BlackRock American Income Trust Plc - Portfolio Update
Updated : 11:38
BlackRock American Income Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, December 24
BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 30 November 2024 and unaudited.
Performance at month end with net income reinvested
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| One Month(%) | Three Months(%) | Six Months(%) | One Year(%) | Three Years(%) | Five Years(%) |
| Net asset value | 6.8 | 6.2 | 6.2 | 19.5 | 28.0 | 50.8 |
| Share price | 11.6 | 7.2 | 9.0 | 20.8 | 20.7 | 36.3 |
| Russell 1000 Value Index | 7.6 | 10.3 | 14.2 | 29.0 | 40.0 | 70.2 |
| Russell 1000 Value Index (Net 15% WHT Total Return)* | 7.6 | 10.2 | 14.1 | 28.6 | 38.6 | 67.3 |
*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: | 228.72p |
| Net asset value - cum income: | 228.82p |
| Share price: | 210.00p |
| Discount to cum income NAV: | 8.2% |
| Net yield1: | 3.8% |
| Total assets including current year revenue: | £160.6m |
| Net gearing: | 1.3% |
| Ordinary shares in issue2: | 70,175,325 |
| Ongoing charges3: | 1.03% |
1 Based on four quarterly dividends of 2.00p per share declared on 14 March 2024, 29 May 2024, 1 August 2024 and 13 November 2024 for the year ended 31 October 2024, based on the share price as at close of business on 30 November 2024.
² Excluding 30,185,980 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 2023.
| Sector Analysis | Total Assets (%) |
| Financials | 17.2 |
| Health Care | 17.1 |
| Information Technology | 16.9 |
| Consumer Discretionary | 10.3 |
| Industrials | 7.1 |
| Communication Services | 7.0 |
| Materials | 6.6 |
| Energy | 6.2 |
| Consumer Staples | 5.8 |
| Utilities | 5.0 |
| Real Estate | 2.0 |
| Net Current Liabilities | -1.2 |
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| 100.0 |
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| Country Analysis | Total Assets (%) |
| United States | 92.1 |
| United Kingdom | 4.4 |
| France | 2.1 |
| South Korea | 1.7 |
| Canada | 0.9 |
| Net Current Liabilities | -1.2 |
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| 100.0 |
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| Top 10 Holdings | Country | % Total Assets |
| Citigroup | United States | 3.7 |
| Cardinal Health | United States | 3.2 |
| Wells Fargo | United States | 2.9 |
| CVS Health | United States | 2.8 |
| Comcast | United States | 2.8 |
| First Citizens BancShares | United States | 2.7 |
| Electronic Arts Inc | United States | 2.5 |
| Willis Towers Watson | United States | 2.5 |
| American International | United States | 2.4 |
| Baxter International | United States | 2.3 |
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Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 30 November 2024, the Company’s NAV increased by 6.8% and the share price increased by 11.6% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned 7.6% for the period.
At the sector level, the largest contributor to relative performance stemmed from stock selection in health care, with avoiding exposure in biotechnology boosting relative performance. Relative performance was also boosted by security selection in utilities, specifically selection decisions in multi-utilities. Other modest contributors during the period at the sector level included selection decisions in energy and an overweight position in consumer discretionary.
The largest detractor from relative performance stemmed from stock selection in financials, most notably selection decisions in financial services. Selection decisions in consumer staples also detracted from relative performance, with an overweight position in food products dragging on relative performance. Other modest detractors at the sector level included selection decisions in materials and communication services.
Transactions
During the month, the Company’s largest purchases were Keurig Dr Pepper and Rentokil Initial. The Company exited its positions in Icon and Unilever.
Positioning
As of the period end, the Company’s largest overweight positions relative to the reference index were in the information technology, consumer discretionary and health care sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, financials and real estate sectors.
Source: BlackRock.
24 December 2024
Latest information is available by typing blackrock.com/uk/brai 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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