BlackRock Emerging Europe Plc - Portfolio Update
23 May 2018 - 8:38PM
PR Newswire (US)
BLACKROCK EMERGING EUROPE PLC
(LEI - 549300OGTQA24Y3KMI14) |
All information is at 30 April
2018 and unaudited. |
Performance at month end with net
income reinvested |
|
|
One |
Three |
One |
Three |
Five |
*Since |
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|
|
Month |
Months |
Year |
Years |
Years |
30.04.09 |
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|
Sterling: |
|
|
|
|
|
|
|
|
Share price |
-1.6 |
-10.7 |
8.3 |
50.9 |
37.7 |
141.3 |
|
|
Net asset value |
-1.8 |
-8.7 |
5.0 |
40.9 |
26.9 |
128.3 |
|
|
MSCI EM Europe |
-2.4 |
-8.4 |
3.9 |
23.0 |
-1.5 |
72.1 |
|
|
10/40(NR) |
|
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|
|
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|
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|
US Dollars: |
|
|
|
|
|
|
|
|
Share price |
-3.4 |
-13.5 |
15.3 |
35.2 |
21.9 |
124.3 |
|
|
Net asset value |
-3.6 |
-11.6 |
11.7 |
26.2 |
12.3 |
112.2 |
|
|
MSCI EM Europe |
-4.1 |
-11.2 |
10.6 |
10.2 |
-12.8 |
60.0 |
|
|
10/40(NR) |
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Sources: BlackRock,
Standard & Poor’s Micropal |
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*BlackRock took over
the investment management of the Company with effect from 1 May
2009 |
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At month end |
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|
|
US Dollar: |
|
|
|
Net asset value –
capital only: |
492.05c |
|
|
Net asset value* – cum
income: |
507.78c |
|
|
Sterling: |
|
|
|
Net asset value –
capital only: |
357.23p |
|
|
Net asset value* – cum
income: |
368.65p |
|
|
Share price: |
345.00p |
|
|
Total assets^: |
£132.4m |
|
|
Discount (share price to
cum income NAV): |
6.4% |
|
|
Net gearing at month
end: |
8.5% |
|
|
Net yield^^^^: |
3.1% |
|
|
Gearing range as a % of
Net assets: |
0-20% |
|
|
Issued Capital –
Ordinary Shares^^ |
35,916,028 |
|
|
Ongoing charges^^^ |
1.1% |
|
|
|
|
|
|
* Includes year to date
net revenue equal to 11.42 pence per share. |
|
|
^ Total assets include
current year revenue. |
|
|
^^ Excluding 5,000,000
shares held in treasury. |
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^^^ Calculated as at 31
January 2018, in accordance with AIC guidelines. |
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^^^^ Yield calculations
are based on dividends announced in the last 12 months as at the
date of release of this announcement, and comprise of the final
dividend of 15.00 cents per share, (announced on 23 March 2018,
ex-dividend on 17 May 2018) |
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|
Sector
Analysis |
Gross
assets (%) |
|
Country
Analysis |
Gross
assets
(%) |
|
Financials |
39.5 |
|
Russia |
54.0 |
|
Energy |
26.4 |
|
Poland |
16.5 |
|
Consumer Staples |
10.7 |
|
Turkey |
13.9 |
|
Telecommunication
Services |
10.3 |
|
Greece |
6.9 |
|
Health Care |
4.9 |
|
Ukraine |
3.5 |
|
Materials |
3.6 |
|
Hungary |
3.4 |
|
Information
Technology |
2.9 |
|
Pan-Emerging Europe |
1.8 |
|
Consumer
Discretionary |
1.7 |
|
Net
Current Liabilities |
(0.0) |
|
Net
Current Liabilities |
(0.0) |
|
|
----- |
|
|
----- |
|
|
100.0 |
|
|
100.0 |
|
|
===== |
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===== |
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Short position |
(1.5) |
|
|
(1.5) |
|
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Fifteen
Largest Investments
(in % order of Gross Assets as at 30.04.18) |
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|
Company |
Region of
Risk |
Gross
assets |
|
|
|
(%) |
|
Sberbank |
Russia |
10.4 |
|
Lukoil |
Russia |
9.6 |
|
Gazprom |
Russia |
7.5 |
|
PKO Bank Polski |
Poland |
5.8 |
|
Rosneft Oil Company |
Russia |
4.9 |
|
Novatek |
Russia |
4.5 |
|
Alior Bank |
Poland |
4.0 |
|
Lenta |
Russia |
3.8 |
|
PZU |
Poland |
3.7 |
|
National Bank of
Greece |
Greece |
3.6 |
|
Mobile Telesystems |
Russia |
3.5 |
|
Turkcell |
Turkey |
3.4 |
|
Gedeon Richter |
Hungary |
3.4 |
|
Alpha Bank |
Greece |
3.3 |
|
Bank Pekao |
Poland |
3.0 |
|
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Commenting on the markets, Sam Vecht and Christopher Colunga,
representing the Investment Manager noted; |
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Market
Commentary |
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Market & Portfolio Performance
The MSCI Emerging Europe 10/40 Index fell by 4.1% in April 2018 (in
US Dollar terms), following developments in Turkey and Russia. The
Company outperformed the index over the period, with the NAV
falling by 3.6% in US Dollar terms.
Markets in Turkey fell in April as the Turkish currency continued
to weaken reflecting increasingly challenging economic conditions.
Politics also remain an overhang with President Erdogan calling for
an early presidential election, which came as a surprise to the
market. Russian markets sold off as Russia faced new US sanctions
targeting seven Russian oligarchs and 12 companies they own or
control, 17 senior Russian government officials, and a state-owned
Russian weapons trading company and its subsidiary, a Russian bank.
US sanctions primarily targeted Russia’s commodities sector.
On the other hand, markets in Greece saw strong performance in
April as the Greek banks successfully passed the European Central
Bank (ECB) stress test without having to raise fresh capital.
The portfolio’s outperformance in April is predominantly attributed
to the overweight to Greek financials and the short position in
Turkey.
We funded additional positions in names such as a Sberbank and
natural gas producer Novatek by taking partial profit in one of our
strong performing Central European exposures Erste
Bank. |
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23 May 2018 |
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ENDS |
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Latest information is
available by typing www.blackrock.co.uk/beep 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. |
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