REG-BlackRock American Income Trust Plc: Portfolio Update

Blackrock American Income TrustAnnouncement

Wed 11:45

 

BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)                
              
                                 All information is at 31 October 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                                       3.6          8.1            17.2         11.5        22.1           78.3        
 Share price                                           2.3          8.6            17.7         20.9        26.4           86.4        
 Russell 1000 Value Index                              2.9          6.0            15.1         8.8         27.7           91.8        
 Russell 1000 Value Index (Net 15% WHT Total Return)*  2.9          5.9            15.0         8.4         26.5           88.7        

*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:               229.00p     
 Net asset value - cum income:                 229.56p     
 Share price:                                  218.00p     
 Discount to cum income NAV:                   5.0%        
 Net yield 1 :                                 5.4%        
 Total assets including current year revenue:  £129.5m     
 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 01
April 2025, one quarterly dividend of 3.03p per share declared on 15 May 2025,
one quarterly dividend of 3.23p per share declared on 07 August 2025 and one
quarterly dividend of 3.44p per share declared on 03 November 2025 for the
year ending 31 October 2025 and based on the share price as at close of
business on 31 October 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              21.5              
 Industrials             14.7              
 Information Technology  14.4              
 Health Care             13.1              
 Consumer Discretionary  9.2               
 Communication Services  6.4               
 Consumer Staples        6.3               
 Energy                  4.3               
 Materials               3.5               
 Utilities               3.2               
 Real Estate             2.8               
 Net Current Assets      0.6               
                         -----             
                         100.0             
                         =====             
                                           
 Country Analysis        Total Assets (%)  
 United States           99.4              
 Net Current Assets      0.6               
                         -----             
                         100.0             
                         =====             
                                           

           #

 

 Top 10 Holdings     Country        % Total Assets  
 Alphabet            United States  4.0             
 Amazon              United States  3.4             
 JPMorgan Chase      United States  3.1             
 Berkshire Hathaway  United States  2.7             
 Walmart             United States  2.5             
 Bank of America     United States  2.4             
 Morgan Stanley      United States  1.9             
 Johnson & Johnson   United States  1.9             
 Meta                United States  1.8             
 Charles Schwab      United States  1.7             
                                                    
                                                    

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

 

For the month ended 31 October 2025, the Company had a strong month with the
NAV rising by 3.6% in Sterling terms, outperforming the Russell 1000 Value
Index by 0.7% (Net Total Return). This continued the recent run of positive
relative performance.

 

In October 2025, U.S. equities gained across the board. October was a volatile
month with an early sell off across risk assets followed by controlled
recovery into the end of the month. Value within large cap generally performed
fairly flat with a tail off in performance towards the end of the month.

 

From a sector perspective, the Company was positioned on the correct side
again of the technology trade with a modest overweight exposure to Information
Technology contributing a quarter of the outperformance. Stock selection
within Information Technology, Industrials and Health Care were the other
substantial contributions.

 

In terms of asset contributions to performance, Cardinal Health was the most
effective with the portfolio capturing its 20% rally. Aggregate machine
learning models were overweight the stock, alongside signals looking at AI
utilisation, retail activity on Trading 212 and veteran hiring amongst others.

 

Overweight exposure to Regeneron proved effective, as did to Micron, Lam
Research and Amazon. Conversely, overweight exposure to Meta and underweight
exposure to AMD proved less effective. Meta struggled dropping by over 12% in
October 2025 as concerns over increasing AI capex grew stronger post earnings 
        1          .

 

Signal wise, we saw contributions to performance coming from a variety of
places. Timing models both of momentum and industry/style factors performed
well as did company linkages (which identify related companies across
sectors). Fundamentals like R&D to Total Assets also did well but generally
performance was mixed across quality signals. As an example, one signal
predicting sales growth performed more poorly.           

 

1                   
https://www.nasdaq.com/articles/why-meta-platforms-stock-fell-12-october

 

Source: BlackRock.

 

10 December 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.

 



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