REG-BlackRock Frontiers Investment Trust Plc: Portfolio Update
23/12/2025 11:30
BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)
All information is at 30 November 2025
and unaudited.
Performance at month end with net income reinvested.
One Three One Three Five Since
month months year years years Launch*
% % % % % %
Sterling:
Share price 2.3 5.7 23.7 54.0 98.7 209.4
Net asset value -0.4 3.5 14.4 39.8 91.1 219.5
Benchmark (NR)** -2.5 4.6 13.0 13.8 43.7 112.7
MSCI Frontiers Index (NR) 0.2 4.9 34.6 51.5 60.7 149.0
MSCI Emerging Markets Index (NR) -3.2 11.1 24.2 35.7 29.0 107.7
US Dollars:
Share price 3.2 3.7 29.0 71.5 97.4 164.4
Net asset value 0.5 1.5 19.3 55.8 89.9 172.5
Benchmark (NR)** -1.7 2.6 17.7 26.6 42.5 82.2
MSCI Frontiers Index (NR) 1.0 2.9 40.4 68.6 59.5 111.6
MSCI Emerging Markets Index (NR) -2.4 9.0 29.5 51.0 28.0 76.5
Sources: BlackRock and Standard & Poor’s Micropal
* 17 December 2010.
** The Company’s benchmark changed to MSCI Frontier + Emerging ex Selected
Countries Index (net total return, USD) effective 1/4/2018.
At month end
US Dollar
Net asset value - capital only: 232.88c
Net asset value - cum income: 239.97c
Sterling:
Net asset value - capital only: 175.75p
Net asset value - cum income: 181.10p
Share price: 176.50p
Total assets (including income): £342.8m
Discount to cum-income NAV: 2.5%
Gearing: Nil
Gearing range (as a % of gross assets): 0-20%
Net yield*: 4.3%
Ordinary shares in issue**: 189,270,248
Ongoing charges***: 1.42%
Ongoing charges plus taxation and performance fee****: 2.87%
*The Company’s yield based on dividends announced in the last 12 months as
at the date of the release of this announcement is 4.3% and includes the 2024
final dividend of 6.00 cents per share, declared on 5 December 2024 paid to
shareholders on 14 February 2025 and the 2025 interim dividend of 3.65 cents
per share, declared on 29 May 2025, paid to shareholders on 24 June 2025.
** Excluding 52,552,553 ordinary shares held in treasury.
***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 performance fees, finance costs, direct transaction costs, custody
transaction charges, VAT recovered, taxation and certain non-recurring items
for Year ended 30 September 2025.
**** 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
and including performance fees but excluding finance costs, direct transaction
costs, custody transaction charges, VAT recovered, taxation and certain
non-recurring items for Year ended 30 September 2025.
Sector Gross market value as a % of net assets Country Gross market value as a % of net assets
Analysis Analysis
Financials 53.6 Saudi Arabia 12.7
Consumer Discretionary 11.0 United Arab Emirates 10.2
Real Estate 9.3 Poland 10.0
Communication Services 7.8 Turkey 10.0
Materials 6.8 Egypt 8.3
Industrials 6.3 Indonesia 7.2
Information Technology 5.4 Kazakhstan 6.5
Consumer Staples 4.2 Multi-International 5.2
Energy 3.4 Hungary 5.1
Health Care 2.7 Pakistan 5.0
----- Thailand 4.9
110.5 Vietnam 4.9
----- Kenya 4.8
Short Positions -1.5 Greece 4.8
===== Georgia 3.3
Philippines 3.0
Bangladesh 3.0
Chile 1.6
-----
110.5
-----
Short Positions -1.5
=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
31.12 2024 % 31.01 2025 % 28.02 2025 % 31.03 2025 % 30.04 2025 % 31.05 2025 % 30.06 2025 % 31.07 2025 % 31.08 2025 % 30.09 2025 % 31.10 2025 % 30.11 2025 %
Long 112.4 118.5 121.0 118.5 111.3 117.9 121.2 113.0 114.3 112.2 114.0 110.5
Short 4.0 4.2 3.9 4.3 3.8 3.4 3.4 2.5 2.4 1.7 1.6 1.5
Gross 116.4 122.7 124.9 122.8 115.1 121.3 124.6 115.5 116.7 113.9 115.6 112.0
Net 108.4 114.3 117.1 114.2 107.5 114.5 117.8 110.5 111.9 110.5 112.4 109.0
Ten Largest Investments
Company Country of Risk Gross market value as a % of net assets
Bank Mandiri Indonesia 4.8
Bank Pekao Poland 4.0
LPP Poland 3.5
OTP Bank Hungary 3.5
Etihad Etisalat Saudi Arabia 3.4
Akbank Turkey 3.3
Emaar Properties United Arab Emirates 3.3
TBC Bank Group Plc Georgia 3.3
Epam Systems Multi-International 3.3
Lucky Cement Pakistan 3.1
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the
Investment Manager noted:
The Company NAV returned 0.5% in November, significantly outperforming its
benchmark, the MSCI Frontier + Emerging ex Selected Countries Index
(“Benchmark Index”), which returned -1.7%. For reference, the MSCI
Emerging Markets Index returned -2.4% while the MSCI Frontier Markets Index
returned 1.0% over the same period. All performance figures are on a US Dollar
basis with net income reinvested.
Whilst November was a tough month for the global tech sector on the back of
fears of overinvestment in AI, smaller emerging countries were generally
driven by more idiosyncratic factors. Stand out performances across our
universe included Chile (+8.9%) which rallied on the results of the first
round of elections whereby both candidates through to the second round lie
within the established political spectrum. Whilst Colombia (+6.5%) and Hungary
(+6.0%) also had a good month.
A broad range of names contributed positively in November. Our portfolio saw
strong returns from Turkey (+7.5%), supported by off-benchmark exposure to
Eldorado Gold (+22.6%) and gains in bank holdings amid policy easing, even as
the MSCI Turkey Index declined. IT services company, EPAM (+14.4%) rallied on
strong Q3 results and upward revisions to full-year revenue and EPS guidance.
In the UAE, Air Arabia (+10.3%) rose on record financial and operational
results for Q3 and the first nine months of 2025, driven by robust demand,
higher passenger volumes and disciplined cost management.
On the flipside, two Saudi Arabian companies were the largest negative
contributors, telecom operator Mobily (-8.7%) and chemical production company
Yansab (-12.2%). The Saudi market had rallied aggressively in September after
journalists reported the authorities were considering removing foreign
ownership limits on a number of companies. However, it seems implementation is
likely to be more protracted than originally envisaged.
CP All (-5.6%), the Thai convenience store operator, slipped despite beating
Q3 earnings estimates, as Thai consumer companies faced pressure from weak
purchasing power and lower tourist arrivals.
We made a few tactical changes in November. We exited Frontken, a
Malaysia-based company specialising in providing services to the semiconductor
industry. Not only has the stock performed well in recent months, but we were
concerned about the extent of potential dilution from their warrant expiry
next year. We rotated from Bank of Georgia into TBC Bank, where we see
underlying operations as resilient despite weaker guidance. We topped up Halyk
Bank given its attractive dividend yield. Finally, we trimmed Kazakhstan based
NAC Kazatomprom to take profits following a strong run in global uranium
prices.
Looking ahead, we remain constructive on the outlook for smaller emerging and
frontier markets. With inflation easing across many of our key markets and
U.S. bond yields remaining relatively stable, we anticipate that central banks
in our target countries will begin to resume interest rate cuts in the near
term. This backdrop sets the stage for a cyclical recovery in domestically
driven economies. Valuations across our investment universe remain attractive,
both in absolute and relative terms. Many of these markets are still
under-researched, and we believe this creates fertile ground for finding
high-conviction, alpha-generating opportunities.
Sources:
1 BlackRock as at 30 November 2025
2 MSCI as at 30 November 2025
23 December 2025
ENDS
Latest information is available by typing
www.blackrock.com/uk/brfi 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 BlackRock’s website (or any other website) is
incorporated into, or forms part of, this announcement.
Release (https://mb.cision.com/Main/22403/4286168/3857447.pdf)
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