BlackRock Sustainable American Income Trust Plc - Portfolio Update
PR Newswire
London, December 20
The information contained in this release was correct as at 30 November 2021. Information on the Company's up to date net asset values can be found on the London Stock Exchange Website at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.
BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at30 November 2021 and unaudited.
Performance at month end with net income reinvested
| One Month | Three Months | Six Months | One Year | Three Years | Five Years | |
| Net asset value | -1.9% | 2.0% | 4.2% | 19.9% | 30.3% | 50.7% |
| Share price | 0.1% | 4.2% | 7.0% | 26.1% | 26.9% | 54.5% |
| Russell 1000 Value Index | 0.0% | 1.8% | 6.8% | 23.4% | 33.5% | 54.6% |
At month end
| Net asset value - capital only: | 200.09p |
| Net asset value - cum income: | 200.30p |
| Share price: | 196.50p |
| Discount to cum income NAV: | 1.9% |
| Net yield1: | 4.1% |
| Total assets including current year revenue: | £160.7m |
| Gearing: | 0.8% |
| Ordinary shares in issue2: | 80,229,044 |
| Ongoing charges3: | 1.1% |
1 Based on four quarterly interim dividends of 2.00p per share declared on 23 March 2021, 5 May 2021, 5 August 2021 and 3 November 2021 for the year ended 31 October 2021, and based on the share price as at close of business on 30 November 2021.
² Excluding 20,132,261 ordinary shares held in treasury.
³ Ongoing charges represent the management fee and all other operating expenses excluding interest as a % of average shareholders' funds for the year ended 30 October 2020.
| Sector Analysis | Total Assets (%) |
| Financials | 25.3 |
| Health Care | 17.3 |
| Information Technology | 15.7 |
| Consumer Discretionary | 11.2 |
| Communication Services | 5.8 |
| Energy | 5.4 |
| Materials | 5.4 |
| Utilities | 5.2 |
| Industrials | 4.5 |
| Consumer Staples | 4.0 |
| Real Estate | 1.0 |
| Net Current Liabilities | -0.8 |
| ---- | |
| 100.0 | |
| ===== |
| Country Analysis | Total Assets (%) |
| United States | 81.9 |
| Japan | 4.6 |
| United Kingdom | 4.1 |
| France | 2.4 |
| Canada | 2.3 |
| Norway | 1.9 |
| Switzerland | 1.6 |
| Australia | 1.3 |
| Denmark | 0.7 |
| Net Current Assets | -0.8 |
| ----- | |
| 100.0 | |
| ===== | |
| Top 10 Holdings | Country | % Total Assets |
| Cisco Systems | United States | 4.2 |
| Cognizant Technology Solutions | United States | 3.4 |
| Comerica | United States | 3.3 |
| AstraZeneca | United Kingdom | 3.2 |
| Wells Fargo | United States | 3.2 |
| SS&C Technologies Holdings | United States | 2.9 |
| Komatsu | Japan | 2.8 |
| Zimmer Biomet | United States | 2.7 |
| American International Group | United States | 2.6 |
| Ralph Lauren | United States | 2.5 |
Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 30 November 2021, the Company's NAV decreased by 1.9% and the share price increased by 0.1% (all in sterling). The Company's reference index, the Russell 1000 Value Index, remained flat and returned 0.0% for the period.
The largest contributor to relative performance were allocation decisions in the communication services sector. Specifically, an underweight exposure to the entertainment and interactive media and services industries, in addition to stock selection within diversified telecoms, helped relative returns. Within consumer discretionary, selection decisions boosted relative results, including stock selection within specialty retail as well as an overweight exposure to automobiles. At the industry level, stock selection within information technology services also contributed to relative results.
The largest detractor from relative performance was stock selection in the health care sector. Specifically, stock selection in pharmaceuticals and health care equipment and supplies dampened relative results. Our selection decisions in industrials also hurt relative returns with stock choices in machinery proving costly. In financials, our stock selection in capital markets also weighed on relative returns, as did an overweight exposure to the insurance industry. Other modest detractors during the period included stock selection within information technology and an underweight exposure to real estate.
Transactions
Notable new purchases in the portfolio during the month included Exelon, PPG Industries and Reckitt Benckiser. Conversely, the Company exited its positions in Centerpoint Energy and Danone and trimmed its positions in Novo-Nordisk and Gildan Activewear.
Positioning
As of the period end, the Company's largest overweight positions relative to the reference index were in the information technology, consumer discretionary and financial sectors. The Company's largest underweight positions relative to the reference index were in the industrials, real estate and consumer staples sectors.
Source: BlackRock.
20 December 2021
Latest information is available by typing blackrock.com/uk/brsa 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.
