BlackRock North Amer Portfolio Update
19 July 2021 - 10:20PM
UK Regulatory
TIDMBRNA
The information contained in this release was correct as at 30 June 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 30 June 2021 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 0.1% 3.7% 14.1% 23.0% 31.1% 67.7%
Share price -1.6% -1.1% 13.7% 27.9% 22.6% 73.9%
Russell 1000 Value Index 1.7% 5.1% 15.8% 28.5% 35.8% 69.6%
At month end
Net asset value - capital only: 196.20p
Net asset value - cum income: 196.38p
Share price: 184.50p
Discount to cum income NAV: 6.1%
Net yield1: 4.3%
Total assets including current year revenue: £157.6m
Gearing: Nil
Options overwrite 0.2%
Ordinary shares in issue2: 80,229,044
Ongoing charges3: 1.1%
1 Based on four quarterly interim dividends of 2.00p per share declared on 6
August 2020 and 4 November 2020 for the year ended 31 October 2020, and on 23
March 2021 and 5 May 2021 for the year ending 31 October 2021, and based on the
share price as at close of business on 30 June 2021.
² Excluding 20,132,261 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 26.0
Health Care 17.1
Information Technology 11.1
Industrials 7.2
Energy 7.0
Consumer Discretionary 7.0
Consumer Staples 6.8
Communication Services 5.9
Utilities 4.3
Materials 2.0
Net Current Assets 5.6
----
100.0
=====
Country Analysis Total Assets
(%)
United States 73.6
United Kingdom 6.7
Netherlands 3.3
France 3.1
Germany 2.9
Ireland 1.8
Japan 1.0
Canada 0.8
Norway 0.6
Switzerland 0.6
Net Current Assets 5.6
-----
100.0
=====
Top 10 Holdings Country % Total
Assets
Wells Fargo United States 3.6
Citigroup United States 3.4
American International Group United States 2.6
Cisco Systems United States 2.6
Bank of America United States 2.5
Verizon Communications United States 2.3
Anthem United States 2.3
Morgan Stanley United States 2.2
General Motors United States 2.1
Comcast United States 2.1
Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager,
noted:
For the one-month period ended 30 June 2021, the Company's NAV increased by
0.1% and the share price decreased by 1.6% (all in sterling). The Company's
benchmark, the Russell 1000 Value Index, returned +1.7% for the period.
The largest detractor from relative performance was stock selection in health
care, as selection decisions in the health care equipment and supplies industry
meaningfully weighed on relative returns. Stock selection and an overweight
exposure to health care providers and services companies and a lack of exposure
to the biotechnology and life sciences tools and services industries also
proved costly in the sector. In financials, stock selection and an overweight
exposure to insurance companies weighed on relative returns, as did an
overweight exposure to the banks industry. Other detractors during the period
included stock selection and an underweight exposure to communication services
and stock selection in the energy sector.
The largest contributor to relative performance was an underweight exposure to
the materials sector, including underweight allocations to the metals and
mining and chemicals industries. In industrials, our decision to not invest in
airlines companies and an underweight exposure to the machinery industry
boosted relative returns. At the industry level, an overweight exposure to
software and communications equipment companies also contributed to relative
results during the period.
The portfolio's options overwriting strategy added modestly to relative
performance during the month.
Transactions/Options
Transactions: In June, the portfolio initiated new positions in Apollo Global
Management, Panasonic, Seal Air, Komatsu, Centerpoint Energy and Rogers
Communications. Conversely, we exited our positions in The TJX Companies and
Applied Materials, and reduced our exposure to Berkshire Hathaway, Henkel AG,
The Blackstone Group, Equinor and Marathon Petroleum Corporation.
Options: As of 30 June 2021, the Company's options exposure was 0.2% and the
delta of the options was 94.0.
Positioning
As of the period end, the Company's largest overweight positions relative to
the benchmark were in the financials, energy and consumer discretionary
sectors. The Company's largest underweight positions relative to the benchmark
were in the real estate, industrials, and communication services sectors.
Source: BlackRock. Data as of 30 June 2021.
19 July 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.
END
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July 19, 2021 08:20 ET (12:20 GMT)
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