Blackrock Frontiers lags benchmark, ups interim dividend

(Alliance News) - Blackrock Frontiers Investment Trust PLC on Thursday said it underperformed its benchmark during the interim period, but noted the combination of favourable structural trends, ongoing economic reform and attractive valuations supports opportunities in frontier and smaller emerging markets.

The London-based investment trust investing in companies in frontier markets reported a net asset value total return of 2.4% for the six months ended March 31, while its benchmark, the MSCI Frontier plus Emerging ex Selected Countries Index, returned 4.3%, in US dollar terms, over the same period.

NAV per share a March 31 was 235.71 cents, down 0.1% from 236.03 cents at September 30.

Blackrock Frontiers noted the outbreak of the war between Iran and the US at the end of February led to a "sharp" sell-off across global markets, with the company's NAV recording a sharp reversal in March, down 12.1% in the month. This compares to a 6.7% decline in its benchmark.

The company declared an interim dividend of 3.85 cents per share, up 5.5% from 3.65 cents.

Shares in the investment trust were up 1.3% at 191.50 pence on Thursday afternoon in London

"Looking ahead, frontier and smaller emerging markets continue to offer a distinctive and attractive opportunity set for long-term investors, supported by favourable structural trends, ongoing economic reform and attractive valuations in many markets," said Chair Katrina Hart.

"While global growth remains uneven and multiple geopolitical risks persist, a number of the economies in which your company invests are benefiting from improving macro stability, easing inflationary pressures and strengthening external balances, which in turn are supporting corporate earnings and investor confidence."

By Christopher Ward, Alliance News reporter

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Blackrock Frontiers Investment Trust