Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 March 2021 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

3.4%

10.5%

38.3%

84.0%

45.4%

106.9%

Share price

-0.2%

17.5%

49.2%

117.3%

50.3%

96.3%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

92.97p

Net asset value cum income*:

93.67p

Share price:

91.10p

Discount to NAV (cum income):

2.7%

Net yield:

4.4%

Gearing - cum income:

7.3%

Total assets:

£112.6m

Ordinary shares in issue:

113,470,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.3%

* Includes net revenue of 0.70p. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2020.

Sector Overview

Mining

44.8%

Energy Transition

24.5%

Energy

32.0%

Net Current Liabilities

-1.3%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

23.1

Global

56.9

Copper

7.2

USA

16.7

Industrial Minerals

4.7

Canada

9.2

Gold

4.0

Latin America

7.7

Diamonds

1.5

Australia

2.7

Platinum

1.4

South Africa

2.3

Iron

1.3

Germany

2.2

Nickel

0.9

Norway

1.3

Steel

0.7

France

0.9

Subtotal mining:

44.8

Ireland

0.7

United Kingdom

0.5

Energy:

Africa

0.2

E&P

15.1

Other Net Liabilities^

-1.3

Integrated

12.4

-----

Refining & Marketing

2.9

100.00

Distribution

1.2

=====

Oil Services

0.4

Subtotal Energy:

32.0

Energy Transition:

Electrification

10.0

Energy Efficiency

7.8

Renewables

4.8

Transport

1.2

Storage

0.7

Subtotal Energy Transition:

24.5

Net Current Liabilities^

-1.3

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 5.9% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Vale

Latin America

Equity

6.8

Bond

0.2

Rio Tinto

Global

4.7

Chevron

Global

4.4

BHP

Global

4.2

Anglo American

Global

3.8

Enel

Global

3.5

Glencore

Global

3.4

Freeport-McMoran

United States

3.3

Vestas

Global

3.1

Total

Global

2.8

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted:

The Company’s NAV increased by 3.4% during the month of March (in Sterling terms with dividends reinvested). Global equity markets experienced volatility in March. Despite positive news on vaccine rollouts, European and US Markets were negatively impacted towards the end of the month on the back of further lockdown fears and worsening economic data. However, recent economic data has shown that economies are continuing to grow despite COVID-19 related issues. Elsewhere, the US 10-year treasury yield reached its highest level since January 2020. This new bout of volatility came on the back of increased optimism over the US’s vaccine rollout and plans to boost fiscal stimulus. For reference the MSCI All Country World Index (ACWI) rose 2.5% over the month. Within the traditional energy sector, oil prices pulled back on concerns of a delayed reopening, following risks of renewed lockdowns across Europe and the curbed expectations of an imminent economic recovery. Against this backdrop, the Brent and WTI (West Texas Intermediate) decreased by 3.6% and 6.9%, ending the month at $64/bbl and $59/bbl respectively. However, whilst spot prices posted negative returns during the month, the forward curve was only marginally down between 1-2%, and Gulf Coast refining margins were up strongly on the back of some pent up demand through the month following the abnormally cold weather in the US. The mining sector pulled back in March following a strong run in February.  Industrial metals saw a modest correction, with copper and iron ore (62% fe.) prices down by 3.9% and 5.4% respectively (for reference, they are still up on a year to date basis, most notably copper up by 13.4%). Meanwhile, gold prices remained stable. Elsewhere, Chinese nickel and stainless-steel producer Tsingshan Holding Group announced its decision to mass-produce nickel matte, an intermediate product which can be used to make stainless steel and battery-grade nickel for electric vehicles (EVs), thus pushing the nickel price downward by 13.5%. Within the energy transition space, IHS Market announced that it expects up to 50% increase in annual renewable energy installations by 2024 (versus 2020), driven by falling costs for wind and solar power and country carbon reduction commitments. At the end of the month, President Biden announced plans for a $2.2trillion American Jobs Plan to target spending on roads, clean energy generation and grid, water and waste infrastructure and support for a domestic electric vehicle supply chain, including EV charging points. Whilst in the long term this could be a headwind for oil demand, the proposed plan requires significant infrastructure spend and therefore is likely to result in rising nearer term demand for oil and mined commodities, if it is to be enacted. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 23 April 2021

ENDS

Latest information is available by typing www.blackrock.com/uk/beri 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.