REG-BlackRock Frontiers Investment Trust Plc: Portfolio Update
20/04/2026 17:15
BLACKROCK FRONTIERS INVESTMENT TRUST PLC (LEI: 5493003K5E043LHLO706)
All information is at 31 March 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 -17.7 -4.1 20.4 44.3 68.7 205.0
Net asset value -10.4 -1.5 15.1 40.7 77.9 223.6
Benchmark (NR)** -4.8 3.0 15.8 25.8 46.1 122.6
MSCI Frontiers Index (NR) -5.1 1.1 32.0 61.7 62.7 159.9
MSCI Emerging Markets Index (NR) -11.4 1.8 26.8 42.0 25.4 114.5
US Dollars:
Share price -19.3 -6.0 23.0 53.9 61.4 159.3
Net asset value -12.1 -3.4 17.6 50.1 70.2 174.6
Benchmark (NR)** -6.7 0.9 18.3 34.2 39.6 89.7
MSCI Frontiers Index (NR) -6.9 -0.9 34.8 72.4 55.5 119.8
MSCI Emerging Markets Index (NR) -13.1 -0.2 29.6 51.4 19.9 81.4
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: 233.87c
Net asset value - cum income: 235.71c
Sterling:
Net asset value - capital only: 177.35p
Net asset value - cum income: 178.74p
Share price: 169.50p
Total assets (including income): £292.5m
Discount to cum-income NAV: 5.17%
Gearing: Nil
Gearing range (as a % of gross assets): 0-20%
Net yield*: 4.4%
Ordinary shares in issue**: 163,641,520
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 4.4% 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 paid 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 52.7 Saudi Arabia 14.4
Energy 10.9 United Arab Emirates 12.0
Communication Services 9.4 Kazakhstan 11.4
Consumer Discretionary 7.7 Egypt 8.6
Real Estate 7.3 Indonesia 7.4
Industrials 4.7 Poland 6.2
Materials 4.7 Thailand 5.2
Consumer Staples 4.1 Kenya 4.8
Health Care 2.2 Vietnam 4.5
Utilities 1.8 Greece 4.3
Information Technology 1.2 Philippines 4.2
----- Pakistan 3.9
106.7 Georgia 3.9
----- Bangladesh 3.7
Short Positions -1.6 Hungary 3.6
===== Argentina 3.4
Turkey 2.4
Multi-International 1.5
Chile 1.3
-----
106.7
-----
Short Positions -1.6
=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
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 % 28.02 2026 % 31.03
2026 %
Long 111.3 117.9 121.2 113.0 114.3 112.2 114.0 110.5 110.9 116.7 121.3 106.7
Short 3.8 3.4 3.4 2.5 2.4 1.7 1.6 1.5 1.9 1.8 2.0 1.6
Gross 115.1 121.3 124.6 115.5 116.7 113.9 115.6 112.0 112.8 118.5 123.3 108.3
Net 107.5 114.5 117.8 110.5 111.9 110.5 112.4 109.0 109.0 114.9 119.3 105.1
Ten Largest Investments
Company Country of Risk Gross market value as a % of net assets
Kaspi.Kz JCS Kazakhstan 5.0
Commercial International Bank Egypt 4.4
Bank Pekao Poland 4.4
Halyk Savings Bank Kazakhstan 4.3
Etihad Etisalat Saudi Arabia 4.1
TBC Bank Group Plc Georgia 3.9
OTP Bank Hungary 3.6
Bank Mandiri Indonesia 3.5
YPF Sociedad Anónima Argentina 3.4
Equity Group Kenya 3.3
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the
Investment Manager noted:
The Company’s NAV returned -12.1% in March, while the MSCI Frontier +
Emerging ex Selected Countries Index (“Benchmark Index”), returned -6.7%.
For reference, the MSCI Emerging Markets Index returned -13.1% while the MSCI
Frontier Markets Index returned -6.9% over the same period. All performance
figures are on a US Dollar basis with net income reinvested. 1
March was characterised by a more cautious, geopolitically driven environment.
Heightened tensions in the Middle East weighed on global risk sentiment, with
concerns around potential energy supply disruptions, particularly linked to
the Strait of Hormuz, pushing oil prices higher and contributing to a more
defensive market backdrop.
Performance across markets saw substantial divergence across the universe.
Oman (+14.0%) delivered the strongest returns in the universe, extending gains
from the previous month amid speculation around potential inclusion in the
MSCI Emerging Markets Index. Egypt (-21.6%) was the
weakest performer as the country imports meaningful volumes of oil and a
sustained high oil price would result in a significantly larger current
account deficit.
At the stock level, Argentina’s state-controlled oil and gas company, YPF
(+30.8%) was the top contributor following the rise in oil prices. Relative
performance over the month was strongly influenced by oil price dynamics. The
top performing stocks, Kazakh e-commerce company, Kaspi (+4.9%), Saudi Arabia
based telecom operator Mobily (+1.5%) and Saudi oil and gas rig operator, ADES
(+0.7%), are all based in countries which are net exporters of oil.
On the downside, Turkish gold miner Eldorado Gold (-26.1%) was the largest
detractor during the month, pressured by weaker metal prices. Commercial
International Bank Egypt (-19.1%) also declined as Egypt remains one of the
regions most exposed to a prolonged Middle East conflict; however, the
bank’s structural positioning continues to support near term profit
resilience despite a challenging macro backdrop. Shares of Turkish bank Akbank
(-25.8%) fell as second order effects from the US Israel escalation weighed on
sentiment and expectations for further rate cuts faded. In the UAE, Emaar
Development (-30.3%) detracted as heightened regional tensions raised concerns
around dampened property demand and around construction delays.
We made a few changes in March. We exited Saudi fintech name Rasan to lock in
profits following a strong run over the past year, and initiated chemical
production company Yansab which we believe stands out within Saudi Arabia as a
beneficiary of higher oil prices through its exposure to Red Sea exports. In
Turkey, we exited Türkiye İşbankası and reduced Akbank on concerns that
rising energy prices linked to US Iran tensions could weigh on Turkey’s
ability to continue to see disinflation. We also reduced healthcare name MLP
to lock in profits.
Looking ahead, we remain constructive on the outlook for smaller emerging and
frontier markets. 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 MSCI as at 31 March 2026
20 April 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/22403/4337119/4046844.pdf)
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