BlackRock Com Portfolio Update
14 August 2017 - 11:27PM
UK Regulatory
TIDMBRCI
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31)
All information is at 31 July 2017 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 7.0% 1.8% -9.9% 8.4% -15.5% -8.0%
Share price 3.8% -2.8% -18.0% 8.2% -23.1% -14.3%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 75.25p
Net asset value cum income*: 76.47p
Share price: 71.13p
Discount to NAV (cum income): 7.0%
Net yield: 5.6%
Gearing - cum income: 8.6%
Total assets^: GBP107.1m
Ordinary shares in issue: 118,768,000
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.4%
* Includes net revenue of 1.22p.
^ Includes current year revenue.
** Calculated as a percentage of average net assets and using expenses,
excluding any interest costs and excluding taxation for the year ended 30
November 2016.
Sector Analysis % Total Assets Country Analysis % Total Assets
Diversified Mining 24.4 Global 48.7
Integrated Oil 18.1 USA 13.4
Exploration & Production 15.6 Canada 13.2
Copper 9.5 Australia 6.1
Gold 8.7 Latin America 4.7
Distribution 3.5 Europe 2.4
Silver 2.9 Africa 2.0
Oil Services 1.7 Mali 1.3
Oil Sands 1.7 Asia 0.3
Industrial Minerals 1.4 Net current assets 7.9
Steel 1.3 -----
Industrial Resources 1.0 100.0
Iron Ore 1.0 =====
Coal & Uranium 0.7
Diamonds 0.6
Net current assets 7.9
-----
100.0
=====
Ten Largest Investments
Company Region of Risk % Total Assets
First Quantum Minerals* Global 8.3
Rio Tinto Global 5.4
Royal Dutch Shell 'B' Global 5.2
BHP Global 5.1
Glencore Global 4.8
ExxonMobil Global 3.9
Anadarko Petroleum USA 3.2
Teck Resources Canada 2.9
Newcrest Mining Australia 2.6
Vale Latin America 2.6
*The holding in First Quantum Minerals includes both an equity holding and a
holding in several bonds.
Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:
July was a positive month for the energy and mining sectors but particularly
strong for mining, which saw the Company's NAV rise by 7.0% during the month
(in GBP terms). Economic data from China exceeded expectations, sending mined
commodity prices up almost across the board. Robust data included China's
official year-on-year second quarter GDP growth coming in at 6.9% (up from 6.7%
in the second quarter of 2016) and manufacturing PMI (Purchasing Managers
Index) hitting a 4-month high of 51.1, indicating expansion. These data points
eased concerns that tighter credit conditions could cause a sharp slowdown in
China's growth, concerns which had dragged mined commodity prices lower in
April and May. Of the mined commodities, iron ore was the strongest-performing,
rising by 15.6% to $74/tonne; well above analyst consensus for the 2017 average
iron ore price which is below $60/tonne. Copper also performed well, gaining
6.9%, on signs of market tightness with news emerging that China, the world's
largest copper scrap consumer, may look to ban imports of low quality copper
scrap from 2018. Towards the end of the month, the mining sector entered the
reporting season for the first half of the year and whilst most companies
didn't report until into August, general themes that had begun to emerge were
rising free cash flow, deleveraging and capital being returned to shareholders.
In energy, larger-than-expected US inventory declines caused oil prices to
recover somewhat, with Brent and WTI (West Texas International) increasing by
10.4% and 9.1% to finish the month at $52 per barrel (bbl) and $50/bbl
respectively. The corresponding move up in energy equities was however
relatively muted, as sentiment towards the sector remains negative.
Geopolitical risk was elevated during the month as the US government imposed
sanctions on Venezuelan President Nicolás Maudro after a new legislative body
was elected to redraft the country's constitution. Should sanctions be
introduced more broadly, this could have implications for the oil market.
Venezuela currently produces around 2 million barrels per day and oil accounts
for approximately 95% of the country's export revenues.
All data points in US dollar terms unless otherwise specified. Commodity price
moves sourced from Thomson Reuters Datastream.
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
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