BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC BlackRock Sustainable American Income Trust plc
Annual Report and Financial Statements 31 October 2022
Keeping in touch
We know how important it is to receive up-to-date information about the Company. To ensure that you are kept abreast, please scan the QR code to the right of this page to visit our website. If you have a smartphone, you can activate the QR code by opening the camera on your device and pointing it at the QR code. This will then open a link on the relevant section on the Company's website. By visiting our website, you will have
the opportunity to sign up to our monthly newsletter which includes our latest factsheets, market commentary, as well as upcoming events and webinars. Information about how we process personal data is contained in our privacy policy available on our website.
General enquiries about the Company should be directed to the Company Secretary at: cosec@blackrock.com
Use this QR code to take you to the Company's website where you can sign up to monthly insights and factsheets.
Financial highlights
as at 31 October 2022
197.50p1 | 213.25p |
Ordinary share price | NAV per ordinary share |
+3.6%2,3 | +7.4%2,3 |
1824.64 | £171.1m |
Reference Index | Net assets |
+10.7% | +3.5% |
8.00p | 4.1%3,4 |
Total dividends per share | Yield |
No change |
3.84p
Revenue earnings per ordinary share
-5.4%3
The above financial highlights are at 31 October 2022 and percentage comparisons are year-on-year against 31 October 2021.
- Mid-market.
- Share price and NAV performance are calculated in Sterling terms with dividends reinvested. ³ Alternative Performance Measures. See Glossary on pages 128 to 130.
4 Yield based on dividends paid and declared for the year ended 31 October 2022 and share price as at 31 October 2022.
Within the energy sector, Woodside Energy provides liquefied natural gas through its existing facilities whilst seeking to develop lower- and zero-carbon energy sources.
PHOTO COURTESY OF WOODSIDE ENERGY
Section 1: Overview and performance 1
Why BlackRock Sustainable American Income Trust plc?
Investment objective and approach
The Company's objective is to provide an attractive level of income together with capital appreciation over the long term in a manner consistent with the principles of sustainable investing adopted by the Company.
To achieve this outcome, we seek to identify dividend-paying companies that we view as Environmental, Social and Governance (ESG) Leaders, ESG Improvers or Sustainability Enablers1 that trade at attractive prices.
1 Please see the section 'About BlackRock Sustainable American Income Trust' for further information on how these categories have been defined.
Reasons to invest
U.S. multi-cap value
The Company offers investors access to a U.S. multi-cap value portfolio with an attractive dividend yield and a sustainable investment approach. We believe targeting companies with quality characteristics, such as clean balance sheets and sustainable cash flows, at reasonable valuations, can potentially deliver attractive and above average risk-adjusted returns over the long term.
Sustainability
The Company seeks to deliver a superior ESG outcome versus the Russell 1000 Value Index (the Company's current reference index), by aiming for the Company's portfolio to achieve a better ESG score than the reference index and a lower carbon emissions intensity relative to the reference index.
Income
The Company offers a consistent income stream. While capital appreciation is an important component of long-term total return, income can help to serve as a buffer when volatility returns in the market.
Focus on quality
The strategy has generated a record of strong returns through diverse market environments by focusing on companies with strong balance sheets. Dividend payments impose a degree of capital discipline on company management teams and can help compound equity returns over the long term.
Expertise
The Company is managed by BlackRock's US Income & Value Pillar, which is responsible for the management of one of the longest tenured equity income franchises in the investment industry.
Closed-end structure
Investment trusts have an independent board of directors elected to protect shareholders' interests and enhance shareholder value. The closed-end structure means the Company does not have to sell assets to meet redemptions and can also retain a proportion of
its income to help smooth dividend payments. It can also invest for the long term in a more diverse portfolio of assets.
Gearing
The Company has the ability to employ gearing to enhance returns.
A member of the Association of Investment Companies
Further details about the Company, including the latest Annual and Half Yearly Financial Reports, factsheets and stock exchange announcements, are available on the website at www.blackrock.com/uk/brsa
2 BlackRock Sustainable American Income Trust plcl Annual Report and Financial Statements 31 October 2022
Contents
Section 1: Overview and performance
Financial highlights | 1 |
Why BlackRock Sustainable American Income Trust plc? | 2 |
Performance record | 4 |
Chair's Statement | 5 |
Investment Manager's Report | 9 |
Section 2: Portfolio
About BlackRock Sustainable American Income Trust | 18 |
Ten largest investments | 21 |
Investments | 23 |
Environmental, Social and Governance issues and approach | 25 |
Section 3: Governance
Governance structure | 32 |
Directors' biographies | 33 |
Strategic Report | 35 |
Directors' Report | 48 |
Directors' Remuneration Report | 55 |
Directors' Remuneration Policy | 58 |
Corporate Governance Statement | 60 |
Report of the Audit and Management Engagement Committee | 66 |
Statement of Directors' Responsibilities in respect of the Annual Report and | |
Financial Statements | 70 |
Section 4: Financial statements
Independent Auditors' Report | 74 |
Statement of Comprehensive Income | 80 |
Statement of Changes in Equity | 81 |
Statement of Financial Position | 82 |
Cash Flow Statement | 83 |
Notes to the Financial Statements | 84 |
Section 5: Additional information
Shareholder information | 106 |
Analysis of ordinary shareholders | 109 |
Historical record | 110 |
Management and other service providers | 111 |
AIFM Report on Remuneration (unaudited) | 112 |
Other AIFMD disclosures (unaudited) | 116 |
Sustainability-related disclosures (unaudited) | 117 |
Information to be disclosed in accordance with Listing Rule 9.8.4 | 127 |
Glossary | 128 |
Section 6: Annual General Meeting
Notice of Annual General Meeting | 134 |
Share fraud warning | 138 |
Section 1: Overview and performance 3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Blackrock Sustainable American Income Trust plc published this content on 07 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 February 2023 17:08:04 UTC.
