REG-BlackRock Energy and Resources Income Trust Plc: Portfolio Update

Blackrock Energy and Resources Income TrustAnnouncement

Yesterday 13:15

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc                                                                                  
  (LEI:54930040ALEAVPMMDC31)                                                                                                      
 All information is at  30 April 2026  and unaudited.                                                                             
                                                                                                                                  
 Performance at month end with net income reinvested                                                                              
                                                                                                                                  
                  One                               Three          Six                      One      Three    Five                
                  Month                             Months         Months                   Year     Years    Years               
 Net asset value  2.7%                              11.3%          30.6%                    78.8%    70.2%    146.1%              
 Share price      1.4%                              9.5%           35.4%                    88.1%    68.4%    136.7%              
 Sources: Datastream, BlackRock                                                                                                   
                                                                                                                                  
 At month end                                                                                                                     
 Net asset value – capital only:                                                   201.68p                                        
 Net asset value cum income 1 :                                                    201.94p                                        
 Share price:                                                                      191.00p                                        
 Discount to NAV (cum income):                                                     5.4%                                           
 Net yield:                                                                        2.8%                                           
 Net Gearing - cum income:                                                         1.8%                                           
 Total assets:                                                                     £204.2m                                        
 Ordinary shares in issue 2 :                                                      101,109,497                                    
 Gearing range (as a % of net assets):                                             0-20%                                          
 Ongoing charges 3 :                                                               1.15%                                          
                                                                                                                                  
 1 Includes net revenue of 0.26p.  2 Excluding 34,476,697 ordinary shares held in treasury.  3 The Company’s ongoing charges are 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 other non-recurring items for the year ended 30 November 2025.  In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a 
 portion of the management fee to the extent that the Company’s ongoing charges exceed 1.15% of average net assets.               
                                                                                                                                  
 Sector Overview                                                                                                                  
 Traditional Energy                34.4%                                                                                          
 Mining                            34.4%                                                                                          
 Energy Transition                 31.7%                                                                                          
 Other                             0.7%                                                                                           
 Net Current Liabilities           -1.2%                                                                                          
                                   -----                                                                                          
                                   100.0%                                                                                         
                                   =====                                                                                          
                                                                                                                                  
 Sector Analysis                   % Total Assets^                        Country Analysis                    % Total Assets^     
                                                                                                                                  
 Mining:                                                                  Global                              54.0                
 Diversified                       22.9                                   United States                       11.5                
 Gold                              4.3                                    Latin America                       6.6                 
 Copper                            3.4                                    North America                       5.5                 
 Industrial Minerals               2.1                                    Canada                              5.2                 
 Aluminium                         0.6                                    France                              3.0                 
 Steel                             0.6                                    Germany                             2.6                 
 Platinum Group Metals             0.5                                    Italy                               2.5                 
 Subtotal Mining:                  34.4                                   United Kingdom                      2.2                 
                                                                          China                               1.8                 
 Energy Transition:                                                       Spain                               1.7                 
 Renewables                        11.1                                   Europe                              1.6                 
 Electrification                   8.9                                    Australia                           1.2                 
 Storage                           6.9                                    Ireland                             1.0                 
 Energy Efficiency                 4.8                                    South Africa                        0.5                 
 Subtotal Energy Transition:       31.7                                   Other Africa                        0.3                 
                                                                                                                                  
 Traditional Energy:                                                      Net Current Liabilities^            -1.2                
 Integrated                        14.6                                                                       -----               
 Oil Services                      9.9                                                                        100.0               
 E&P                               5.6                                                                        =====               
 Distribution                      2.7                                                                                            
 Refining & Marketing              1.6                                                                                            
 Subtotal Traditional Energy:      34.4                                                                                           
                                                                                                                                  
 Other:                                                                                                                           
 Other                             0.7                                                                                            
 Subtotal Other:                   0.7                                                                                            
                                                                                                                                  
 Net Current Liabilities^          -1.2                                                                                           
                                   -----                                                                                          
                                   100.0                                                                                          
                                   =====                                                                                          
                                                                                                                                  
 ^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the tables above therefore exclude bank overdrafts equivalent to 0.6% of the Company’s net asset value. 
                                                                                                                                  
 Ten Largest Investments                                                                                                          
                                                                                                                                  
 Company                                    Region of Risk                                  % Total Assets                        
                                                                                                                                  
 Glencore                                   Global                                          5.6                                   
 Vale - ADS                                 Latin America                                   5.1                                   
 Chevron Corporation                        Global                                          4.7                                   
 Abaxx Technologies                         Global                                          4.7                                   
 Anglo American                             Global                                          4.7                                   
 Shell                                      Global                                          4.0                                   
 TotalEnergies                              Global                                          3.6                                   
 EDP Renovaveis                             Global                                          2.6                                   
 Elia Group                                 Germany                                         2.6                                   
 Subsea 7                                   Global                                          2.5                                   
                                                                                                                                  
 Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted:     Performance of the Company’s underlying sector components was mixed in April. Energy transition was the largest contributor to returns, mining also contributed positively, albeit more modestly, while conventional energy detracted. Markets appeared to stabilise following March’s volatility, with improving sentiment and a resumption of market leadership by artificial intelligence (AI)-related equities.    Within 
 the Company’s energy transition component, exposure to the storage sub-sector provided a notable positive contribution. Results reported during April highlighted strong earnings momentum among companies exposed to AI-related capital expenditure, including electric cable manufacturers and electricity transmission system operators.    During the first half of the month, the announcement of a ceasefire between the US, Israel and Iran, alongside growing expectations of a sustained resolution, led to a decline 
 in oil prices. Brent crude fell from US$127/bbl at the start of April to US$99/bbl by 17 April. However, as the month progressed, mixed signals from both sides and continued uncertainty surrounding the Strait of Hormuz drove a renewed increase in prices, with Brent ending the month at US$124/bbl. In this environment, conventional energy equities delivered negative returns, with integrated oil and gas exposure the most significant sub-sector-level detractor for the Company.    Within the Company’s mining 
 component, diversified mining exposure contributed positively, supported by strength in iron ore and copper prices, partly reflecting improved economic data from China. In contrast, gold mining exposure weighed on returns, as higher interest rate expectations continued to pressure gold prices.    Figures sourced from Datastream; prices quoted in US dollar terms unless specified otherwise as at 30 April 2026.     19 May 2026 
 ENDS                                                                                                                             
 Latest information is available by typing www.blackrock.com/uk/beri 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/22395/4350272/4101871.pdf)  



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