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 31 May 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 3.4% -5.3% 0.3% 9.9% 4.9% -19.5% Share price 1.3% -2.3% -1.8% 8.7% 6.4% -18.6%
Sources: Datastream, BlackRock
At month end Net asset value - capital only: 114.28p Net asset value - cum income**: 115.84p Share price: 117.50p Premium to NAV (cum income): 1.4% Net yield: 5.1% Gearing - cum income: 8.2% Total assets^^: £118.2m Ordinary shares in issue: 94,258,000 Gearing range (as a % of net assets): 0-20%
**Includes net revenue of 1.56p. ^^includes current year revenue.
Sector % Total Country % Total Analysis Cap Assets Analysis Cap Assets Integrated Oil 32.2 Global 33.6 Diversified 17.1 Canada 21.5 Exploration & Production 15.5 USA 18.2 Gold 8.6 Latin America 10.7 Copper 7.0 Europe 8.4 Oil Services 5.3 Asia 5.3 Oil Sands 3.0 Australia 1.2 Distribution 2.1 South Africa 0.9 Fertilizer 1.9 China 0.9 Iron Ore 1.8 Russia 0.8 Aluminium 1.7 Current liabilities (1.5) Nickel 1.7 Silver 0.9 ----- Coal 0.9 100.0 Tin 0.7 ===== Zinc 0.6 Platinum 0.5 Current liabilities (1.5)
----- 100.0 ===== Ten Largest Equity Investments(in alphabetical order) Company Region of Risk Anadarko Petroleum USA Antofagasta Latin America BHP Billiton Global BP Global Chevron Global Eni Europe ExxonMobil Global Glencore Global Rio Tinto Global Total Global Commenting on the markets, Richard Davis, representing the Investment Manager noted: Even though the US economy continued to produce healthy economic data during the month, the prospect of the Federal Reserve "tapering" its quantitative easing program kept equity markets in check. Further impacting commodity shares, data from China prompted some concern as the HSBC PMI number dropped below 50. Meanwhile, the IMF scaled back its 2013 GDP forecast for China. In the oil market, the International Energy Agency released its medium term outlook. Reflecting the impact that shale oil production in the US has had on supply prospects, the agency raised its long term projection for non-OPEC supply growth by 1MBbl/d for the 2014-2017 annual balances. Iraq is also forecast to be a meaningful production growth contributor. Significant non-OPEC supply growth is not a factor that the oil market has been accustomed to over recent years and it should, in our view, make for a relatively balanced market. There are risks to this supply growth: Iraqi production carries with it uncertainty and the future pace of US onshore oil production also involves a number of variables, including the productivity of emerging shale plays and the decline rates of existing ones. Supply disruptions remain a feature of the market as Iran's oil exports hit a new low during the month due to sanctions imposed on the country. Iran shipped less than 700kBbl/d in May, prior to the US and EU sanctions, the country was exporting 2.2MBbl/d. OPEC met in Vienna on the final day of the month and decided to maintain the same production ceiling level of 30MBbl/d, illustrating their relative comfort with current oil prices. Fiscal break-evens for some members will start to come under pressure, however, should prices fall and remain much below US$100/Bbl. Brent slipped back 1.0% to close at US$101/Bbl. Energy shares gained 3.0% (in Sterling terms). In the mining sector, iron ore prices fell by 14.5% to US$113/t (CSLA MB China spot price, 63.5% Fe) as a consequence of anticipated seasonal weakness in third quarter demand. Copper prices rose by 3.7% over the month due to supply concerns following the announcement that Freeport-McMoRan will shut its Indonesian Grasberg operation following an accident. Strong import numbers from the China State Reserve Bureau were also supportive of copper prices over the month. Elsewhere the performance of other metals was mixed. Precious metals performed poorly with gold and silver declining 5.1% and 7.6% respectively, while base metals such as tin and aluminium had positive returns (2.6% and 2.5% respectively). The HSBC Global Mining Index fell by 0.6% (in Sterling terms) in May. All data sourced from Datastream and quoted in US Dollars unless otherwise stated. 18 June 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- Jun/18/2013 08:51 GMT