BlackRock Sustainable American Income Trust Plc - Portfolio Update
PR Newswire
London, July 19
The information contained in this release was correct as at 30 June 2022. 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 June 2022 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 | -5.8% | -5.7% | -1.1% | 7.5% | 28.2% | 49.5% |
| Share price | -7.4% | -9.6% | -6.2% | 5.5% | 16.0% | 49.3% |
| Russell 1000 Value Index | -5.3% | -4.8% | -2.8% | 6.0% | 27.9% | 51.2% |
At month end
| Net asset value - capital only: | 202.75p |
| Net asset value - cum income: | 203.10p |
| Share price: | 187.00p |
| Discount to cum income NAV: | 7.9% |
| Net yield1: | 4.3% |
| Total assets including current year revenue: | £162.9m |
| Gearing: | 3.0% |
| Ordinary shares in issue2: | 80,229,044 |
| Ongoing charges3: | 1.1% |
1 Based on two quarterly interim dividends of 2.00p per share declared on 5 August 2021 and 3 November 2021 for the year ended 31 October 2021, and two quarterly dividends of 2.00p per share declared on 22 March 2022 and 11 May 2022 for the year ending 31 October 2022 and based on the share price as at close of business on 30 June 2022.
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 31 October 2021.
| Sector Analysis | Total Assets (%) |
| Health Care | 20.6 |
| Financials | 20.0 |
| Information Technology | 14.8 |
| Consumer Discretionary | 9.7 |
| Energy | 7.3 |
| Materials | 6.7 |
| Communication Services | 6.5 |
| Consumer Staples | 5.4 |
| Utilities | 4.6 |
| Industrials | 4.4 |
| Real Estate | 0.8 |
| Net Current Liabilities | -0.8 |
| ---- | |
| 100.0 | |
| ===== | |
| Country Analysis | Total Assets (%) |
| United States | 81.4 |
| United Kingdom | 5.9 |
| Japan | 4.4 |
| France | 3.4 |
| Canada | 2.1 |
| Australia | 2.1 |
| Switzerland | 1.5 |
| Net Current Liabilities | -0.8 |
| ----- | |
| 100.0 | |
| ===== | |
| Top 10 Holdings | Country | % Total Assets |
| AstraZeneca | United Kingdom | 4.0 |
| Verizon Communications | United States | 3.7 |
| Sanofi | France | 3.4 |
| Cisco Systems | United States | 3.1 |
| Laboratory Corporation of America | United States | 3.0 |
| Cigna | United States | 2.7 |
| Willis Towers Watson | United States | 2.7 |
| Pepsico | United States | 2.6 |
| Komatsu | Japan | 2.5 |
| Wells Fargo | United States | 2.5 |
Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 30 June 2022, the Company's NAV decreased by 5.8% and the share price by 7.4% (all in sterling). The Company's reference index, the Russell 1000 Value Index, returned -5.3% for the period.
The largest contributor to relative performance was stock selection in the energy sector. Specifically, selection decisions in the oil, gas and consumable fuels industry helped relative returns, as did our decision to not invest in the energy equipment and services industry. Stock selection in the information technology sector boosted relative results, as did our underweight allocation to the semiconductors and semiconductor equipment industry. Other contributors during the period included investment decisions within the communication services sector.
The largest detractor from relative performance was due to stock selection in the financials sector. Specifically, selection decisions within insurance and allocation decisions within banks dampened relative results. Our stock selection within real estate also hurt relative returns. Lastly, investment decisions in the utilities sector proved costly.
Transactions
There were no new purchases in the portfolio during the month. The Company added to its positions in American International, Axalta Coating Systems, Comerica and Laboratory Corporation of America. Conversely, the Company trimmed its positions in Lear, JPMorgan Chase & Co, Komatsu and CDK Global. Lastly, there were no complete sales in the portfolio during the month.
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 materials 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 July 2022
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.
