Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 28 February 2019 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

0.8%

4.4%

-3.7%

6.0%

65.5%

0.1%

Share price

4.4%

8.0%

-1.2%

2.1%

55.3%

-6.1%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

77.46p

Net asset value cum income*:

78.20p

Share price:

75.20p

Discount to NAV (cum income):

3.8%

Net yield:

5.3%

Gearing - cum income:

10.2%

Total assets^:

£99.3m

Ordinary shares in issue:

116,126,515

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.74p. ^ Includes current year revenue. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2018.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

30.9

Global

63.9

Diversified Mining

24.4

USA

14.1

Copper

10.9

Canada

11.5

Exploration & Production

9.9

Latin America

4.7

Gold

9.8

Australia

4.5

Industrial Minerals

5.1

Asia

1.6

Silver

3.1

Africa

0.4

Diamonds

2.3

Net current liabilities

-0.7

Electricity

1.8

-----

Distribution

1.2

100.0

Steel

0.7

=====

Aluminium

0.6

Net Current Liabilities

-0.7

----- 100.0 =====

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals

Global

7.8

BHP

Global

7.5

Royal Dutch Shell ‘B’

Global

6.4

BP Group

Global

5.3

Rio Tinto

Global

4.9

Exxon Mobil

Global

4.7

Chevron

Global

4.6

Barrick Gold

Global

3.7

ConocoPhillips

USA

3.2

Vale - ADS

Latin America

3.1

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted:

The Trust’s NAV increased by 0.8% during the month of February (in GBP terms). Global equity markets continued to rise in February, as displayed by the MSCI World Index rising 2.8%, following the confirmation from the US that the additional tariffs on Chinese goods would not be implemented. In addition, Federal Reserve minutes also confirmed a patient approach to further rate increases, which was viewed as supportive for equity markets.  Economic data was however mixed, with a positive surprise from Eurozone PMI (Purchasing Managers’ Index) whilst US retail sales disappointed and showed a decline. Against this macroeconomic backdrop, Brent and WTI posted positive returns, increasing by 4.1% and 6.3%, to finish the month at $65/bbl and $57/bbl respectively. This encouraging performance of the oil price was based on OPEC continuing to be on track to deliver on their announced 1.2mbpd cuts, as to date they have already cut production by 1mbpd.  In addition, the world’s largest oil field, the Safaniyah oil field in Saudi Arabia, was partially shut down during the month after a ship’s anchor severed a main power cable.  However, despite the positive overall performance of oil, President Trump posted a tweet on oil prices being too high, which resulted in oil selling off strongly towards the end of the month.  It was encouraging to see energy equities be relatively immune to this sell-off. Within the mining sector, the iron ore (62% fe) price remained elevated, finishing the month at a price of $85/tonne on the back of Vale’s suspension of production. Base metals were also up, with copper, zinc and nickel prices rising 6.6%, 3.1% and 4.5% respectively. Copper’s strong performance was based on falling inventories, equating to a speculative perception that there was a shortage of metal in the market. The Trust’s position in Kosmos Energy was the largest contributor to positive performance. The company held its capital markets day during February, with rhetoric from the company taken positively by the market. The company stated that they will breakeven at $35/bbl, demonstrating that they have a decent margin of risk mitigation for delivering on cash flow and dividend payments. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

ENDS

Latest information is available by typing www.blackrock.co.uk/brci 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.