REG-BlackRock American Income Trust Plc: Portfolio Update

Blackrock American Income TrustAnnouncement

27/01/2026 16:00

 

BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)                
              
                                 All information is at 31 December 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                                       -0.2         5.6            14.5         12.5        26.7           61.6        
 Share price                                           2.2          8.7            21.3         21.4        35.3           71.6        
 Russell 1000 Value Index                              -0.8         3.9            11.4         7.9         32.1           73.8        
 Russell 1000 Value Index (Net 15% WHT Total Return)*  -0.9         3.8            11.2         7.6         30.8           71.0        

*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:               230.01p     
 Net asset value - cum income:                 230.37p     
 Share price:                                  228.00p     
 Discount to cum income NAV:                   1.0%        
 Net yield 1 :                                 5.1%        
 Total assets including current year revenue:  £130.0m     
 Net cash:                                     0.1%        
 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 31 December 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              23.7              
 Industrials             14.4              
 Information Technology  14.2              
 Health Care             11.9              
 Communication Services  8.1               
 Consumer Discretionary  7.0               
 Consumer Staples        6.4               
 Energy                  4.7               
 Materials               3.5               
 Utilities               2.8               
 Real Estate             2.8               
 Net Current Assets      0.5               
                         -----             
                         100.0             
                         =====             
                                           
 Country Analysis        Total Assets (%)  
 United States           99.5              
 Net Current Assets      0.5               
                         -----             
                         100.0             
                         =====             
                                           

           #

 

 Top 10 Holdings     Country        % Total Assets  
 Alphabet            United States  4.6             
 JPMorgan Chase      United States  3.0             
 Amazon              United States  2.9             
 Berkshire Hathaway  United States  2.5             
 Walmart             United States  2.5             
 Bank Of America     United States  2.3             
 Morgan Stanley      United States  1.8             
 Meta                United States  1.8             
 Charles Schwab      United States  1.7             
 Micron Technology   United States  1.6             
                                                    
                                                    

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

 

For the month ended 31st December 2025, the Company lost 0.2% of its NAV but
outperformed the Russell 1000 Value Index by 0.6% net of fees.

 

In December 2025, U.S. equities limped into year end with a month of muted
performance. December saw a continued cooling of lower quality technology
stocks as we saw a rotation back into more defensive cyclicals like
financials; JP Morgan for example trading at nearly double the Price to
Earnings of 2022. From an alpha perspective, stock selection in Financials and
Healthcare were the strongest contributors to the month’s outperformance.

 

The largest single name contributor to performance still came from technology,
in particular Micron, with revised profit forecasts for 2026 causing the stock
price to rise nearly 16% post earnings off the back of the global memory
shortage          1          . Other notable performers were Bristol Myers and
Moderna in Healthcare and Citi and Charles Schwab from Financials.
Interestingly, all of these were identified by Large Language Model-driven
thematic signals that identify themes in broker reports, alongside other
signals that look at investor positioning and flows.

 

Signal wise, sentiment signals driven by the short selling activity of other
investors were top performers, while we also we also saw sizeable returns from
more top-down signals that focus on timing style factors such as value or
momentum.

 

1          
https://www.reuters.com/business/micron-shares-up-12-europe-after-blowout-forecast-2025-12-18/

 

Source: BlackRock.

27 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/22399/4298554/3901430.pdf)  



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