BLACKROCK NORTH
AMERICAN INCOME TRUST plc (LEI: 549300WWOCXSC241W468)
All information is at 30 April 2017
and unaudited.
Performance at month end with net
income reinvested
|
One
Month |
Three
Months |
Six
Months |
One
Year |
Three
Years |
Since
Launch* |
Net asset value |
-2.8% |
0.7% |
6.5% |
32.3% |
64.7% |
96.2% |
Share price |
-0.9% |
-2.5% |
2.9% |
32.5% |
60.2% |
83.8% |
Russell 1000 Value
Index |
-3.5% |
-0.5% |
5.4% |
32.0% |
65.6% |
120.0% |
Source: BlackRock
*Launched on 24
October 2012.
At month
end |
|
Net asset value –
capital only: |
165.25p |
Net asset value – cum
income: |
166.57p |
Share
price: |
158.00p |
Discount to cum income
NAV: |
5.1% |
Net
yield*: |
3.0% |
Total assets including
current year
revenue: |
£114.8m |
Gearing: |
Nil |
Options
overwrite: |
17.18% |
Ordinary shares in
issue**: |
68,949,044 |
Ongoing
charges***: |
1.04% |
* Based on dividends of 1.20p per share declared on 4 May 2016, 3 August
2016, 3 November 2016 and
21 February 2017.
** Excluding 31,412,261 ordinary shares held in treasury.
*** Ongoing charges represent the management fee and all other
operating expenses excluding interest as a % of average
shareholders’ funds for the year ended 31
October 2016.
Benchmark |
|
Sector Analysis |
Total Assets
(%) |
|
|
Financials |
26.8 |
Health Care |
14.5 |
Industrials |
10.9 |
Energy |
10.6 |
Information Technology |
9.9 |
Consumer Staples |
6.3 |
Consumer Discretionary |
5.6 |
Utilities |
4.9 |
Materials |
3.7 |
Telecommunication Services |
2.1 |
Net current assets |
4.7 |
|
----- |
|
100.0 |
|
==== |
Country Analysis |
Total Assets
(%) |
|
|
USA |
84.1 |
United Kingdom |
2.8 |
Canada |
2.4 |
France |
2.2 |
Netherlands |
2.2 |
Ireland |
0.7 |
South Korea |
0.5 |
China |
0.4 |
Net current assets |
4.7 |
|
----- |
|
100.0 |
|
===== |
Ten Largest Investments |
|
|
Company |
Country of
Risk |
Total Assets
(%) |
|
|
|
JPMorgan Chase |
USA |
4.1 |
Bank of America |
USA |
3.7 |
Pfizer |
USA |
3.5 |
Citigroup |
USA |
3.2 |
Dow Chemical |
USA |
2.9 |
Wells Fargo |
USA |
2.7 |
Oracle |
USA |
2.4 |
General Electric |
USA |
2.4 |
Microsoft |
USA |
2.3 |
Anthem |
USA |
2.3 |
Bob
Shearer and Tony DeSpirito,
representing the Investment Manager, noted:
Performance
For the one month period ended 30 April
2017 the Company’s NAV decreased by 2.8% and the share price
fell by 0.9%, whilst the Company’s benchmark, the Russell 1000
Value Index, fell by 3.5% (all performance figures are in sterling
terms).
The largest contributor to relative performance during the month
was stock selection in the energy sector. Notably, the
portfolio’s quality orientation and exposure to less commodity
sensitive operators within the sector proved to be beneficial as
crude oil prices declined during the month. Stock selection
in consumer discretionary also added to relative returns, led by
portfolio holdings within the media and specialty retail
industries. Lastly, stock selection in the health care,
information technology and consumer staples sectors added to
relative returns during the month.
The largest detractor from relative performance was stock
selection in the utilities sector. Other modest detractors
included an underweight to real estate and stock selection in
telecommunication services during the period.
Transactions/Options
Transactions: Notable portfolio transactions during the month
included exiting our position in E. I. du Pont de Nemours and
Company and utilizing the proceeds to increase our position in The
Dow Chemical Company. We also initiated a new position in
Cardinal Health, Inc.
Options: As of April 30,
2017, the Company’s options exposure was 17.18% and the
delta of the options was 87.21.
Positioning
As of the period end, our largest overweight positions relative
to the benchmark were in the health care, consumer discretionary,
materials and industrials sectors. The Company was
approximately equal-weight in the financials sector, and was
underweight to the real estate, consumer staples, utilities,
telecommunication services, energy and information technology
sectors.
18 May 2017
Latest information is available by typing blackrock.co.uk/brna
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.