BlackRock American Income Trust Plc - Portfolio Update
PR Newswire
LONDON, United Kingdom, November 28
BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 31 October 2024 and unaudited.
Performance at month end with net income reinvested
| One Month | Three Months | Six Months | One Year | Three Years | Five Years |
Net asset value | 1.9 | -2.0 | 0.8 | 16.0 | 17.6 | 45.8 |
Share price | -2.1 | -5.5 | -1.8 | 13.8 | 8.3 | 26.5 |
Russell 1000 Value Index | 3.2 | 2.9 | 7.7 | 23.6 | 30.0 | 63.1 |
At month end
Net asset value - capital only: | 215.48p |
Net asset value - cum income: | 216.17p |
Share price: | 190.00p |
Discount to cum income NAV: | 12.1% |
Net yield1: | 4.2% |
Total assets including current year revenue: | £155.0m |
Net gearing: | 0.4% |
Ordinary shares in issue2: | 71,708,970 |
Ongoing charges3: | 1.03% |
1 Based on one quarterly dividend of 2.00p per share declared on 2 November 2023 for the year ended 31 October 2023 and three quarterly dividends of 2.00p per share declared on 14 March 2024, 29 May 2024 and 1 August 2024, for the year ended 31 October 2024 and based on the share price as at close of business on 31 October 2024.
² Excluding 28,652,335 ordinary shares held in treasury.
³ The Company's ongoing charges calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for the year ended 31 October 2023.
Sector Analysis | Total Assets (%) |
Health Care | 18.0 |
Information Technology | 16.5 |
Financials | 16.1 |
Consumer Discretionary | 10.2 |
Communication Services | 7.9 |
Materials | 6.6 |
Energy | 6.0 |
Industrials | 5.9 |
Consumer Staples | 5.8 |
Utilities | 5.1 |
Real Estate | 2.1 |
Net Current Liabilities | -0.2 |
| ----- |
| 100.0 |
| ===== |
Country Analysis | Total Assets (%) |
United States | 90.4 |
United Kingdom | 3.4 |
France | 2.2 |
South Korea | 1.9 |
Ireland | 1.3 |
Canada | 1.0 |
Net Current Liabilities | -0.2 |
| ----- |
| 100.0 |
| ===== |
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Top 10 Holdings | Country | % Total Assets |
Citigroup | United States | 3.5 |
Cardinal Health | United States | 3.0 |
Comcast | United States | 2.9 |
CVS Health | United States | 2.8 |
Wells Fargo | United States | 2.6 |
American International | United States | 2.5 |
Willis Towers Watson | United States | 2.5 |
First Citizens BancShares | United States | 2.4 |
Electronic Arts | United States | 2.4 |
Baxter International | United States | 2.4 |
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Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 31 October 2024, the Company's NAV increased by 1.9% and the share price decreased by 2.1% (all in sterling). The Company's reference index, the Russell 1000 Value Index, returned +3.2% for the period.
At the sector level, the largest contributor to relative performance stemmed from stock selection in communication services, with an overweight position in media boosting relative performance. Relative performance was also boosted by security selection in financials, specifically being overweight in banks. Other modest contributors during the period at the sector level included selection decisions in utilities and an underweight allocation to energy.
The largest detractor from relative performance stemmed from stock selection in health care, most notably an overweight position in health care providers and services. Selection decisions in consumer discretionary also detracted from relative performance, with an overweight position in automobile components dragging on relative performance. Other modest detractors at the sector level included selection decisions in information technology and consumer staples.
Transactions
During the month, the Company's largest purchases included Air Products and Chemicals and Walt Disney. The Company exited its positions in Prudential and Woodside Energy Group.
Positioning
As of the period end, the Company's largest overweight positions relative to the reference index were in the information technology, communication services and health care sectors. The Company's largest underweight positions relative to the reference index were in the industrials, financials and real estate sectors.
Source: BlackRock.
28 November 2024
Latest information is available by typing blackrock.com/uk/brai 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.
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