REG-BlackRock American Income Trust Plc: Portfolio Update

Blackrock American Income TrustAnnouncement

24/04/2026 11:15

 

 

BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)                
              
                                 All information is at 31 March 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                                       -2.6         4.9            10.8         18.7        37.2           54.1        
 Share price                                           -2.9         4.6            13.7         27.6        47.6           56.2        
 Russell 1000 Value Index                              -3.0         4.1            8.2          13.4        40.0           64.2        
 Russell 1000 Value Index (Net 15% WHT Total Return)*  -3.0         4.1            8.0          13.1        38.7           61.6        

*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:               237.98p     
 Net asset value - cum income:                 238.20p     
 Share price:                                  235.00p     
 Discount to cum income NAV:                   1.3%        
 Net yield 1 :                                 5.6%        
 Total assets including current year revenue:  £134.4m     
 Net Gearing:                                  Nil         
 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 31 March 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              20.3              
 Industrials             14.4              
 Information Technology  13.2              
 Health Care             11.8              
 Consumer Discretionary  8.4               
 Energy                  7.2               
 Communication Services  7.1               
 Consumer Staples        7.0               
 Materials               4.1               
 Utilities               3.2               
 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  4.1             
 Berkshire Hathaway  United States  2.7             
 JPMorgan Chase      United States  2.7             
 Amazon              United States  2.5             
 Chevron             United States  2.3             
 Procter & Gamble    United States  2.0             
 Bank Of America     United States  2.0             
 Exxon Mobil         United States  2.0             
 Morgan Stanley      United States  1.7             
 Micron Technology   United States  1.6             
                                                    
                                                    

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

 

For the month ended 31 March 2026, the Company’s NAV returned -2.6%,
outperforming the Russell 1000 Value Index which returned -3.0% net of fees.

 

March saw fresh US / Israeli led military action against Iran disrupt the
goldilocks combination of improving growth and easing policy, which had
prevailed over the opening two months of the year. At the epicenter was the
closure of the Straits of Hormuz, and the resultant 70% surge in oil prices.
The sudden removal of 20% of the World’s oil supply reignited inflationary
concerns, driving a sharp reversal in expectations for global rate cuts.
Safe-haven status saw US stocks regain their appeal versus international
peers, but leadership along the style dimension also rotated towards a more
defensive stance, with growth stocks recovering some lost ground relative to
value peers.

 

Positions in the materials sector were the top contributors from a sector
perspective, helped by an overweight in chemicals firm Lyondellbasell, which
benefitted from being based in the US as there were severe disruptions to
supplies from the Middle East. On the negative side, positions within IT
detracted, including an overweight exposure in semiconductor firm Micron,
which reported strong earnings, but sold off on concerns about memory demand
peaking.

 

Both quality and value signals, as well as insights that focus on momentum in
fundamentals contributed to performance – despite the somewhat chaotic
geopolitical situation, the stock market appeared to actually be quite focused
on fundamentals, while sentiment and macro signals experienced flatter
performance. In terms of specific signals, using Large Language Models to
identify market themes and the stocks exposed to them proved highly effective
in identifying winners and losers from the conflict-driven oil price rise.
However, some consumer-oriented insights that track metrics such as online
sales and internet search activity struggled as markets focused more on the
macro situation.

 

 

24 April 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/22399/4339883/4057368.pdf)  



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