BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC
BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 30 June 2017 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Since
Month Months Months Year Years Launch*
Net asset value 1.0% -1.1% 0.8% 20.5% 66.1% 99.7%
Share price 1.0% -1.4% -6.5% 22.9% 59.2% 83.1%
Russell 1000 Value Index 1.0% -2.4% -0.4% 18.9% 62.9% 122.5%
Source: BlackRock
*Launched on 24 October 2012.
At month end
Net asset value - capital only: 166.99p
Net asset value - cum income: 168.23p
Share price: 156.00p
Discount to cum income NAV: 7.3%
Net yield*: 3.1%
Total assets including current year revenue: £115.9m
Gearing: Nil
Options overwrite: 15.17%
Ordinary shares in issue**: 68,874,044
Ongoing charges***: 1.0%
* Based on dividends of 1.20p per share declared on 21 February 2017, 3
November 2016, 3 August 2016 and 1.25p per share declared on 3 May 2017.
** Excluding 31,487,261 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 2016.
Benchmark
Sector Analysis Total Assets (%)
Financials 27.8
Health Care 15.5
Industrials 11.1
Energy 10.6
Information Technology 10.2
Consumer Staples 5.7
Utilities 4.9
Consumer Discretionary 4.6
Materials 3.6
Telecommunication Services 2.1
Net current assets 3.9
-----
100.0
====
Country Analysis Total Assets (%)
USA 83.0
Netherlands 3.6
United Kingdom 3.2
Canada 2.4
France 2.1
Ireland 0.8
South Korea 0.6
China 0.4
Net current assets 3.9
-----
100.0
=====
Ten Largest Investments
Company Country of Risk Total Assets (%)
JP Morgan Chase USA 4.6
Citigroup USA 3.7
Bank of America USA 3.7
Pfizer USA 3.4
Oracle USA 2.9
Dow Chemical USA 2.8
Wells Fargo USA 2.7
Anthem USA 2.4
General Electric USA 2.2
Merck USA 2.1
Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted:
For the one month period ended 30 June 2017, the Company's NAV and share price
increased by 1.0%. The Company's benchmark, the Russell 1000 Value Index, also
rose by 1.0% (all performance figures in sterling terms and with income
reinvested).
The largest contributor to relative performance during the month was stock
selection in the information technology sector. Notably, investment decisions
within the semiconductors and technology hardware, storage & peripherals
industries proved to be beneficial. Within financials, an overweight to the
banks industry also boosted relative returns, led by portfolio holdings
Citigroup, JPMorgan Chase and Bank of America. Lastly, an underweight to the
telecommunication services sector added modestly to relative performance during
the month.
The largest detractor from relative performance was stock selection in the
consumer discretionary sector, as portfolio overweight Comcast Corporation
lagged relative to its media industry peers. Stock selection in energy also
hurt relative returns as overweight positions in Suncor Energy and Total proved
to be costly. Lastly, stock selection in the consumer staples sector and the
portfolio's cash position weighed on relative returns during the month.
Transactions/Options
Transactions: Notable portfolio transactions during the month included exiting
our position in Schlumberger, an oil & gas equipment and services operator, and
using the proceeds to initiate a position in its industry peer, Halliburton.
Options: As of 30 June 2017, the Company's options exposure was 15.17% and the
delta of the options was 87.79.
Positioning
As of the period end, the Company's largest overweight positions relative to
the benchmark were in the industrials, information technology and health care
sectors. The Company's largest underweight positions relative to the benchmark
were in the real estate, consumer staples and consumer discretionary sectors.
19 July 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
July 19, 2017 at 12:12 pm EDT
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© PRNewswire - 2017
