BlackRock Sustainable American Income NAV increased by 4.1% in March

BlackRock

BlackRock Sustainable American Income plc (LON:BRSA) has announced its latest portfolio update.

All information is at 31 March 2022  and unaudited.

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Performance at month end with net income reinvested


 
One
Month
Three
Months
Six
Months
One
Year
Three
Years
Five
Years
Net asset value4.1%4.8%11.4%18.1%45.2%56.8%
Share price6.0%3.8%11.6%15.5%40.8%62.9%
Russell 1000 Value Index4.8%2.1%9.6%17.0%42.9%55.0%

At month end

Net asset value – capital only:217.40p
Net asset value – cum income:217.42p
Share price:209.00p
Discount to cum income NAV:3.9%
Net yield1:3.8%
Total assets including current year revenue:£174.4m
Gearing:3.4%
Ordinary shares in issue2:80,229,044
Ongoing charges3:1.1%

1 Based on three quarterly interim dividends of 2.00p per share declared on 5 May 2021, 5 August 2021 and 3 November 2021 for the year ended 31 October 2021, and one quarterly dividend of 2.00p per share declared on 22 March 2022 for the year ending 31 October 2022 and based on the share price as at close of business on 31 March 2022.

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 2021.

Sector AnalysisTotal Assets (%)
Financials21.7
Health Care19.1
Information Technology14.9
Consumer Discretionary9.3
Energy7.5
Materials7.1
Communication Services6.1
Utilities5.6
Consumer Staples4.7
Industrials4.4
Real Estate1.0
Net Current Liabilities-1.4
—-
100.0
=====
Country AnalysisTotal Assets (%)
United States81.6
United Kingdom5.3
Japan4.6
France3.0
Canada2.4
Australia2.1
Switzerland1.5
Denmark0.9
Net Current Liabilities-1.4
—–
100.0
=====
Top 10 HoldingsCountry% Total Assets
AstraZenecaUnited Kingdom3.6
Cisco SystemsUnited States3.4
SempraUnited States3.3
SanofiFrance3.0
American InternationalUnited States2.9
Cognizant Technology SolutionsUnited States2.8
Verizon CommunicationsUnited States2.8
AnthemUnited States2.8
ComericaUnited States2.7
Wells FargoUnited States2.7

Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:

For the one-month period ended 31 March 2022, the Company’s NAV increased by 4.1% and the share price by 6.0% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned +4.8% for the period.

The largest contributor to relative performance was selection decisions in the energy sector. Specifically, stock selection and an overweight allocation to the oil, gas and consumable fuels industry helped relative returns. Investment decisions within materials boosted relative results, mainly due to allocation decisions within the metals and mining industry. Other contributors during the period included stock selection within the industrials sector.

The largest detractor from relative performance was investment decisions in the consumer discretionary sector. Specifically, investment decisions in textiles and apparel and household durables dampened relative results. Our stock selection in health care also hurt relative returns. Within financials, allocation decisions in the banks and diversified financial services industries proved costly. Other modest detractors during the period included stock selection within the consumer staples sector.

Transactions

There were no new purchases in the portfolio during the month. The Company added to its positions in Sanofi, Reckitt Benckiser and Ralph Lauren. Conversely, the Company exited its position in MTU Aero Engines and trimmed its positions in Cognizant Technology Solutions, Woodside Petroleum and Steel Dynamics.

Positioning

As of the period end, the Company’s largest overweight positions relative to the reference index were in the information technology, consumer discretionary and materials sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, real estate and consumer staples sectors.

Source: BlackRock.

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