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 30 September 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 -2.2% 3.2% -8.6% -6.0% -5.4% 25.3% Share price -1.7% 3.3% -10.0% -7.2% -7.1% 23.9%
Sources: Datastream, BlackRock
At month end Net asset value - capital only: 106.49p Net asset value - cum income**: 106.78p Share price: 106.00p Discount to NAV (cum income): 0.7% Net yield: 5.7% Gearing - cum income: 5.7% Gearing range (as a % of net assets) 0%-20% Total assets^^: £107.2m Ordinary shares in issue: 95,008,000
**Includes net revenue of 0.29p. ^^includes current year revenue.
Sector % Total Country % Total Analysis Cap Assets Analysis Cap Assets
Integrated Oil 31.9 Global 35.5 Diversified 20.0 Canada 20.9 Exploration & Production 14.8 USA 18.0 Copper 7.4 Latin America 9.3 Gold 6.5 Europe 7.7 Oil Services 3.7 Asia 4.0 Oil Sands 3.4 South Africa 1.9 Iron Ore 2.9 Africa 1.9 Distribution 2.0 Australia 1.5 Aluminium 1.7 China 1.0 Fertilizer 1.6 Current liabilities (1.7) Silver 1.3 ----- Coal 1.0 100.0 Uranium 0.8 ===== Zinc 0.7 Nickel 0.7 Tin 0.7 Platinum 0.6 Current liabilities (1.7)
----- 100.0 ===== Ten Largest Equity Investments (in alphabetical order) Company Region of Risk BHP Billiton Global BP Global Chevron Global Eni Europe ExxonMobil Global Glencore Global Occidental USA Rio Tinto Global Teck Canada Total Global Commenting on the markets, Richard Davis, representing the Investment Manager noted: In September, the decision by the US Federal Reserve to delay the tapering of its Quantitative Easing programme came as a positive surprise for equity markets. Meanwhile, Chinese leading indicators surprised on the upside with industrial production, investment growth, electricity production and PMIs all showing improvement. The latter provided a positive catalyst for most metals and in particular for copper, which gained 3.0%. Over the month, steel inventories in China remained low while iron ore inventories increased as more supply came into the market. Iron ore prices remain resilient and continue to trade above the US$130/t level. Gold prices fell sharply in September as concerns over the prospect of military intervention in Syria eased and expectations of Quantitative Easing tapering by the Federal Reserve began to be factored into the gold price. The metal closed the month down by 4.8% at US$1,331/oz. Mining equities gained 2.7% in US Dollar terms. However, in Sterling terms the shares fell by 1.9%, reflecting the weakness in the US Dollar. Gold shares suffered on the back of bullion's fall and closed the month down by 13.1% (in Sterling terms). Brent crude oil pulled back 6.6% during the month to US$108/Bbl. Progressive talks between the US and Iran - including the first telephone conversation between the premiers of the two countries since 1979 - and the US and Russia over Syrian disarmament eased the perception of supply risk in the market and contributed to the price decline. Supply outages elsewhere (for example in Libya, Nigeria and Sudan) continue to support prices. The US natural gas price (Henry Hub) weakened by 2.2% to finish the month at US$3.5/mmbtu - a mild and wet summer in the US reduced air conditioning demand and has contributed to the retracement. Energy equities fell by 2.1% (in Sterling terms). All data sourced from Datastream and quoted in US Dollars unless otherwise stated. 10 October 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. END -0- Oct/10/2013 13:23 GMT