BlackRock American Income Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, December 10
BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 31 October 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 | 3.6 | 8.1 | 17.2 | 11.5 | 22.1 | 78.3 |
Share price | 2.3 | 8.6 | 17.7 | 20.9 | 26.4 | 86.4 |
Russell 1000 Value Index | 2.9 | 6.0 | 15.1 | 8.8 | 27.7 | 91.8 |
Russell 1000 Value Index (Net 15% WHT Total Return)* | 2.9 | 5.9 | 15.0 | 8.4 | 26.5 | 88.7 |
*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: | 229.00p |
Net asset value - cum income: | 229.56p |
Share price: | 218.00p |
Discount to cum income NAV: | 5.0% |
Net yield 1 : | 5.4% |
Total assets including current year revenue: | £129.5m |
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 01 April 2025, one quarterly dividend of 3.03p per share declared on 15 May 2025, one quarterly dividend of 3.23p per share declared on 07 August 2025 and one quarterly dividend of 3.44p per share declared on 03 November 2025 for the year ending 31 October 2025 and based on the share price as at close of business on 31 October 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 | 21.5 |
Industrials | 14.7 |
Information Technology | 14.4 |
Health Care | 13.1 |
Consumer Discretionary | 9.2 |
Communication Services | 6.4 |
Consumer Staples | 6.3 |
Energy | 4.3 |
Materials | 3.5 |
Utilities | 3.2 |
Real Estate | 2.8 |
Net Current Assets | 0.6 |
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100.0 | |
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Country Analysis | Total Assets (%) |
United States | 99.4 |
Net Current Assets | 0.6 |
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100.0 | |
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#
Top 10 Holdings | Country | % Total Assets |
Alphabet | United States | 4.0 |
Amazon | United States | 3.4 |
JPMorgan Chase | United States | 3.1 |
Berkshire Hathaway | United States | 2.7 |
Walmart | United States | 2.5 |
Bank of America | United States | 2.4 |
Morgan Stanley | United States | 1.9 |
Johnson & Johnson | United States | 1.9 |
Meta | United States | 1.8 |
Charles Schwab | United States | 1.7 |
Travis Cooke and Muzo Kayacan, representing the Investment Manager, noted:
For the month ended 31 October 2025, the Company had a strong month with the NAV rising by 3.6% in Sterling terms, outperforming the Russell 1000 Value Index by 0.7% (Net Total Return). This continued the recent run of positive relative performance.
In October 2025, U.S. equities gained across the board. October was a volatile month with an early sell off across risk assets followed by controlled recovery into the end of the month. Value within large cap generally performed fairly flat with a tail off in performance towards the end of the month.
From a sector perspective, the Company was positioned on the correct side again of the technology trade with a modest overweight exposure to Information Technology contributing a quarter of the outperformance. Stock selection within Information Technology, Industrials and Health Care were the other substantial contributions.
In terms of asset contributions to performance, Cardinal Health was the most effective with the portfolio capturing its 20% rally. Aggregate machine learning models were overweight the stock, alongside signals looking at AI utilisation, retail activity on Trading 212 and veteran hiring amongst others.
Overweight exposure to Regeneron proved effective, as did to Micron, Lam Research and Amazon. Conversely, overweight exposure to Meta and underweight exposure to AMD proved less effective. Meta struggled dropping by over 12% in October 2025 as concerns over increasing AI capex grew stronger post earnings 1 .
Signal wise, we saw contributions to performance coming from a variety of places. Timing models both of momentum and industry/style factors performed well as did company linkages (which identify related companies across sectors). Fundamentals like R&D to Total Assets also did well but generally performance was mixed across quality signals. As an example, one signal predicting sales growth performed more poorly.
1 https://www.nasdaq.com/articles/why-meta-platforms-stock-fell-12-october
Source: BlackRock.
10 December 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.
