BlackRock Frontiers Investment Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, November 26
BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)
All information is at 31 October 2025and unaudited.
Performance at month end with net income reinvested.
One
| Three
| One
| Three
| Five
| Since
| |
Sterling: | ||||||
Share price | 2.7 | 4.4 | 24.7 | 55.8 | 121.9 | 202.4 |
Net asset value | 3.7 | 5.7 | 17.3 | 44.6 | 120.4 | 220.7 |
Benchmark (NR)** | 4.4 | 6.2 | 14.7 | 16.2 | 60.9 | 118.2 |
MSCI Frontiers Index (NR) | 3.1 | 9.0 | 34.9 | 53.8 | 61.8 | 148.6 |
MSCI Emerging Markets Index (NR) | 6.7 | 13.9 | 25.2 | 55.6 | 41.0 | 114.5 |
US Dollars: | ||||||
Share price | 0.2 | 3.6 | 27.5 | 78.0 | 125.7 | 156.2 |
Net asset value | 1.2 | 5.0 | 19.9 | 65.2 | 124.2 | 171.2 |
Benchmark (NR)** | 1.9 | 5.4 | 17.2 | 32.6 | 63.5 | 85.3 |
MSCI Frontiers Index (NR) | 0.6 | 8.2 | 37.9 | 75.6 | 64.4 | 109.5 |
MSCI Emerging Markets Index (NR) | 4.2 | 13.1 | 27.9 | 77.6 | 43.3 | 80.8 |
Sources: BlackRock and Standard & Poor's Micropal
* 17 December 2010.
** The Company's benchmark changed to MSCI Frontier + Emerging ex Selected Countries Index (net total return, USD) effective 1/4/2018.
At month end | |
US Dollar | |
Net asset value - capital only: | 231.99c |
Net asset value - cum income: | 238.83c |
Sterling: | |
Net asset value - capital only: | 176.57p |
Net asset value - cum income: | 181.77p |
Share price: | 172.50p |
Total assets (including income): | £344.0m |
Discount to cum-income NAV: | 5.1% |
Gearing: | Nil |
Gearing range (as a % of gross assets): | 0-20% |
Net yield*: | 4.4% |
Ordinary shares in issue**: | 189,270,248 |
Ongoing charges***: | 1.41% |
Ongoing charges plus taxation and performance fee****: | 2.33% |
*The Company's yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 4.4% and includes the 2024 final dividend of 6.00 cents per share, declared on 5 December 2024 paid to shareholders on 14 February 2025 and the 2025 interim dividend of 3.65 cents per share, declared on 29 May 2025, paid to shareholders on 24 June 2025.
** Excluding 52,552,553 ordinary shares held in treasury.
***The Company's ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding performance fees, finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for Year ended 30 September 2024.
**** The Company's ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses and including performance fees but excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for Year ended 30 September 2024.
Sector | Gross market value as a % of net assets |
| Country | Gross market value as a % of net assets |
Financials | 54.0 | Saudi Arabia | 14.3 | |
Consumer Discretionary | 10.8 | United Arab Emirates | 10.3 | |
Real Estate | 9.5 | Turkey | 9.3 | |
Industrials | 8.4 | Poland | 8.4 | |
Communication Services | 8.0 | Egypt | 8.3 | |
Materials | 6.6 | Indonesia | 7.7 | |
Information Technology | 5.3 | Kazakhstan | 6.2 | |
Consumer Staples | 4.3 | Pakistan | 5.8 | |
Energy | 3.7 | Greece | 5.2 | |
Health Care | 3.4 | Vietnam | 5.2 | |
----- | Hungary | 5.1 | ||
114.0 | Kenya | 5.1 | ||
----- | Thailand | 5.0 | ||
Short Positions | -1.6 | Multi-International | 4.1 | |
----- | Georgia | 4.0 | ||
Bangladesh | 3.2 | |||
Philippines | 2.8 | |||
Malaysia | 2.5 | |||
Chile | 1.5 | |||
----- | ||||
114.0 | ||||
----- | ||||
Short Positions | -1.6 ----
|
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
30.11 2024 % | 31.12 2024 % | 31.01 2025 % | 28.02 2025 % | 31.03 2025 % | 30.04 2025 % | 31.05 2025 % | 30.06 2025 % | 31.07 2025 % | 31.08 2025 % | 30.09 2025 % | 30.10 2025 % | |
Long | 109.6 | 112.4 | 118.5 | 121.0 | 118.5 | 111.3 | 117.9 | 121.2 | 113.0 | 114.3 | 112.2 | 114.0 |
Short | 3.3 | 4.0 | 4.2 | 3.9 | 4.3 | 3.8 | 3.4 | 3.4 | 2.5 | 2.4 | 1.7 | 1.6 |
Gross | 112.9 | 116.4 | 122.7 | 124.9 | 122.8 | 115.1 | 121.3 | 124.6 | 115.5 | 116.7 | 113.9 | 115.6 |
Net | 106.3 | 108.4 | 114.3 | 117.1 | 114.2 | 107.5 | 114.5 | 117.8 | 110.5 | 111.9 | 110.5 | 112.4 |
Ten Largest Investments
Company | Country of Risk | Gross market value as a % of net assets |
Bank Mandiri | Indonesia | 4.7 |
Al Rajhi Bank | Saudi Arabia | 4.2 |
OTP Bank | Hungary | 3.7 |
LPP | Poland | 3.7 |
Etihad Etisalat | Saudi Arabia | 3.7 |
Emaar Properties | United Arab Emirates | 3.6 |
Akbank | Turkey | 3.2 |
Lucky Cement | Pakistan | 3.1 |
Equity Group | Kenya | 3.0 |
PKO Bank Polski | Poland | 2.9 |
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted:
The Company's NAV returned 1.2% in October 2025, underperforming its benchmark, the MSCI Frontier + Emerging ex Selected Countries Index ("Benchmark Index"), which returned 1.9%. For reference, the MSCI Emerging Markets Index returned +4.2% while the MSCI Frontier Markets Index returned 0.6% over the same period. All performance figures are on a US Dollar basis with net income reinvested.
A number of markets demonstrated strong performance through October, with markets as diverse as Bahrain (13.3%), Colombia (8.9%) and Hungary (8.7%) being the top performers in the universe. Our portfolio saw strong returns from the UAE, where real estate stocks continue to benefit from the strong demand environment, and Kenya where we are tentatively hopeful that we could be reaching the end of a protracted, approximately a 15-year asset quality cycle.
At the stock level, a broad range of names showed meaningful positive contributions. Kenyan Bank, Equity Group (14.1%) was the biggest contributor to returns as it jumped to record highs after reporting strong Q3 results, as easing inflation and improving credit quality supported growth. Vietnamese IT Services name, FPT (12.2%) rallied after reporting strong Q3 profit margins, further boosted by new partnerships with Chelsea FC, and Clearlake Capital to drive digital transformation in private equity. OTP Bank (10.4%) in Hungary also helped, following analyst upgrades. Emaar Properties (8.7%) rebounded after a September sell-off. Bank Mandiri (7.5%) was another contributor, rebounding after the stock had reached an excessively low valuation.
On the flipside, in the Philippines, exposure to online gaming company DigiPlus (-18.0%) detracted as investors remained cautious on regulatory change. Ayala Land (-19.2%) detracted amid expectations of slower Philippine bank lending tightening liquidity conditions, coupled with concerns over a corruption probe weighing on business sentiment. Eldorado Gold (-11.3%) declined alongside a correction in the gold price, despite multiple analyst upgrades and solid Q3 financial results. Turkiye Is Bankasi (-11.9%) declined on a re-emergence of political tensions in Turkey. Wizz Air (-11.5%) on concerns of weakening pricing in the airline sector.
We made a few tactical changes in October. In Egypt, we initiated a position in electronic payments network Fawry, which we believe may benefit from. In Poland, we topped up Polish bank positions on weakness given their attractive valuation. We participated in the IPO of the African digital microlender Optasia, which we believe can continue to show strong loan growth. We took some profits in Brac Bank and OTP Bank following strong performance.
Looking ahead, we remain constructive on the outlook for smaller emerging and frontier markets. With inflation easing across many of our key markets and U.S. bond yields remaining relatively stable, we anticipate that central banks in our target countries will begin to resume interest rate cuts in the near term. This backdrop sets the stage for a cyclical recovery in domestically driven economies. Valuations across our investment universe remain attractive, both in absolute and relative terms. Many of these markets are still under-researched, and we believe this creates fertile ground for finding high-conviction, alpha-generating opportunities.
Sources:
1 BlackRock as at 31 October 2025
2 MSCI as at 31 October 2025
26 November 2025
ENDS
Latest information is available by typing www.blackrock.com/uk/brfi 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 BlackRock's website (or any other website) is incorporated into, or forms part of, this announcement.
 Release |
