REG-BlackRock American Income Trust Plc: Portfolio Update

Blackrock American Income TrustAnnouncement

07/11/2025 11:00

 

BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)                
              
                                 All information is at 30 September 2025 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                                       2.8          8.4            7.1          9.7         24.8           68.2        
 Share price                                           2.9          11.6           12.2         15.7        26.4           76.7        
 Russell 1000 Value Index                              1.9          7.2            4.8          9.0         32.7           83.9        
 Russell 1000 Value Index (Net 15% WHT Total Return)*  1.8          7.1            4.7          8.7         31.4           80.9        

*The Company’s performance reference index (the Russell 1000 Value Index)
may be calculated on either a gross or a net return basis. Net return (NR)
indices calculate the reinvestment of dividends net of withholding taxes using
the tax rates applicable to non-resident institutional investors and hence
give a lower total return than indices where calculations are done on a gross
basis. As the Company is subject to the same withholding tax rates for the
countries in which it invests, the NR basis is felt to be the most accurate,
appropriate, consistent and fair comparison of performance returns for the
Company.

 

At month end

 Net asset value - capital only:               221.16p     
 Net asset value - cum income:                 221.51p     
 Share price:                                  213.00p     
 Discount to cum income NAV:                   3.8%        
 Net yield 1 :                                 4.8%        
 Total assets including current year revenue:  £125.0m     
 Net cash:                                     0.2%        
 Ordinary shares in issue 2 :                  56,412,138  
 Ongoing charges 3 :                           1.06%       

 

1           Based on one quarterly dividend of 2.00p per share declared on 13
November 2024 for the year ended 31 October 2024, one quarterly dividend of
2.00p per share declared on 01 April 2025, one quarterly dividend of 3.03p per
share declared on 15 May 2025 and one quarterly dividend of 3.23p per share
declared on 07 August 2025 for the year ending 31 October 2025 and based on
the share price as at close of business on 30 September 2025.

² Excluding 38,949,167 ordinary shares held in treasury.

³ The Company’s ongoing charges calculated as a percentage of average daily
net assets and using the management fee and all other operating expenses
excluding finance costs, direct transaction costs, custody transaction
charges, VAT recovered, taxation and certain non-recurring items for the year
ended 31 October 2024.

 

 

 

 

 

 

 

 

 

 

 

 Sector Analysis         Total Assets (%)  
 Financials              21.7              
 Industrials             14.4              
 Information Technology  13.2              
 Health Care             13.1              
 Consumer Discretionary  9.1               
 Communication Services  6.8               
 Consumer Staples        6.4               
 Energy                  4.5               
 Utilities               3.6               
 Materials               3.2               
 Real Estate             3.2               
 Net Current Assets      0.8               
                         -----             
                         100.0             
                         =====             
                                           
 Country Analysis        Total Assets (%)  
 United States           99.2              
 Net Current Assets      0.8               
                         -----             
                         100.0             
                         =====             
                                           

           #

 

 Top 10 Holdings          Country        % Total Assets  
 Alphabet                 United States  3.3             
 JPMorgan Chase           United States  3.2             
 Berkshire Hathaway       United States  2.8             
 Walmart                  United States  2.6             
 Amazon                   United States  2.5             
 Bank of America          United States  2.3             
 Morgan Stanley           United States  1.9             
 Johnson & Johnson        United States  1.8             
 Pfizer                   United States  1.7             
 Honeywell International  United States  1.7             
                                                         
                                                         

Travis Cooke and Muzo Kayacan, representing the Investment Manager, noted:

 

For the month ended 30 September 2025, the Company had a strong month with the
NAV rising by 2.8% in Sterling terms, outperforming the Russell 1000 Value
Index by 1.0% (Net Total Return). This continued the recent run of positive
relative performance, driven by strong signal alignment and favourable sector
positioning.

 

In September 2025, U.S. equities gained across the board. The Federal Reserve
showed a better than predicted 2025 GDP growth (1.6% vs 1.4%)          1      
   . A 0.25% rate cut to a target range of 4.00%–4.25%, lowered treasury
yields and helped support risk assets. We continued to see all time high
retail action buying into speculative and growthy stocks; particularly within
technology where sentiment ahead of Q3 earnings remained strong.

 

From a sector perspective, the Company was positioned on the correct side of
the technology trade with an overweight exposure that contributed over 40% of
the return for the period. Healthcare was also a very notable contribution.

 

Within Information Technology an overweight exposure to Lam Research paid off,
whose stock price jumped over 33% on expectations of increased spending in
wafer front-end equipment. The healthcare performance was buoyed by a broad
range of companies, some notable mentions include Ionis Pharmaceuticals and
AbbVie. Ionis Pharmaceuticals                      surged over 15% on strong
Phase 3 drug trials for a rare neurological condition          3          .
AbbVie gained around 10% after extending Rinvoq’s patent protection — both
lifting biotech sentiment          4          .

 

Signal wise, we saw the largest contribution coming from our top-down industry
timing signals, including those that are based on macroeconomic and valuation
data. They were well-positioned for strength in semiconductor and other
technology firms. Signals that track short selling of stocks also worked well.
On the negative side, in the more macro and sentiment driven-environment, some
signals focused on capturing fundamentals – such as those based on
companies’ mobile app usage or text analysis of quarterly earnings call
transcripts – struggled.

 

1           FOMC Press Conference                      16-17                 
   September

2           Why Lam Research Rallied September | Yahoo Finance

3           Ionis announces positive Topline Results | Ionis

4          
https://www.pharmaceutical-technology.com/news/abbvie-extends-rinvoq-exclusivity-by-four-years-after-generics-settlements/

 

Source: BlackRock.

 

7 November 2025

 

Latest information is available by typing                                 
blackrock.com/uk/brai                      (http://www.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.

 



Copyright (c) 2025 PR Newswire Association,LLC. All Rights Reserved