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Portfolio Update

Wed, 24th Feb 2016 15:54

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC - Portfolio Update

PR Newswire

London, February 23

All information is at and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five
Month Months Months Year Years Years
Net asset value -4.5% -14.9% -19.0% -32.8% -48.5% -54.3%
Share price -5.5% -17.5% -21.8% -36.0% -49.4% -55.0%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 51.34p
Net asset value cum income*: 52.11p
Share price: 52.00p
Discount to NAV (cum income): 0.2%
Net yield: 11.5%
Cash - cum income: 1.0%
Total assets^^: £62.6m
Ordinary shares in issue***: 115,818,000
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.4%
* Includes net revenue of 0.77p. ^^ Includes current year revenue. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2015. **\* The number of ordinary shares in issue has subsequently increased to 117,468,000.
Integrated Oil 34.5 Global 44.7
Diversified Mining 12.0 USA 19.4
Exploration & Production 9.7 Canada 12.7
Copper 8.1 Europe 5.3
Gold 7.1 Africa 5.1
Distribution 5.2 Latin America 3.5
Nickel 5.1 Australia 2.7
Fertilizers 3.7 China 1.1
Silver 2.8 Asia 1.0
Oil Services 2.1 Net current assets 4.5
Diamonds 1.8 -----
Refining & Marketing 1.2 100.0
Coal 1.1 =====
Mining 1.1
Net current assets 4.5
-----
100.0
=====
ExxonMobil Global 7.4
Royal Dutch Shell ‘B’ Global 6.3
BHP Billiton Global 5.4
Enbridge Income Fund Trust Canada 5.2
Chevron Global 4.9
First Quantum Minerals Global 4.6
BP Global 4.4
Rio Tinto Global 3.5
ConocoPhillips USA 3.5
MMC Norilsk Nickel USA 3.5
Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted:
Commodity prices started the year on a downward trajectory, with the Bloomberg Commodity Index declining by 1.7% over the month. This led to lacklustre performance from natural resources equities, which were also dragged down by general equity market weakness.
Global equity markets suffered their worst start to a year since 2009, with the MSCI World Total Return Index declining by 6.0%, on heightened concerns over global economic growth. China’s manufacturing PMI came in below expectations at 49.4, signalling a sixth consecutive month of contraction, whilst soft US GDP data raised questions over the US Fed’s decision to increase interest rates. Chinese equity markets were particularly weak, with trading on China’s main stock exchanges halted twice during the month, as the country’s ‘circuit-breaker’ mechanism was triggered by 7% falls. China removed its ‘circuit-breaker’ mechanism later in the month in a bid to restore some market stability.
Concerns mounted around debt in the mining and energy sectors during the month as credit rating agency Moody’s placed 55 mining companies and 120 oil and gas companies on review for downgrades. The energy sector was also held back by continued oil price weakness as Brent and WTI oil prices declined by 9.0% and 9.4% respectively. Rising geopolitical uncertainty in the Middle East, particularly between Saudi Arabia and Iran, put further downward pressure on the commodity’s price as the possibility of a coordinated supply cut has now become more unlikely.
Gold was the bright spot for the mining sector in January as the yellow metal’s price rose by 5.2% on the back of safe-haven buying amidst the turmoil in global equity markets.
During the month, the portfolio increased its exposure to higher quality energy names such as Exxon Mobil and continued to reduce higher cost names who face balance sheet and dividend pressure at current commodity price levels.
24 February 2016
ENDS
Latest information is available by typing www.blackrock.co.uk/brci 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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