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Portfolio Update

16 Oct 2017 14:59

BlackRock North American Income Trust Plc - Portfolio Update

BlackRock North American Income Trust Plc - Portfolio Update

PR Newswire

London, October 16

BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)All information is at 30 September 2017 and unaudited.

Performance at month end with net income reinvested

One MonthThree MonthsSix MonthsOne YearThree YearsSince Launch*
Net asset value-1.0%0.4%-0.6%15.2%58.0%100.5%
Share price-1.5%0.1%-1.2%9.9%57.9%83.3%
Russell 1000 Value Index-1.1%-0.2%-2.6%11.5%54.5%122.1%

Source: BlackRock

*Launched on 24 October 2012

At month end
Net asset value – capital only: 166.26p
Net asset value – cum income: 167.68p
Share price: 155.00p
Discount to cum income NAV: 7.6%
Net yield*: 3.2%
Total assets including current year revenue: £115.5m
Gearing: Nil
Options overwrite: 17.3%
Ordinary shares in issue**:68,874,044
Ongoing charges***:1.0%

* Based on dividends of 1.20p per share declared on 3 November 2016 and 21 February 2017 and 1.25p per share declared on 3 May 2017 and 8 August 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 AnalysisTotal Assets (%)
Financials26.8
Health Care16.3
Industrials11.4
Energy11.2
Information Technology9.8
Consumer Staples6.0
Utilities5.1
Consumer Discretionary3.7
Materials3.7
Telecommunication Services2.2
Net current assets3.8
-----
100.0
=====

Country AnalysisTotal Assets (%)
USA80.8
Netherlands4.2
United Kingdom3.7
Canada3.1
France2.3
Ireland1.2
South Korea0.5
China0.4
Net current assets3.8
-----
100.0
=====

Ten Largest Investments
CompanyCountry of RiskTotal Assets (%)
JPMorgan ChaseUSA4.1
CitigroupUSA3.8
Bank of AmericaUSA3.7
PfizerUSA3.6
OracleUSA3.0
Wells FargoUSA2.7
DowDuPontUSA2.5
AnthemUSA2.3
MerckUSA2.0
Suncor EnergyCanada2.0

Tony DeSpirito, Franco Tapia and David Zhao representing the Investment Manager, noted:

For the one month period ended 30 September 2017, the Company’s NAV decreased by 1.0% while the share price decreased by 1.5% (all in sterling). The Company’s benchmark, the Russell 1000 Value Index, returned -1.1% for the period. 

The largest contributor to relative performance during the month was stock selection in the financials sector. Notably, stock selection in the insurance industry and our overweight to the banks industry proved to be beneficial. Stock selection in the health care sector also boosted relative returns, led by stock selection decisions in the pharmaceuticals industry. Lastly, our decision to underweight the real estate and utilities sectors also contributed to relative performance during the month.

The largest detractor from relative performance was a combination of allocation decisions and stock selection in the information technology sector. Notably, our overweight position in the software industry proved to be costly, as did stock selection in the semiconductors & semiconductor equipment industry. The portfolio’s cash position was also a drag on relative performance, as was stock selection in telecoms and our underweight to the automobiles industry.

Transactions/Options

Transactions: Notable portfolio transactions during the month included initiating new positions in Lowe’s Companies, Inc., CDW Corporation, Medtronic plc and Equifax Inc. Notable sales during the month included the elimination of positions in Exxon Mobil Corporation, The Home Depot, Inc., Mondelez International, Inc. and Weyerhaeuser Co.

Options: As of 30 September 2017, the Company’s options exposure was 17.3% and the delta of the options was 86.6. 

Positioning

As of period end, the Company’s largest overweight positions relative to the benchmark were in the health care, information technology and industrials sectors. The Company’s largest underweight positions relative to the benchmark were in the real estate, consumer discretionary and consumer staples sectors.

16 October 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.

Date   Source Headline
23rd Oct 20205:30 pmPRNTransaction in Own Shares
23rd Oct 202012:11 pmPRNNet Asset Value(s)
22nd Oct 20205:24 pmPRNTransaction in Own Shares
22nd Oct 202012:14 pmPRNNet Asset Value(s)
21st Oct 202011:30 amPRNNet Asset Value(s)
21st Oct 20207:00 amPRNTotal Voting Rights
20th Oct 20204:15 pmPRNNet Asset Value(s)
20th Oct 20207:00 amPRNTotal Voting Rights
19th Oct 20205:21 pmPRNTransaction in Own Shares
19th Oct 202011:32 amPRNNet Asset Value(s)
16th Oct 20205:21 pmPRNTransaction in Own Shares
16th Oct 202011:44 amPRNNet Asset Value(s)
15th Oct 202011:36 amPRNNet Asset Value(s)
14th Oct 202011:56 amPRNPortfolio Update
14th Oct 202011:48 amPRNNet Asset Value(s)
13th Oct 202011:23 amPRNNet Asset Value(s)
13th Oct 20207:00 amPRNTotal Voting Rights
12th Oct 202011:49 amPRNNet Asset Value(s)
12th Oct 20207:00 amPRNTotal Voting Rights
9th Oct 20205:48 pmPRNTransaction in Own Shares
9th Oct 202011:46 amPRNNet Asset Value(s)
9th Oct 20207:00 amPRNTotal Voting Rights
8th Oct 20205:38 pmPRNTransaction in Own Shares
8th Oct 202012:13 pmPRNNet Asset Value(s)
8th Oct 20207:00 amPRNTotal Voting Rights
7th Oct 20205:16 pmPRNTransaction in Own Shares
7th Oct 202012:04 pmPRNNet Asset Value(s)
7th Oct 20207:00 amPRNTotal Voting Rights
6th Oct 20205:30 pmPRNTransaction in Own Shares
6th Oct 202011:30 amPRNNet Asset Value(s)
6th Oct 20207:00 amPRNTotal Voting Rights
5th Oct 20205:22 pmPRNTransaction in Own Shares
5th Oct 20202:35 pmPRNNet Asset Value(s)
5th Oct 20207:00 amPRNTotal Voting Rights
2nd Oct 20205:09 pmPRNTransaction in Own Shares
2nd Oct 202012:50 pmPRNNet Asset Value(s)
1st Oct 20205:12 pmPRNTransaction in Own Shares
1st Oct 202012:34 pmPRNNet Asset Value(s)
1st Oct 20207:00 amPRNTotal Voting Rights
30th Sep 202012:21 pmPRNNet Asset Value(s)
30th Sep 20207:00 amPRNTotal Voting Rights
29th Sep 20205:43 pmPRNTransaction in Own Shares
29th Sep 202011:36 amPRNNet Asset Value(s)
29th Sep 20207:00 amPRNTotal Voting Rights
28th Sep 20205:04 pmPRNTransaction in Own Shares
28th Sep 202011:33 amPRNNet Asset Value(s)
28th Sep 20207:00 amPRNTotal Voting Rights
25th Sep 20205:27 pmPRNTransaction in Own Shares
25th Sep 202012:10 pmPRNNet Asset Value(s)
24th Sep 20205:31 pmPRNTransaction in Own Shares

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