BlackRock Sustainable American Income Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, July 12
The information contained in this release was correct as at 30 June 2023. 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 at 30June 2023 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 | 4.5 | 1.9 | -1.3 | 2.7 | 35.8 | 44.8 |
| Share price | 2.5 | 2.2 | -2.0 | 3.6 | 39.8 | 34.0 |
| Russell 1000 Value Index | 4.0 | 1.2 | -0.5 | 6.5 | 45.1 | 53.3 |
At month end
| Net asset value - capital only: | 200.25p |
| Net asset value - cum income: | 200.77p |
| Share price: | 186.00p |
| Discount to cum income NAV: | 7.4% |
| Net yield1: | 4.3% |
| Total assets including current year revenue: | £161.1m |
| Net cash: | 0.1% |
| Ordinary shares in issue2: | 80,229,044 |
| Ongoing charges3: | 1.0% |
1Based on two quarterly dividends of 2.00p per share declared on 4 August 2022 and 2 November 2022 for the year ended 31 October 2022 and two quarterly dividends of 2.00p per share declared on 22 March 2023 and 11 May 2023 for the year ending 31 October 2023 and based on the share price as at close of business on 30 June 2023.
2Excluding 20,132,261 ordinary shares held in treasury.
3The Company's ongoing charges calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for the year ended 31 October 2022.
| Sector Analysis | Total Assets (%) |
| Health Care | 20.8 |
| Financials | 19.2 |
| Information Technology | 13.9 |
| Consumer Discretionary | 11.7 |
| Industrials | 9.7 |
| Energy | 8.1 |
| Consumer Staples | 5.0 |
| Communication Services | 4.1 |
| Materials | 3.6 |
| Utilities | 3.3 |
| Real Estate | 0.7 |
| Net Current Liabilities | -0.1 |
| ----- | |
| 100.0 | |
| ===== |
| Country Analysis | Total Assets (%) |
| United States | 84.6 |
| United Kingdom | 5.9 |
| Japan | 3.9 |
| France | 1.9 |
| Australia | 1.7 |
| Canada | 1.3 |
| Denmark | 0.8 |
| Net Current Liabilities | -0.1 |
| ----- | |
| 100.0 | |
| ===== |
| Top 10 Holdings | Country | % Total Assets |
| Laboratory Corporation of America | United States | 3.4 |
| Willis Towers Watson | United States | 2.8 |
| Cisco Systems | United States | 2.8 |
| CACI International | United States | 2.7 |
| Cognizant Technology Solutions | United States | 2.7 |
| Baxter International | United States | 2.7 |
| Shell | United Kingdom | 2.6 |
| Cardinal Health | United States | 2.5 |
| Kraft Heinz | United States | 2.5 |
| Cigna | United States | 2.5 |
Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 30 June 2023, the Company's NAV increased by 4.5% and the share price by 2.5% (all in sterling). The Company's reference index, the Russell 1000 Value Index, returned +4.0% for the period.
The largest contributor to relative performance stemmed from stock selection in health care, particularly in health care providers and services and health care equipment and supplies. An overweight allocation, along with selection decisions in consumer discretionary, also boosted relative performance, with stock selection in textiles and apparel proving beneficial. Other modest contributors during the period at the sector level included an underweight allocation to utilities and stock selection in energy.
The largest detractor from relative performance stemmed from stock selection in the consumer staples sector, with an overweight allocation and stock selection in food products proving costly. An underweight allocation to industrials, notably the decisions to not invest in the building products and electrical equipment industries also weighed on relative performance. Other modest detractors during the period included stock selection in financials and communication services.
Transactions
During the month, the Company did not initiate any purchases or sales.
Positioning
As of the period end, the Company's largest overweight positions relative to the reference index were in the health care, consumer discretionary and information technology sectors. The Company's largest underweight positions relative to the reference index were in the real estate, industrials and utilities sectors.
Source: BlackRock.
12 July 2023
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.
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