BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC
BLACKROCK NORTH AMERICAN INCOME TRUST plc
All information is at 30 June 2015 and unaudited.
Performance at month end with net income reinvested
One Three Six Since
Month Months Months Launch
(24 Oct
2012)
Net asset value -4.8% -5.6% -1.9% 33.9%
Share price -5.4% -7.9% -5.3% 19.3%
Russell 1000 Value Index -4.9% -5.5% -1.5% 54.6%
Source: BlackRock
At month end
Net asset value - capital only: 119.24p
Net asset value - cum income: 120.53p
Share price: 109.00p
Discount to cum income NAV: 9.6%
Net yield*: 3.8%
Total assets including current year revenue: £96.5m
Target yield: 4.3p
Gearing: Nil
Options overwrite: 16.24%
Ordinary shares in issue: 80,039,044
Ordinary shares held in treasury 20,322,261
Ongoing charges**: 1.3%
* Based on dividends of 1.10p per share declared on 6 May 2015 and 1.00p per
share each declared on 13 August 2014, 6 November 2014 and 12 February 2015.
** Ongoing charges represent the management fee and all other operating
expenses excluding interest as a % of average shareholders' funds for the year
ended 31 October 2014.
Benchmark
Sector Analysis Total Assets (%)
Financials 26.9
Health Care 14.3
Industrials 14.2
Energy 8.6
Consumer Discretionary 8.3
Consumer Staples 7.4
Information Technology 7.3
Utilities 5.5
Materials 4.3
Telecommunication Services 2.5
Net current assets 0.7
-----
100.0
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Country Analysis Total Assets (%)
USA 96.1
France 1.5
United Kingdom 0.8
Australia 0.4
Canada 0.3
Netherlands 0.2
Net current assets 0.7
-----
100.0
=====
Ten Largest Investments
Company Country of Risk Total Assets (%)
JPMorgan Chase USA 4.2
Wells Fargo USA 4.0
Citigroup USA 3.2
General Electric USA 2.7
Home Depot USA 2.7
Pfizer USA 2.6
Merck USA 2.2
United Health USA 2.2
Microsoft USA 2.1
Bristol-Myers Squibb USA 2.0
Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted:
Performance
For the one month period ended 30 June 2015, the Company's NAV decreased by
4.8% while the share price fell by 5.4% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, declined by 4.9% for the period.
The largest contributor to relative returns was stock selection in the
financials sector. Notably, our underweight to real estate investment trusts
proved to be beneficial, as did our overweight to JPMorgan Chase. Stock
selection in consumer discretionary also added to relative performance as
recent portfolio additions, Dollar General and Home Depot, outperformed
benchmark peers. Lastly, stock selection in energy and consumer staples added
modestly to relative performance for the month.
The largest detractor from relative performance in June was stock selection in
materials as portfolio overweight, E.I. du Pont de Nemours, lagged benchmark
peers. Stock selection in telecommunication services also hurt relative
performance as portfolio overweight, Verizon Communications, underperformed
relative to benchmark holding AT&T. Stock selection in the health care and
industrials sectors also modestly dampened relative returns for the month.
Transactions/Options
Transactions: In June we increased our exposure to the financials sector by
adding to existing positions in Citigroup, JPMorgan Chase and American
International Group. Conversely, we reduced our exposure to the consumer
discretionary sector by eliminating our position in VF Corporation and trimming
our exposure to Comcast and McDonald's.
As at 30 June 2015, the Company's options exposure was 16.24% and the delta of
the options was 94.47%.
Positioning
The Company is currently overweight to the industrials, health care, consumer
discretionary, materials and consumer staples sectors. We maintain a neutral
weighting in telecommunication services and are underweight to the energy,
information technology, financials, and utilities sectors.
16 July 2015
Latest information is available by typing blackrock.co.uk/brna 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.
BLACKROCK NORTH AMERICAN INCOME : Portfolio Update
July 16, 2015 at 05:18 am EDT
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© PRNewswire - 2015
