REG-BlackRock American Income Trust Plc: Portfolio Update

Blackrock American Income TrustAnnouncement

18/03/2026 13:45

 

BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)                
              
                                 All information is at 28 February 2026 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                                       4.8          7.5            16.9         16.7        33.6           70.5        
 Share price                                           5.0          10.2           20.5         25.1        37.3           81.6        
 Russell 1000 Value Index                              4.7          6.4            13.6         10.8        40.7           81.5        
 Russell 1000 Value Index (Net 15% WHT Total Return)*  4.7          6.4            13.4         10.5        39.3           78.6        

*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:               244.54p     
 Net asset value - cum income:                 244.54p     
 Share price:                                  242.00p     
 Discount to cum income NAV:                   1.0%        
 Net yield 1 :                                 5.5%        
 Total assets including current year revenue:  £138.0m     
 Net cash:                                     0.1%        
 Ordinary shares in issue 2 :                  56,412,138  
 Ongoing charges 3 :                           0.73%       

 

1                    Based on           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
one quarterly dividend of 3.55p per share declared on 02 February 2026 for the
year ending 31 October 2026, and based on the share price as at close of
business on 28 February 2026.

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 2025.

 

 

 

 

 

 

 

 

 Sector Analysis         Total Assets (%)  
 Financials              20.8              
 Industrials             14.6              
 Information Technology  13.5              
 Health Care             11.9              
 Consumer Discretionary  7.8               
 Consumer Staples        7.6               
 Communication Services  7.2               
 Energy                  5.9               
 Materials               4.1               
 Utilities               3.0               
 Real Estate             2.9               
 Net Current Assets      0.7               
                         -----             
                         100.0             
                         =====             
                                           
 Country Analysis        Total Assets (%)  
 United States           99.3              
 Net Current Assets      0.7               
                         ----              
                         100.0             
                         =====             
                                           

           #

 

 Top 10 Holdings     Country        % Total Assets  
 Alphabet            United States  4.3             
 JPMorgan Chase      United States  2.6             
 Amazon              United States  2.4             
 Berkshire Hathaway  United States  2.4             
 Procter & Gamble    United States  2.3             
 Walmart             United States  2.1             
 Chevron             United States  2.0             
 Bank Of America     United States  2.0             
 Micron Technology   United States  1.8             
 Morgan Stanley      United States  1.6             
                                                    
                                                    

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

 

For the month ended 28 February 2026, the Company’s NAV returned 4.8%,
outperforming the Russell 1000 Value Index which returned 4.7% net of fees.

 

February marked an acceleration of concerns that AI is a material threat to an
increasingly broad range of asset light and human capital driven business
models. Software continued to represent the highest profile losers of this
rotation, but February also saw concerns about disruption broaden to areas
such as Consumer and Commercial Services and Wealth Management. This coincided
with slew of news releases from several model providers announcing
enhancements designed to replicate human driven processes deployed within
these businesses. The result was an obvious and clear rotation away from new
economy asset light business models towards old economy capital intensive
businesses perceived as being less at risk of disruption.

 

Positions in the Consumer Discretionary sector were the top contributors,
helped by an overweight exposure in auto parts firm BorgWarner, which not only
announced strong earnings and guidance, but also details of turbine solutions
to be used in AI data centres. Positions in Energy stocks were the largest
detractor, including an underweight exposure in Exxon Mobil, which announced
strong earnings and share buybacks at the end of January.

 

Signals that capture momentum in company fundamentals as well as quality were
the top contributors to performance for the month, while top down signals
detracted a little. Insights that track stock price trends across companies’
suppliers, customers and peers nicely captured the old economy versus asset
light theme. However, top down signals that look at relationships between
market volatility and sector returns were less well placed for this theme.

 

Source: BlackRock.

 

18 March 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/22399/4323079/3989754.pdf)  



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