BlackRock Com Portfolio Update
18 January 2018 - 2:35AM
UK Regulatory
TIDMBRCI
BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31)
All information is at 31 December 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 8.4% 8.9% 18.2% 1.8% 15.8% -3.7%
Share price 3.0% 7.3% 14.4% -8.2% 5.7% -10.3%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 81.32p
Net asset value cum income*: 82.40p
Share price: 76.25p
Discount to NAV (cum income): 7.5%
Net yield: 5.2%
Gearing - cum income: 8.6%
Total assets^: GBP102.9m
Ordinary shares in issue: 118,768,000
Gearing range (as a % of net assets): 0-20%
Ongoing charges**: 1.4%
* Includes net revenue of 1.08p.
^ 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 2017.
Sector Analysis % Total Country Analysis % Total
Assets Assets
Diversified Mining 32.0 Global 60.5
Integrated Oil 22.6 Canada 13.6
Exploration & Production 15.2 USA 13.1
Copper 10.5 Latin America 5.9
Gold 8.2 Australia 4.6
Silver 2.7 Europe 2.4
Industrial Minerals 2.5 Africa 1.9
Distribution 2.2 Mali 1.3
Diamonds 2.1 Net current liabilities (3.3)
Oil Sands 1.9 -----
Steel 1.5 100.0
Industrial Resources 1.1 =====
Oil Services 0.8
Net current liabilities (3.3)
-----
100.0
=====
Ten Largest Investments
Company Region of Risk % Total Assets
First Quantum Minerals Global 9.5
BHP Global 7.0
Rio Tinto Global 7.0
Glencore Global 6.4
Royal Dutch Shell 'B' Global 5.9
Chevron Global 4.6
Teck Resources Canada 4.0
Vale - ADS Latin America 3.9
Exxon Mobil Global 3.9
Andarko Petroleum USA 3.1
Commenting on the markets, Olivia Markham and Tom Holl, representing the
Investment Manager noted:
The Company's NAV increased by 8.4% during the month of December (in GBP terms
with income reinvested and net of ongoing charges).
The performance of both the energy and the mining sectors was positive during
the final month of 2017. Within the energy sector, the oil price saw further
strength as Brent and WTI ('West Texas International') increased by 5.0% and
5.3% respectively, finishing the year at $67/bbl and $61/bbl. Geopolitical
tensions in the Middle East highlighted the market's sensitivity to temporary,
unexpected outages, against a background where inventory levels are tightening.
An explosion hit a pipeline that feeds Libya's Es Sider terminal, causing the
country to lose 70,000 to 100,000 barrels a day of production temporarily
during the month.
December was a particularly strong month for mining, with the Euromoney Global
Mining Constrained Weights Index posting its largest increase since July 2017.
Following a sell-off in November, data emerged pointing towards a healthy
economic and credit environment in China, which improved sentiment and provided
a tailwind for the sector. The Caixin Manufacturing PMI ('Purchasing Managers'
Index') reading for December was 51.5, which compares to 50.8 in November.
Mined commodity prices rose strongly across the board, rebounding after a weak
November. Base metals performed well, with nickel, zinc and copper increasing
by 15.0%, 5.0% and 7.0%, respectively. Copper reached its highest price since
February 2014, boosted by a tighter market outlook as a result of China curbing
copper scrap imports. In addition, the market is now looking ahead to wage
negotiations in Chile where contracts expire with 32 unions in 2018, which may
lead to supply disruptions. Bulk metal prices also increased, with iron ore
rising by 8.0%. The iron ore price was pushed higher by the current low level
of steel inventories, which is expected to lead to significant restocking in
early 2018. Elsewhere, a number of mining companies held their capital markets
days during the month. These reinforced the themes we have seen in the year
around capital discipline and returning cash to shareholders, either in the
form of cash dividends or share buybacks. Mining companies have, however,
started to see the early signs of cost inflation, mainly driven by the increase
in the price of oil, and companies modestly increasing sustaining capital
expenditure.
All data points in US dollar terms unless otherwise specified. Commodity price
moves sourced from Thomson Reuters Datastream.
17 January 2018
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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