15 Mar 2017 17:19
BLACKROCK NORTH AMERICAN INCOME TRUST PLC - Portfolio UpdateBLACKROCK NORTH AMERICAN INCOME TRUST PLC - Portfolio Update
PR Newswire
London, March 15
| BLACKROCK NORTH AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468) All information is at 28 February 2017 and unaudited. Performance at month end with net income reinvested |
| One Month | Three Months | Six Months | One Year | Three Years | Since Launch (24 Oct 2012) | |
| Net asset value | 4.6% | 6.3% | 16.9% | 41.8% | 74.2% | 103.8% |
| Share price | 1.1% | 4.6% | 17.8% | 41.2% | 74.5% | 90.6% |
| Russell 1000 Value Index | 4.7% | 7.4% | 16.9% | 44.6% | 78.8% | 131.5% |
| Source: BlackRock |
| At month end | |
| Net asset value – capital only: | 172.53p |
| Net asset value – cum income: | 174.16p |
| Share price: | 165.00p |
| Discount to cum income NAV: | 5.3% |
| Net yield1: | 2.9% |
| Total assets including current year revenue: | £120.1m |
| Gearing: | Nil |
| Options overwrite: | 16.53% |
| Ordinary shares in issue2: | 68,949,044 |
| Ongoing charges3: | 1.04% |
| 1 Based on dividends of 1.20p per share declared on 21 February 2017, 3 November 2016, 3 August 2016 and 4 May 2016. 2 Excluding 31,412,261 ordinary shares held in treasury. |
| 3 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 Analysis | Total Assets (%) |
| Financials | 28.0 |
| Health Care | 14.4 |
| Industrials | 10.9 |
| Energy | 10.6 |
| Information Technology | 9.7 |
| Consumer Staples | 6.5 |
| Consumer Discretionary | 5.5 |
| Utilities | 4.8 |
| Materials | 3.5 |
| Telecommunication Services | 2.0 |
| Net current assets | 4.1 |
| ----- | |
| 100.0 | |
| ===== |
| Country Analysis | Total Assets (%) |
| USA | 86.2 |
| United Kingdom | 2.6 |
| Canada | 2.2 |
| France | 2.1 |
| Netherlands | 1.7 |
| Ireland | 0.7 |
| China | 0.4 |
| Net current assets | 4.1 |
| ----- | |
| 100.0 | |
| ===== | |
| Ten Largest Investments | ||
| Company | Country of Risk | Total Assets (%) |
| Bank of America | USA | 4.5 |
| JPMorgan Chase | USA | 4.3 |
| Pfizer | USA | 3.5 |
| Citigroup | USA | 2.9 |
| Wells Fargo | USA | 2.9 |
| General Electric | USA | 2.4 |
| Oracle | USA | 2.3 |
| Microsoft | USA | 2.2 |
| Merck | USA | 2.2 |
| Dow Chemical | USA | 2.1 |
| Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted: |
| Performance |
| For the one month period ended 28 February 2017, the Company’s NAV increased by 4.6%, whilst the share price increased by 1.1% (all in sterling). The Company’s benchmark, the Russell 1000 Value Index, returned 4.7% for the period. The largest contributor to relative performance during the month was a combination of stock selection and allocation decisions in the energy sector. Notably, our underweight position in the energy equipment & services industry proved to be beneficial. Stock selection in industrials also added to relative returns, led by non-benchmark aerospace & defence holdings Northrop Grumman and Lockheed Martin Corporation. An overweight to the health care sector and stock selection in financials also added to relative returns during the month. The largest detractor from relative performance was stock selection in the information technology sector. Notably, positions in non-benchmark holdings Microsoft and Samsung proved to be costly. Within the sector, not owning benchmark holdings Cisco Systems and Apple also dragged on relative returns. Lastly, stock selection in the consumer staples sector and media industry also dampened relative performance. Transactions/Options Transactions: Notable portfolio changes included increasing our exposure to the industrials sector by initiating a new position in Pentair and adding to our position in Koninklijke Philips. Conversely, we reduced our exposure to the energy and consumer staples sectors through exiting our positions in ConocoPhillips and Mead Johnson Nutrition respectively. Options: As at 28 February 2017, the Company’s options exposure was 16.53% and the delta of the options was 87.85%. Positioning As at the period end, the Company’s largest overweight positions relative to the benchmark were in the health care, consumer discretionary, industrials, financials and materials sectors. The Company was approximately equal-weight in the information technology sector, and was underweight to the real estate, consumer staples, telecommunication services, energy, and utilities sectors. |
| 15 March 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. |