BlackRock Energy and Resources Income Trust Plc - Portfolio Update

BlackRock Energy and Resources Income Trust Plc - Portfolio Update

PR Newswire

LONDON, United Kingdom, April 20

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 March 2026and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

-0.1%

19.4%

36.6%

63.2%

63.4%

150.2%

Share price

-1.6%

21.4%

41.4%

72.8%

62.2%

149.6%

Sources: Datastream, BlackRock

At month end

Net asset value - capital only:

197.00p

Net asset value cum income 1 :

198.26p

Share price:

190.00p

Discount to NAV (cum income):

4.2%

Net yield:

2.8%

Net Gearing - cum income:

5.0%

Total assets:

£201.0m

Ordinary shares in issue 2 :

101,389,497

Gearing range (as a % of net assets):

0-20%

Ongoing charges 3 :

1.15%

1 Includes net revenue of 1.26p. 2 Excluding 34,196,697 ordinary shares held in treasury. 3 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 finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2025. In addition, the Company's Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company's ongoing charges exceed 1.15% of average net assets.

Sector Overview

Traditional Energy

38.0%

Mining

32.3%

Energy Transition

30.5%

Other

0.6%

Net Current Liabilities

-1.4%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Global

52.8

Diversified

20.4

United States

14.2

Copper

4.3

Latin America

6.7

Gold

3.8

Canada

6.1

Industrial Minerals

2.0

North America

3.7

Aluminium

0.6

Germany

3.5

Platinum Group Metals

0.6

United Kingdom

3.4

Steel

0.6

France

2.7

Subtotal Mining:

32.3

Italy

1.9

Spain

1.8

Energy Transition:

China

1.7

Renewables

12.6

Australia

1.2

Electrification

9.2

Ireland

0.9

Storage

6.0

South Africa

0.5

Energy Efficiency

2.7

Other Africa

0.3

Subtotal Energy Transition:

30.5

Net Current Liabilities^

-1.4

Traditional Energy:

-----

Integrated

16.6

100.0

Oil Services

9.2

=====

E&P

6.3

Distribution

3.0

Refining & Marketing

2.9

Subtotal Traditional Energy:

38.0

Other:

Other

0.6

Subtotal Other:

0.6

Net Current Liabilities^

-1.4

-----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the tables above therefore exclude bank overdrafts equivalent to 3.6% of the Company's net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Chevron Corporation

Global

5.6

Glencore

Global

5.5

Vale - ADS

Latin America

5.0

Shell

Global

4.6

Anglo American

Global

4.1

TotalEnergies

Global

4.0

Abaxx Technologies

Global

3.2

EDP Renovaveis

Global

3.0

Nextpower

United States

2.9

Valero Energy

United States

2.9

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company's conventional energy exposure performed strongly during March, although this was offset by weakness in the mining and energy transition components. Overall, the Company outperformed broader equity markets on both a NAV and share price basis, with the MSCI ACWI Net TR Index falling 5.3% in sterling terms over the month. Market performance was dominated by the escalating conflict involving the US, Israel and Iran, which effectively led to a closure of the Strait of Hormuz-a critical transit route for oil, liquefied natural gas (LNG) and other commodities. Commodity prices rose sharply as a result, with Brent crude, for example, increasing from US$73 per barrel to US$104 per barrel over the month. Against this backdrop, the Company's exposure to integrated oil & gas and exploration & production companies supported returns. Within the Company's energy transition allocation, energy efficiency and electrification holdings detracted from performance, while renewable energy exposure contributed positively. We have long argued that meeting the world's growing power demands will require an "all - of - the - above" energy solution encompassing conventional energy, renewables and nuclear. The renewed focus on energy security stemming from this conflict further reinforces that view. This comes at a time when global power demand is beginning to grow following a prolonged period of relative stability, in part driven by the expansion of artificial intelligence. We believe the Company's mandate leaves investors well positioned for this environment. Within the mining component, gold equity exposure was the largest detractor over the month. The conflict appeared to trigger a flight to liquidity and interest rate expectations increasing, which weighed on gold prices. For reference, the gold price fell 12.0% over the month. In our view, the factors driving this move are temporary, while the longer - term structural tailwinds for gold remain firmly intact. Figures sourced from Datastream; prices quoted in US dollar terms unless specified otherwise as at 31 March 2026. 20 April 2026

ENDS

Latest information is available by typing www.blackrock.com/uk/beri 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.