REG-BlackRock American Income Trust Plc: Portfolio Update

Blackrock American Income TrustAnnouncement

07/01/2026 14:00

 

BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)                
              
                                 All information is at 30 November 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                                       2.1          8.8            16.8         6.7         20.8           63.7        
 Share price                                           3.9          9.4            17.8         12.5        24.6           71.2        
 Russell 1000 Value Index                              1.8          6.7            14.3         2.9         26.6           77.7        
 Russell 1000 Value Index (Net 15% WHT Total Return)*  1.8          6.6            14.1         2.6         25.3           74.8        

*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:               230.79p     
 Net asset value - cum income:                 230.93p     
 Share price:                                  223.00p     
 Discount to cum income NAV:                   3.4%        
 Net yield 1 :                                 5.2%        
 Total assets including current year revenue:  £130.3m     
 Net gearing:                                  1.1%        
 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 ended 31 October 2025 and based on the share price as at close of
business on 30 November 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               23.1              
 Industrials              14.5              
 Information Technology   14.1              
 Health Care              13.2              
 Consumer Discretionary   8.1               
 Communication Services   7.5               
 Consumer Staples         6.7               
 Energy                   4.9               
 Utilities                3.1               
 Real Estate              2.9               
 Materials                2.4               
 Net Current Liabilities  -0.5              
                          -----             
                          100.0             
                          =====             
                                            
 Country Analysis         Total Assets (%)  
 United States            100.5             
 Net Current Liabilities  -0.5              
                          -----             
                          100.0             
                          =====             
                                            

           #

 

 Top 10 Holdings     Country        % Total Assets  
 Alphabet            United States  4.8             
 JPMorgan Chase      United States  3.1             
 Amazon              United States  2.9             
 Berkshire Hathaway  United States  2.8             
 Walmart             United States  2.6             
 Bank Of America     United States  2.3             
 Johnson & Johnson   United States  1.9             
 Meta                United States  1.9             
 Morgan Stanley      United States  1.8             
 Charles Schwab      United States  1.7             
                                                    
                                                    

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

 

For the month ended 30 November 2025, the Company had another strong month
with the NAV rising by 2.1% in Sterling terms, outperforming the Russell 1000
Value Index by 0.3% net of fees.

 

In November 2025, U.S. equities continued their gains with yet more
volatility. Concerns around the debt levels required for AI spending became
front and centre. As an example, the cost of five-year credit default swaps
for Oracle's debt, which offers insurance against default, surged to its
highest levels since 2008 – these fears erasing the gains from September
earnings resulting in a 20% loss for the month          1          .

 

From a sector perspective, stock selection in Energy, Financials and
Industrials were the strongest contributors to the month’s active returns,
with the volatility in technology proving more difficult to trade.

 

In terms of asset contributions to performance, Regeneron was the strongest
single asset contributor, with value signals based on R&D spending and slower
moving signals such as employee satisfaction drawing this out as a top
overweight. Devon Energy and Cardinal Health were some of the other notable
contributions.

 

Signal wise, we saw strong contributions again from momentum timing. Quality
also performed well, particularly a signal penalising stock specific
volatility. We also saw meaningful contributions from our machine learned
signal combination models.

 

1          
https://www.fool.com/investing/2025/12/02/why-oracle-stock-tumbled-23-in-november/

 

Source: BlackRock.

 

 

7 January 2026

 

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.

 

 Release  (https://mb.cision.com/Main/22399/4289332/3865412.pdf)  



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