REG-BlackRock Income and Growth Investment Trust Plc: Portfolio Update

Blackrock Income and Growth Investment TrustAnnouncement

18/03/2026 11:15

The information contained in this release was correct as at 28 February 2026.
Information on the Company's up to date net asset values can be found on the
London Stock Exchange Website at:

 

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html
                              .

 

BLACKROCK INCOME & GROWTH INVESTMENT TRUST PLC (LEI:5493003YBY59H9EJLJ16      
                        )

All information is at                                  28 February 2025       
                        and unaudited.

 

Performance at month end with net income reinvested

 

                              One   Month  Three   Months  One   Year  Three   Years  Five   Years  Since   1 April   2012  
 Sterling                                                                                                                   
 Share price                  2.6%         9.8%            19.6%       35.6%          65.9%         191.3%                  
 Net asset value              5.3%         11.7%           19.7%       39.0%          72.3%         201.8%                  
 FTSE All-Share Total Return  6.5%         12.1%           27.3%       51.6%          88.7%         220.4%                  
                                                                                                                            
 Source: BlackRock                                                                                                          

 

BlackRock took over the investment management of the Company with effect from
1 April 2012.

 

At month end

Sterling:

 Net asset value - capital only:        266.34p     
 Net asset value - cum income*:         268.10p     
 Share price:                           231.00p     
 Total assets (including income):       £56.0m      
 Discount to cum-income NAV:            13.8%       
 Gearing:                               5.9%        
 Net yield**:                           3.3%        
 Ordinary shares in issue***:           18,654,568  
 Gearing range (as a % of net assets):  0-20%       
 Ongoing charges****:                   1.15%       
 *  Includes net revenue of 1.76  pence per share   
 ** The Company's yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 3.3% and includes the 2025 final dividend of 5.00p per share declared on 28 January 2026 with pay date 20 March 2026 and the Interim Dividend of 2.70p per share declared on 19 June 2025 with pay date 02 September 2025. 
 *** excludes 10,081,532  shares held in treasury.  
 **** The Company's ongoing charges are calculated as a percentage of average daily net assets and using 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.  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 Analysis                      Total assets (%)  
 Banks                                12.6              
 Pharmaceuticals & Biotechnology      9.8               
 Nonequity Investment Instruments     6.3               
 Mining                               5.8               
 Oil & Gas Producers                  5.4               
 General Retailers                    5.1               
 Aerospace & Defense                  5.0               
 Support Services                     4.2               
 Household Goods & Home Construction  4.2               
 Financial Services                   4.0               
 Personal Goods                       3.7               
 Real Estate Investment Trusts        3.6               
 Electronic & Electrical Equipment    3.0               
 Tobacco                              2.9               
 General Industrials                  2.8               
 Software & Computer Services         2.8               
 Industrial Engineering               2.5               
 Nonlife Insurance                    2.4               
 Life Insurance                       2.4               
 Electricity                          2.4               
 Food Producers                       1.7               
 Food & Drug Retailers                1.4               
 Beverages                            0.6               
 Net Current Assets                   5.4               
                                      -----             
 Total                                100.0             
                                      =====             
 Country Analysis                     Percentage        
 United Kingdom                       90.9              
 United States                        3.7               
 Net Current Assets                   5.4               
                                      -----             
                                      100.0             
                                                        
 Top 10 Holdings                      Fund %            
 AstraZeneca                          8.5               
 HSBC                                 4.5               
 Shell                                4.3               
 Standard Chartered                   4.2               
 Lloyds Banking Group                 4.1               
 Rio Tinto                            4.0               
 Unilever                             3.9               
 Reckitt Benckiser Group              3.7               
 Rolls-Royce Holdings                 3.2               
 British American Tobacco             3.1               
                                                        
                                                        

Commenting on the markets, representing the Investment Manager noted:

 

Market Summary:

 

February delivered a continued grind higher for global equities, although
leadership broadened materially beneath the surface. The MSCI ACWI gained 1.3%
over the month, as investors rotated away from crowded mega          -        
 cap AI and software names towards more cyclical and value          -         
leaning parts of the market. The macro backdrop was shaped by three
overlapping themes: a growing debate over the payback from heavy AI
investment; policy uncertainty around US trade tariffs following a Supreme
Court ruling on the administration's emergency powers; and a late          -  
       month rise in geopolitical risk as conflict involving the US and Iran
escalated on the final day of February. Bond markets responded constructively,
with yields generally moving lower as risk sentiment wobbled and investors
leaned back into the "gradual disinflation" narrative.

 

In the U.S., equity performance was driven by sharp rotations and AI-related
volatility. After a strong start to the year, small          -          cap
performance was uneven through February, while several high          -        
 profile AI and software names - including Nvidia - experienced significant
drawdowns despite earnings beats, reflecting investor concerns around AI capex
intensity, monetisation and broader headwinds facing the software sector.
Financials and private credit exposed stocks also came under pressure amid
liquidity concerns, adding to broader index weakness.

 

European equities continued to hold up well, underpinned by earnings momentum
and a supportive rates backdrop. The ECB kept rates on hold at 2%, while
eurozone inflation prints and surveys pointed to a modest improvement in
momentum, helping sustain confidence in a "soft          -          landing"
path. Commodities were firmer overall, with precious metals notably volatile
early in the month before rebounding into month          -          end as
geopolitical risks intensified; oil also lifted late, following the escalation
in the Middle East.

 

In the UK, equities advanced strongly. The FTSE All          -          Share
rose 6.5%, supported by the rotation away from high          -         
valuation tech, resilient earnings and strength in more defensive UK large
caps. Sector leadership was broad, with healthcare, basic materials, utilities
and telecoms among the top performers. The Bank of England held Bank Rate at
3.75% (5-4 vote), while reiterating that further easing remains likely as
inflation pressures cool. Supporting that tone, headline CPI eased to 3.0% YoY
in January, down from 3.4% in December, reinforcing the view that the
inflation profile is moving back towards target over the coming quarters.

 

Source:                                 
https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/february-2026

Source:                                 
https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/january2026

 

Stock comments

 

Great Portland Estates                     detracted in February, giving back
some of the strong performance in January.                      The profit
taking occurred amidst emerging concerns through the month around dislocation
from AI leading to potential job losses. Our view remains that Zone One
central London offices is a strong asset class, highlighted by strong rental
growth over the last two decades that we expect this to continue.

 

UK bank shares pulled back from early          -          month highs as
investors weighed a more dovish interest          -          rate outlook and
a broader wobble in banking sentiment around credit risk.                     
Lloyds                                         Banking Group                  
  and                      Standard Chartered                     detracted as
a result, with both giving back some of the strong 2025 and January
performance. We had trimmed our position in Lloyds on strength reflecting the
elevated valuation. Conversely, an underweight position in                    
 Barclays                     contributed to performance.

 

RELX                     was a notable detractor amid a sharp valuation de    
     -          rating of information/services names exposed to the "AI
disruption" narrative. Investors are concerned that new generative          - 
        AI legal tools could compress pricing power and moats triggered heavy
selling across the space, which outweighed more supportive longer          -  
       term fundamentals and capital returns in the near term. The shares
bounced back later in the month.

 

Howden Joinery                     also contributed to relative performance
after posting a strong set of full year results with margin progression. The
group had modest improvements in the kitchen market combined with a dominant
competitive position.

 

Changes

 

We initiated a                      new position in Tesco                    
as part of a defensive cashflow growth opportunity. The company should be
resilient given limited structural threats and strong competitive position. We
also                      sold off the remainder of NatWest                   
                     and switched into Barclays                     as we
believe there is more momentum in Barclays from hereon - with NatWest's
acquisition of Evelyn depressing capital returns in the short term. We also
initiated a                      new position in Mondi                    
where trading has been difficult in recent years given the adverse
supply/demand trends in their markets. The company has spent a lot of capex
and undertaken M&A in recent years which should start contributing as markets
recover.

 

We sold BAE Systems                     following strong year-to-date
performance and to reflect higher conviction elsewhere in Babcock where we
expect more upsides given the potential contract wins this year supported by a
strong defence backdrop.           

 

Outlook

The outlook remains shaped by a mix of geopolitical uncertainty, evolving
interest-rate expectations and strong themes in AI, Defence and Financials.
While global markets experienced volatility in early 2025, falling due to
trade tariff concerns and then recovering as proposed measures were softened,
trade tariffs continue to drive sharp swings in sectors and individual
companies. Expectations of Federal Reserve interest rate cuts have been
repeatedly delayed, and President Trump's unpredictable policy stance suggests
volatility across equity and bond markets will stay elevated. Recent
developments in the Middle East have added to near          -          term
uncertainty, lifting risk premia across energy and broader markets amid
heightened volatility. While markets continue to weigh a range of outcomes,
investor sentiment remains highly sensitive to policy signals and the risk of
further escalation, particularly the implications for energy supply and
shipping routes. These dynamics have also weakened the US dollar, affecting
companies with US dollar revenues. Against this backdrop, we continue to
favour companies with durable competitive advantages and pricing power, while
looking for opportunities created by heightened market swings.

 

In Europe, the backdrop is supported by the European Central Bank interest
rate cuts and Germany's fiscal push that is centred on defence and
infrastructure. This has already boosted European defence companies; however,
it remains unclear whether wider economic momentum will follow. Corporate
sentiment in defence-related industries is upbeat, but the broader tone is one
of stabilisation. Meanwhile, China continues to battle soft domestic demand
and deflation pressures, with limited success so far; recent US trade tariff
announcements have only added to the uncertainty.

 

The UK market has remained relatively resilient despite domestic political
noise, though companies more exposed to the UK economy have faced pressure on
sentiment. Hopes for stability have faded, with political fractures keeping
risk premia high across equities and gilts. While households remain in decent
shape - with solid savings and real wage growth - both consumer and business
confidence will need to improve for a fuller recovery. Recent data point to
stabilisation, but uncertainty on growth and policy direction continues to
weigh on investor conviction. UK equities remain deeply undervalued relative
to global peers, with double-digit discounts across metrics. This has spurred
buybacks and continued inbound M&A. While volatility is expected to persist,
we believe risk appetite will return and opportunities are emerging.

 

Cash-generative businesses with enduring competitive advantages continue to be
a priority, and we are confident they are best positioned to deliver long-term
returns. While volatility is likely to persist, the opportunities it presents
are encouraging - both in resilient growth stories and compelling turnaround
cases.

 

 

18 March 2026

 

 

 Release  (https://mb.cision.com/Main/22401/4322911/3989294.pdf)  



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