BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC: Portfolio Update
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC: Portfolio Update BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc
All information is at 28 February 2013 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 0.2% 5.9% 9.4% -4.8% 11.3% -7.5% Share price -2.8% 0.5% 7.4% -5.3% 13.8% -8.6%
Sources: Datastream, BlackRock
At month end Net asset value - capital only: 122.96p Net asset value - cum income**: 123.84p Share price: 121.75p Discount to NAV (cum income): -1.7% Net yield: 4.9% Gearing - cum income: 4.1% Indicative Gearing range 0.20% Total assets^^: £121.7m Ordinary shares in issue: 94,258,000
**Includes net revenue of 0.88p. ^^includes current year revenue.
Sector % Total Country % Total Analysis Cap Assets Analysis Cap Assets Integrated Oil 28.9 Global 34.5 Diversified 18.1 Canada 20.5 Exploration & Production 17.6 USA 18.2 Copper 8.3 Latin America 9.8 Gold 6.2 Europe 6.1 Oil Services 4.9 Asia 5.9 Oil Sands 3.0 Australia 1.8 Iron Ore 2.7 South Africa 1.6 Aluminium 2.3 China 1.5 Distribution 2.0 Africa 0.4 Coal 1.5 Russia 0.2 Tin 1.3 Current liabilities (0.5) Fertilizer 1.2 ----- Nickel 1.1 100.0 Platinum 0.7 ===== Zinc 0.7 Current liabilities (0.5)
----- 100.0 ===== Ten Largest Equity Investments(in alphabetical order) Company Region of Risk Anadarko Petroleum USA BHP Billiton Global BP Global Chevron Global ENI Europe ExxonMobil Global Freeport-McMoran Asia Peyto Exploration & Development Canada Rio Tinto Global Total Global Commenting on the markets, Richard Davis, representing the Investment Manager noted: Mining shares have failed to keep pace in what has been a strong start to the year for global equities. Much of the tailwind has come from the nascent economic recovery in the US and a period of less dramatic newsflow from Europe. Investors have been more focused on sectors exposed to US strength rather than emerging market (particularly Chinese) growth, which has left the mining sector lagging. Mining equities closed the month down by 2.3% (in Sterling terms). Chinese PMI data released in February evidenced moderating output growth and at the end of the month the administration also announced a series of measures aimed at curbing house price inflation. The measures included price controls, more expensive mortgages and a capital gains tax. Most were reiterations of existing measures, but the talk of policy tightening was enough to soften sentiment towards Chinese growth and the mining sector. Consequently, it was a weak month for metals prices. Copper declined by 4.2%, while tin and nickel fell by 5.6% and 9.5% respectively. Iron ore was a notable exception as prices remained firm around the US$150/tonne level. Restocking in China together with cyclones in Western Australia (resulting in port closures) have supported prices at these strong levels. We attended a mining industry conference in February and there are a number of important talking points for the sector currently. Some high profile changes in the management of major mining companies, accompanied by major write-downs of recent acquisitions have been noteworthy. The announcements have highlighted the chequered investment and M&A track records of the mining industry in recent years and have prompted further caution towards the sector. It will be the job of new management to persuade investors that they will oversee a period of improved investment and capital discipline and, ultimately, better returns to shareholders. In the energy sector, Brent oil prices rose to a 10-month high of US$119/Bbl before declining to end the month at US$111/Bbl as the US and its partners resumed negotiations with Iran which could lead to an easing of the sanctions that have stymied the country's efforts to export oil. This news, coupled with increased supplies from Saudi Arabia led Brent oil to fall from its recent highs. Energy shares rose by 2.2% in February (in Sterling terms). All data sourced from Datastream and quoted in US Dollars unless otherwise stated. 15 March 2013 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. -0- Mar/15/2013 11:36 GMT