BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC
BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 28 February 2017 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Since
Month Months Months Year Years Launch
(24 Oct
2012)
Net asset value 4.6% 6.3% 16.9% 41.8% 74.2% 103.8%
Share price 1.1% 4.6% 17.8% 41.2% 74.5% 90.6%
Russell 1000 Value 4.7% 7.4% 16.9% 44.6% 78.8% 131.5%
Index
Source: BlackRock
At month end
Net asset value - capital only: 172.53p
Net asset value - cum income: 174.16p
Share price: 165.00p
Discount to cum income NAV: 5.3%
Net yield1: 2.9%
Total assets including current year revenue: £120.1m
Gearing: Nil
Options overwrite: 16.53%
Ordinary shares in issue2: 68,949,044
Ongoing charges3: 1.04%
1 Based on dividends of 1.20p per share declared on 21 February 2017, 3
November 2016, 3 August 2016 and 4 May 2016.
2 Excluding 31,412,261 ordinary shares held in treasury.
3 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 2016.
Benchmark
Sector Analysis Total Assets (%)
Financials 28.0
Health Care 14.4
Industrials 10.9
Energy 10.6
Information Technology 9.7
Consumer Staples 6.5
Consumer Discretionary 5.5
Utilities 4.8
Materials 3.5
Telecommunication Services 2.0
Net current assets 4.1
-----
100.0
=====
Country Analysis Total Assets (%)
USA 86.2
United Kingdom 2.6
Canada 2.2
France 2.1
Netherlands 1.7
Ireland 0.7
China 0.4
Net current assets 4.1
-----
100.0
=====
Ten Largest Investments
Company Country of Risk Total Assets (%)
Bank of America USA 4.5
JPMorgan Chase USA 4.3
Pfizer USA 3.5
Citigroup USA 2.9
Wells Fargo USA 2.9
General Electric USA 2.4
Oracle USA 2.3
Microsoft USA 2.2
Merck USA 2.2
Dow Chemical USA 2.1
Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted:
Performance
For the one month period ended 28 February 2017, the Company's NAV increased by
4.6%, whilst the share price increased by 1.1% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, returned 4.7% for the period.
The largest contributor to relative performance during the month was a
combination of stock selection and allocation decisions in the energy sector.
Notably, our underweight position in the energy equipment & services industry
proved to be beneficial. Stock selection in industrials also added to relative
returns, led by non-benchmark aerospace & defence holdings Northrop Grumman and
Lockheed Martin Corporation. An overweight to the health care sector and stock
selection in financials also added to relative returns during the month.
The largest detractor from relative performance was stock selection in the
information technology sector. Notably, positions in non-benchmark holdings
Microsoft and Samsung proved to be costly. Within the sector, not owning
benchmark holdings Cisco Systems and Apple also dragged on relative returns.
Lastly, stock selection in the consumer staples sector and media industry also
dampened relative performance.
Transactions/Options
Transactions: Notable portfolio changes included increasing our exposure to the
industrials sector by initiating a new position in Pentair and adding to our
position in Koninklijke Philips. Conversely, we reduced our exposure to the
energy and consumer staples sectors through exiting our positions in
ConocoPhillips and Mead Johnson Nutrition respectively.
Options: As at 28 February 2017, the Company's options exposure was 16.53% and
the delta of the options was 87.85%.
Positioning
As at the period end, the Company's largest overweight positions relative to
the benchmark were in the health care, consumer discretionary, industrials,
financials and materials sectors. The Company was approximately equal-weight
in the information technology sector, and was underweight to the real estate,
consumer staples, telecommunication services, energy, and utilities sectors.
15 March 2017
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 : TRUST PLC - Portfolio Update
March 15, 2017 at 01:21 pm EDT
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© PRNewswire - 2017
