BlackRock American Income Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, November 07
BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 30 September 2025 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 | 2.8 | 8.4 | 7.1 | 9.7 | 24.8 | 68.2 |
Share price | 2.9 | 11.6 | 12.2 | 15.7 | 26.4 | 76.7 |
Russell 1000 Value Index | 1.9 | 7.2 | 4.8 | 9.0 | 32.7 | 83.9 |
Russell 1000 Value Index (Net 15% WHT Total Return)* | 1.8 | 7.1 | 4.7 | 8.7 | 31.4 | 80.9 |
*The Company's performance reference index (the Russell 1000 Value Index) may be calculated on either a gross or a net return basis. Net return (NR) indices calculate the reinvestment of dividends net of withholding taxes using the tax rates applicable to non-resident institutional investors and hence give a lower total return than indices where calculations are done on a gross basis. As the Company is subject to the same withholding tax rates for the countries in which it invests, the NR basis is felt to be the most accurate, appropriate, consistent and fair comparison of performance returns for the Company.
At month end
Net asset value - capital only: | 221.16p |
Net asset value - cum income: | 221.51p |
Share price: | 213.00p |
Discount to cum income NAV: | 3.8% |
Net yield 1 : | 4.8% |
Total assets including current year revenue: | £125.0m |
Net cash: | 0.2% |
Ordinary shares in issue 2 : | 56,412,138 |
Ongoing charges 3 : | 1.06% |
1 Based on one quarterly dividend of 2.00p per share declared on 13 November 2024 for the year ended 31 October 2024, one quarterly dividend of 2.00p per share declared on 01 April 2025, one quarterly dividend of 3.03p per share declared on 15 May 2025 and one quarterly dividend of 3.23p per share declared on 07 August 2025 for the year ending 31 October 2025 and based on the share price as at close of business on 30 September 2025.
² Excluding 38,949,167 ordinary shares held in treasury.
³ The 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 2024.
Sector Analysis | Total Assets (%) |
Financials | 21.7 |
Industrials | 14.4 |
Information Technology | 13.2 |
Health Care | 13.1 |
Consumer Discretionary | 9.1 |
Communication Services | 6.8 |
Consumer Staples | 6.4 |
Energy | 4.5 |
Utilities | 3.6 |
Materials | 3.2 |
Real Estate | 3.2 |
Net Current Assets | 0.8 |
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100.0 | |
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Country Analysis | Total Assets (%) |
United States | 99.2 |
Net Current Assets | 0.8 |
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100.0 | |
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#
Top 10 Holdings | Country | % Total Assets |
Alphabet | United States | 3.3 |
JPMorgan Chase | United States | 3.2 |
Berkshire Hathaway | United States | 2.8 |
Walmart | United States | 2.6 |
Amazon | United States | 2.5 |
Bank of America | United States | 2.3 |
Morgan Stanley | United States | 1.9 |
Johnson & Johnson | United States | 1.8 |
Pfizer | United States | 1.7 |
Honeywell International | United States | 1.7 |
Travis Cooke and Muzo Kayacan, representing the Investment Manager, noted:
For the month ended 30 September 2025, the Company had a strong month with the NAV rising by 2.8% in Sterling terms, outperforming the Russell 1000 Value Index by 1.0% (Net Total Return). This continued the recent run of positive relative performance, driven by strong signal alignment and favourable sector positioning.
In September 2025, U.S. equities gained across the board. The Federal Reserve showed a better than predicted 2025 GDP growth (1.6% vs 1.4%) 1 . A 0.25% rate cut to a target range of 4.00%-4.25%, lowered treasury yields and helped support risk assets. We continued to see all time high retail action buying into speculative and growthy stocks; particularly within technology where sentiment ahead of Q3 earnings remained strong.
From a sector perspective, the Company was positioned on the correct side of the technology trade with an overweight exposure that contributed over 40% of the return for the period. Healthcare was also a very notable contribution.
Within Information Technology an overweight exposure to Lam Research paid off, whose stock price jumped over 33% on expectations of increased spending in wafer front-end equipment. The healthcare performance was buoyed by a broad range of companies, some notable mentions include Ionis Pharmaceuticals and AbbVie. Ionis Pharmaceuticals surged over 15% on strong Phase 3 drug trials for a rare neurological condition 3 . AbbVie gained around 10% after extending Rinvoq's patent protection - both lifting biotech sentiment 4 .
Signal wise, we saw the largest contribution coming from our top-down industry timing signals, including those that are based on macroeconomic and valuation data. They were well-positioned for strength in semiconductor and other technology firms. Signals that track short selling of stocks also worked well. On the negative side, in the more macro and sentiment driven-environment, some signals focused on capturing fundamentals - such as those based on companies' mobile app usage or text analysis of quarterly earnings call transcripts - struggled.
1 FOMC Press Conference 16-17 September
2 Why Lam Research Rallied September | Yahoo Finance
3 Ionis announces positive Topline Results | Ionis
4 https://www.pharmaceutical-technology.com/news/abbvie-extends-rinvoq-exclusivity-by-four-years-after-generics-settlements/
Source: BlackRock.
7 November 2025
Latest information is available by typing blackrock.com/uk/braion 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.
