BlackRock Commodities Income Investment Trust Plc - Portfolio Update

BlackRock Commodities Income Investment Trust Plc - Portfolio Update

PR Newswire

London, April 11

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 March 2019 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

4.4%

12.4%

-3.5%

12.5%

60.1%

3.7%

Share price

2.7%

9.1%

-2.1%

11.5%

45.6%

-3.4%

Sources: Datastream, BlackRock

At month end

Net asset value - capital only:

80.35p

Net asset value cum income*:

80.67p

Share price:

76.20p

Discount to NAV (cum income):

5.5%

Net yield:

5.2%

Gearing - cum income:

10.2%

Total assets^:

£103.7m

Ordinary shares in issue**:

116,126,515

Gearing range (as a % of net assets):

0-20%

Ongoing charges***:

1.4%

* Includes net revenue of 0.32p. ^ Includes current year revenue. ** Excludes 2,839,485 shares held in treasury *** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2018.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

30.2

Global

63.6

Diversified Mining

24.3

USA

14.7

Copper

10.5

Canada

10.3

Exploration & Production

10.0

Latin America

4.7

Gold

10.0

Australia

4.3

Industrial Minerals

3.9

Asia

1.5

Silver

3.2

Africa

0.5

Diamonds

2.2

Net current liabilities

0.4

Electricity

1.9

-----

Aluminium

1.5

100.0

Distribution

1.2

=====

Steel

0.7

Net Current Liabilities

0.4

----- 100.0 =====

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

7.6

First Quantum Minerals

Global

7.5

Royal Dutch Shell 'B'

Global

6.3

BP Group

Global

5.3

Rio Tinto

Global

4.8

Exxon Mobil

Global

4.7

Chevron

Global

4.6

Barrick Gold

Global

3.9

Vale - ADS

Latin America

3.1

ConocoPhillips

USA

3.1

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted: The Company's NAV increased by 4.4% during the month of March (in GBP terms). Sentiment around global economic growth improved through March, with lower US interest rate expectations and stronger economic data from China appearing to be the primary drivers. The US Federal Reserve announced that it didn't expect to raise interest rates again in 2019, whilst China's manufacturing PMI (Purchasing Managers' Index) came in at 50.8 versus expectations of 49.9. Global equity markets rose amidst this backdrop, with the MSCI World TR Index up 1.3%. In the mining space, having performed strongly in January and February, we saw a degree of profit taking in March post company results. Within the mined commodities, the base metals were relatively flat, with the exception of zinc which increased by 6.6%, on the back of supply side tightness. The iron ore (62% fe) price remained elevated, finishing the month at $87/tonne, owing to market tightness following Vale's production suspensions and cyclone activity impacting production in Western Australia. Meanwhile, energy equities continued to lag oil prices as Brent and WTI (West Texas Intermediate) oil prices rose 4.4% and 5.2% respectively. We see this as an opportunity, however, as energy shares are pricing in an overly-pessimistic oil price outlook in our view. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

ENDS

Latest information is available by typing www.blackrock.co.uk/brci 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.