# BlackRock North American Income Trust NAV increased by 0.1% in June - Link: https://www.directorstalkinterviews.com/blackrock-north-american-income-trust-nav-increased-by-0.1-in-june/4121012163 - Published: 2021-07-26T10:55:58+01:00 - Author: Amilia Stone **BlackRock North American Income Trust plc** ([LON:BRNA](https://www.directorstalkinterviews.com/company/blackrock-north-american-income-trust-plc/brsa.l)) has announced its latest portfolio update. All information is at 30 June 2021 and unaudited. **Discover more about the BlackRock North American Income Trust plc at [blackrock.com/uk/brna](https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-north-american-income-investment-trust/trust-information?siteEntryPassthrough=true&cid=aff:investmenttrusts2020:brna:directorstalk:link)** **Performance at month end with net income reinvested** |   | OneMonth | ThreeMonths | SixMonths | OneYear | ThreeYears | FiveYears | | 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 yield^(1): | 4.3% | | Total assets including current year revenue: | £157.6m | | Gearing: | Nil | | Options overwrite | 0.2% | | Ordinary shares in issue^(2): | 80,229,044 | | Ongoing charges^(3): | 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. **Discover more about the BlackRock North American Income Trust plc at [blackrock.com/uk/brna](https://www.blackrock.com/uk/individual/products/investment-trusts/our-range/blackrock-north-american-income-investment-trust/trust-information?siteEntryPassthrough=true&cid=aff:investmenttrusts2020:brna:directorstalk:link)** Share on: