BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC
BLACKROCK NORTH AMERICAN INCOME TRUST plc
All information is at 30 April 2016 and unaudited.
Performance at month end with net income reinvested
One Three Six One Since
Month Months Months Year Launch
(24 Oct 2012)
Net asset value 0.5% 4.7% 8.0% 7.3% 48.4%
Share price 2.3% 9.6% 11.1% 9.0% 38.8%
Russell 1000 Value Index 0.2% 6.0% 7.5% 4.5% 66.7%
Source: BlackRock
At month end
Net asset value - capital only: 128.31p
Net asset value - cum income: 130.03p
Share price: 123.25p
Discount to cum income NAV: 5.2%
Net yield*: 3.7%
Total assets including current year revenue: £90.4m
Net cash: 1.3%
Options overwrite: 17.51%
Ordinary shares in issue**: 69,549,044
Ongoing charges***: 1.2%
* Based on dividends of 1.20p per share declared on 4 May 2016 and 1.10p per
share declared on 18 February 2016, 4 November 2015 and 5 August 2015.
** Excluding 30,812,261 ordinary shares held in treasury.
*** 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 2015.
Benchmark
Sector Analysis Total Assets (%)
Financials 25.1
Health Care 14.2
Industrials 12.3
Energy 10.8
Information Technology 9.8
Consumer Staples 7.7
Consumer Discretionary 7.3
Utilities 5.8
Materials 3.4
Telecommunication Services 2.3
Net current assets 1.3
-----
100.0
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Country Analysis Total Assets (%)
USA 94.6
France 1.6
United Kingdom 1.6
China 0.4
Canada 0.3
Netherlands 0.2
Net current assets 1.3
-----
100.0
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Ten Largest Investments
Company Country of Risk Total Assets (%)
JPMorgan Chase USA 3.8
Wells Fargo USA 3.4
General Electric USA 3.2
Pfizer USA 3.1
Bank of America USA 2.4
Exxon Mobil USA 2.3
Intel USA 2.3
Home Depot USA 2.2
Citigroup USA 2.1
Occidental Petroleum USA 2.0
Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted:
Performance
For the one month period ended 30 April 2016 the Company's NAV increased by
0.5% whilst the share price increased by 2.3% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, increased by 0.2% for the period.
The largest contributor to relative performance during the month was stock
selection in the financials sector. Notably, our overweight position in
SunTrust Banks outperformed after the company exceeded quarterly earnings
estimates. Our overweight to bank holdings Citigroup and JPMorgan Chase also
added to relative returns, as did our underweight to real estate investment
trusts. Stock selection in health care also contributed to relative returns,
especially within the pharmaceuticals industry. Lastly, a combination of stock
selection and an underweight to the information technology and utilities
sectors added to relative performance for the period.
The largest detractor from relative performance was stock selection in the
consumer discretionary sector, with notable detractors including our
non-benchmark positions in The Gap and Dollar General Corporation. Our
underweight to the energy equipment & services and metals & mining industries
also hurt relative performance, given the rally in oil & metals commodity
prices. Stock selection in consumer staples and industrials also modestly
dampened relative performance for the month.
Transactions/Options
Transactions: Few changes were made to the portfolio positioning during the
month. Within the financials sector, we reduced our allocation to Citigroup
and used the proceeds to increase our exposure to Bank of America. Similarly,
in health care we reduced our allocation to AbbVie, and used the proceeds to
increase our exposure to AstraZeneca. Lastly, we exited our position in mining
operator BHP Billiton during the month.
Options: As at 30 April 2016, the Company's options exposure was 17.51% and
the delta of the options was 91.01%.
Positioning
The Company is currently overweight to the health care, consumer discretionary,
industrials, consumer staples, and materials sectors. We are underweight to
the financials, energy, utilities, information technology, and telecom services
sectors.
16 May 2016
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
May 16, 2016 at 12:30 pm EDT
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© PRNewswire - 2016
