The information contained in this release was correct as at
31 March 2021. Information on the
Company’s up to date net asset values can be found on the London
Stock Exchange Website at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.
BLACKROCK NORTH AMERICAN INCOME TRUST PLC
(LEI:549300WWOCXSC241W468)
All information is at 31 March
2021 and unaudited.
Performance at month end with net income reinvested
|
One
Month |
Three
Months |
Six
Months |
One
Year |
Three
Years |
Five
Years |
Net asset value |
7.8% |
10.0% |
20.9% |
35.2% |
37.4% |
81.5% |
Share price |
12.9% |
14.9% |
28.6% |
42.4% |
46.1% |
93.0% |
Russell 1000 Value Index |
7.3% |
10.2% |
21.2% |
40.3% |
38.9% |
81.5% |
At month end
Net asset value - capital only: |
191.52p |
Net asset value - cum income: |
193.37p |
Share price: |
190.50p |
Discount to cum income NAV: |
1.5% |
Net yield1: |
4.2% |
Total assets including current year
revenue: |
£154.3m |
Gearing: |
Nil |
Options overwrite |
18.3% |
Ordinary shares in
issue2: |
79,784,044 |
Ongoing charges3: |
1.1% |
1 Based on four quarterly interim dividends of 2.00p
per share declared on 5 May 2020,
6 August 2020 and 4 November 2020 for the year ended 31 October 2020 and on 23
March 2021 for the year ending 31
October 2021, and based on the share price as at close of
business on 31 March 2021.
² Excluding 20,577,261 ordinary shares held in treasury.
³ 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 2020.
Sector Analysis |
Total Assets*
(%) |
Financials |
27.0 |
Health Care |
16.6 |
Information Technology |
11.1 |
Consumer Staples |
7.8 |
Energy |
7.2 |
Industrials |
6.9 |
Communication Services |
6.0 |
Consumer Discretionary |
5.7 |
Utilities |
4.2 |
Materials |
1.6 |
Net Current Assets |
5.9 |
|
----- |
|
100.0 |
|
===== |
|
Country Analysis |
Total Assets*
(%) |
United States |
75.1 |
Germany |
4.1 |
United Kingdom |
4.1 |
Netherlands |
3.9 |
France |
2.9 |
Ireland |
1.7 |
Switzerland |
0.9 |
Norway |
0.8 |
Canada |
0.6 |
Net Current Assets |
5.9 |
|
----- |
|
100.0 |
|
===== |
|
Top 10 Holdings |
Country |
% Total
Assets |
Citigroup |
United States |
3.7 |
Wells Fargo |
United States |
3.2 |
American International Group |
United States |
2.7 |
Verizon Communications |
United States |
2.6 |
Cisco Systems |
United States |
2.6 |
Bank of America |
United States |
2.5 |
Anthem |
United States |
2.3 |
General Motors |
United States |
2.2 |
BAE Systems |
United Kingdom |
2.0 |
Comcast Corporation |
United States |
2.0 |
|
Tony
DeSpirito, Franco Tapia and
David Zhao, representing the
Investment Manager, noted:
For the one-month period ended 31 March
2021, the Company’s NAV increased by 7.8% and the share
price by 12.9% (all in sterling). The Company’s benchmark, the
Russell 1000 Value Index, returned 7.3% for the period.
The largest contributor to relative performance was stock
selection in the health care sector. Notably, stock selection and
an overweight exposure to health care providers and services proved
beneficial, as did selection decisions in the pharmaceuticals
industry. In communication services, the decision to not invest in
the entertainment and interactive media and services industries
boosted relative returns, as did stock selection among media
companies. Other contributors during the period included stock
selection in the financials and consumer staples sectors.
The largest detractor from relative performance was stock
selection and allocation decisions in the industrials sector.
Notably, stock selection in the aerospace and defence and
industrial conglomerates industries weighed on relative returns, as
did the decision to not invest in machinery and building products
companies. In materials, an underweight exposure to the chemicals
and metals and mining industries also proved costly. At the
industry level, other detractors during the month included stock
selection in specialty retail and food products.
The portfolio’s option overwriting strategy detracted from
relative performance during the month, as did the portfolio’s cash
position, amid rising U.S. stock prices.
Transactions/Options
Transactions: In March, the portfolio added to existing
positions in Lear, The Williams and Kinder
Morgan. Conversely, we exited our position in ONEOK and
reduced our exposure to DuPont De Nemours, Marathon Petroleum
Corporation and American Express.
Options: As of 31 March 2021, the
Company’s options exposure was 18.3% and the delta of the options
was 85.1.
Positioning
As of the period end, the Company’s largest overweight positions
relative to the benchmark were in the financials, health care and
energy sectors. The Company’s largest underweight positions
relative to the benchmark were in the industrials, real estate and
materials sectors.
Source: BlackRock. Data as of 31 March
2021.
21 April 2021
Latest information is available by typing blackrock.com/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.