REG-BlackRock Frontiers Investment Trust Plc: Portfolio Update

Blackrock Frontiers Investment TrustAnnouncement

26/02/2026 11:30

 

BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)

 

All information is at                                  31 January 2026        
                       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                       7.2       12.8       26.4     59.6      97.3      241.0       
 Net asset value                   7.0       9.6        20.2     52.9      99.7      251.4       
 Benchmark (NR)**                  5.5       4.5        14.7     24.9      52.9      128.1       
 MSCI Frontiers Index (NR)         1.8       5.3        34.1     60.0      63.8      161.8       
 MSCI Emerging Markets Index (NR)  6.7       4.8        29.3     42.7      29.8      124.8       
                                                                                                 
 US Dollars:                                                                                     
 Share price                       9.3       17.8       39.6     77.9      97.3      201.7       
 Net asset value                   9.2       14.4       32.7     70.4      99.7      210.4       
 Benchmark (NR)**                  7.7       9.2        26.6     39.2      52.7      102.3       
 MSCI Frontiers Index (NR)         3.9       10.0       48.1     78.3      63.7      130.4       
 MSCI Emerging Markets Index (NR)  8.9       9.4        42.8     59.1      29.7      97.8        

 

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:                         265.41c      
 Net asset value - cum income:                           266.42c      
 Sterling:                                                            
 Net asset value - capital only:                         193.40p      
 Net asset value - cum income:                           194.14p      
 Share price:                                            189.50p      
 Total assets (including income):                        £367.4m      
 Discount to cum-income NAV:                             2.4%         
 Gearing:                                                Nil          
 Gearing range (as a % of gross assets):                 0-20%        
 Net yield*:                                             3.9%         
 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 3.9% and includes the 2025
interim dividend of 3.65 cents per share, declared on 29 May 2025, paid to
shareholders on 24 June 2025 and the 2025 final dividend of 6.35 cents per
share, declared on 10 December 2025 payable to shareholders on 26 February
2026.

** 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
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              55.8                                        Saudi Arabia          13.3                                      
 Consumer Discretionary  10.4                                        United Arab Emirates  12.3                                      
 Communication Services  10.1                                        Turkey                10.8                                      
 Real Estate             9.1                                         Egypt                 9.9                                       
 Energy                  8.0                                         Poland                9.2                                       
 Materials               5.4                                         Kazakhstan            8.8                                       
 Information Technology  5.0                                         Indonesia             7.3                                       
 Industrials             4.9                                         Vietnam               5.0                                       
 Consumer Staples        4.0                                         Multi-International   5.0                                       
 Health Care             3.1                                         Kenya                 4.8                                       
 Utilities               0.9                                         Pakistan              4.6                                       
                         -----                                       Greece                4.5                                       
                         116.7                                       Hungary               3.8                                       
                         -----                                       Thailand              3.3                                       
 Short Positions         -1.8                                        Georgia               3.2                                       
                         =====                                       Bangladesh            2.9                                       
                                                                     Pan Africa            2.6                                       
                                                                     Philippines           2.5                                       
                                                                     Chile                 1.5                                       
                                                                     Argentina             1.4                                       
                                                                                           -----                                     
                                                                                           116.7                                     
                                                                                           -----                                     
                                                                     Short Positions       -1.8                                      
                                                                                           =====                                     

 

 

*reflects gross market exposure from contracts for difference (CFDs).

 

Market Exposure                              
           

        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   %  31.12   2025   %  31.01   2026   %  
 Long   121.0             118.5             111.3             117.9             121.2             113.0             114.3             112.2             114.0             110.5             110.9             116.7             
 Short  3.9               4.3               3.8               3.4               3.4               2.5               2.4               1.7               1.6               1.5               1.9               1.8               
 Gross  124.9             122.8             115.1             121.3             124.6             115.5             116.7             113.9             115.6             112.0             112.8             118.5             
 Net    117.1             114.2             107.5             114.5             117.8             110.5             111.9             110.5             112.4             109.0             109.0             114.9             

 

 

Ten Largest Investments

 

 Company                        Country of Risk       Gross market value as a % of net assets  
                                                                                               
 Bank Mandiri                   Indonesia             4.3                                      
 Commercial International Bank  Egypt                 4.3                                      
 Bank Pekao                     Poland                4.1                                      
 OTP Bank                       Hungary               3.8                                      
 Akbank                         Turkey                3.6                                      
 Rasan Information              Saudi Arabia          3.4                                      
 Etihad Etisalat                Saudi Arabia          3.4                                      
 Halyk Savings Bank             Kazakhstan            3.4                                      
 Emaar Properties               United Arab Emirates  3.4                                      
 LPP                            Poland                3.3                                      
                                                                                               

                                                                       
                                       

Commenting on the markets, Sam Vecht and Emily Fletcher, representing the
Investment Manager noted:                    
           

 

The Company NAV returned +9.2% in January 2026, outperforming its benchmark,
the MSCI Frontier + Emerging ex Selected Countries Index (“Benchmark
Index”), which returned +7.7%. For reference, the MSCI Emerging Markets
Index returned +8.9% while the MSCI Frontier Markets Index returned +3.9% over
the same period. All performance figures are on a US Dollar basis with net
income reinvested.           

 

Several of the markets where we are invested did well in January, with some of
the best performing markets being Egypt (24.5%) and Turkey (23.7%). In Egypt,
easing inflation, with December 2025 CPI falling to 12.3% from 23.4% a year
earlier, opened the door to further potential rate cuts. Confidence was
further supported by hope of continued pick up in volumes of ships transiting
the Suez Canal. Turkey also benefited from a lower than expected January 2026
CPI print and hope that this could lead to further rate cut and renewed
foreign investor participation.

 

At the stock level, Commercial International Bank Egypt (28.7%) was the
largest contributor over the month, benefitting from the broader surge in the
Egyptian market. Kazakhstan-based NAC Kazatomprom (47.3%) was another strong
performer on the back of rising uranium prices. Turkish bank Akbank (+31.6%)
also did well, supported by expectations of a NIM rebound as rate cuts feed
through to earnings. Saudi fintech name Rasan (20.1%) surged to all time highs
over the month, as insurance penetration continued to grow across the country.

 

On the flipside, Bank Mandiri (-4.6%) fell alongside the Indonesian market
after MSCI warned the country could face a downgrade from Emerging Markets to
Frontier status at the May 2026 review due to transparency and free float
concerns.                      Whilst this could have substantial
implications for some of the other benchmark stocks in the country, we
continue to see value in this name. Polish retailer LPP (-4.0%) was another
detractor amid profit-taking following last month’s rally. Philippines-based
online gaming company Digiplus (-19.4%) continued to fall, however, we see
value in the                      name and have topped up the position.

 

We made a few changes in January. We topped up the position in Saudi Arabia
based oil and drilling company ADES following the completion of the merger
with Shelf Drilling, as we see meaningful cost of debt synergies and an
improving cash generation profile for the company. We re-initiated a position
in Argentinian oil and gas company YPF, as its shift into shale offers
attractive value at current oil prices, with even further upside if prices
move higher. We exited the Polish low-cost carrier Wizz Air, amid ongoing cost
pressures and operational challenges. Elsewhere, we reduced our exposure in
Pakistan to lock in some profits.

 

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 continue 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 31 January 2026           

2          MSCI as at 31 January 2026

 

26 February 2026

 

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/22403/4313516/3954330.pdf)  



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