Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 31 July 2016 and unaudited.
Performance of ordinary share portfolio at month end with net income reinvested.
							One month			Three months				One year		Three years						Five years		Since  launch*
Sterling:
Share price							9.4			17.3				16.8		26.6						74.7		52.2
Net asset value							3.1			16.5				14.8		24.6						69.7		50.8
MSCI Frontiers Index (NR)							1.9			8.9				7.8		13.2						38.0		22.5
MSCI Emerging Markets Index (NR)							5.8			16.0				16.7		13.2						7.6		6.3
US Dollars:
Share price							8.7			6.3				-0.5		11.0						41.6		30.1
Net asset value							2.4			5.5				-2.3		9.2						37.5		28.7
MSCI Frontiers Index (NR)							1.2			-1.3				-8.3		11.6						-0.8		4.3
MSCI Emerging Markets Index (NR)							5.0			5.2				-0.7		-0.9						-13.0		-9.5
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end Ordinary Shares
US Dollar
Net asset value - capital only:																		162.11c
Net asset value - cum income:																		165.09c
Sterling:
Net asset value - capital only:																		122.10p
Net asset value - cum income:																		124.34p
Share price:																		127.50p
Total assets (including income):																		£204.3m
Premium to cum-income NAV:																		2.5%
Gearing:																		nil
Gearing range (as a % of gross assets):																		0-20%
Net yield*:																		4.0%
Ordinary shares in issue:																		164,333,108
Ongoing charges**:																		1.5%
Ongoing charges plus taxation and performance fee:																		1.6%
*The Company’s yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 4.0% and includes the 2015 final dividend of 4.15 cents per share declared on 18 December 2015, paid to shareholders on 19 February 2016 and the 2016 interim dividend of 2.60 cents per share announced on 16 May 2016 and paid to shareholders on 1 July 2016. **Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 September 2015.
The following relates specifically to the ordinary share portfolio.
Benchmark
Sector Analysis				Gross assets(%)*								Country Analysis								Gross assets(%)*
Financials				36.2								Argentina								13.7
Consumer Staples				16.8								Pakistan								12.6
Telecommunication				9.6								Romania								10.7
Utilities				8.6								Bangladesh								10.4
Materials				7.9								Kazakhstan								7.9
Energy				6.8								Sri Lanka								6.7
Health Care				6.2								Ukraine								6.2
Information Technology				5.0								Morocco								5.7
Industrials				3.7								Kenya								5.5
Consumer Discretionary				2.6								Vietnam								5.1
				-----								Kuwait								4.2
Total				103.4								Nigeria								3.4
				-----								Eurasia								2.4
Short positions				0.0								Estonia								2.2
				=====								Slovenia								2.1
												Saudi Arabia								2.0
												Caribbean								1.8
												Egypt								0.8
																				-----
												Total								103.4
																				-----
												Short positions								0.0
																				=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
	31.08  2015     %	30.09  2015     %	31.10  2015     %		30.11  2015     %	31.12  2015     %		31.01  2016     %					29.02  2016     %		31.03  2016     %				30.04  2016     %		31.05  2016     %		30.06  2016     %		31.07  2016     %
Long	103.1	101.8	99.6		100.3	99.5		102.5					102.2		108.1				109.2		108.8		110.5		103.4
Short	1.5	1.0	1.2		1.7	1.7		1.4					1.1		1.2				1.3		0.0		0.0		0.0
Gross	104.6	102.8	100.8		102.0	101.2		103.9					103.3		109.3				110.5		108.8		110.5		103.4
Net	101.6	100.8	98.4		98.6	97.8		101.1					101.1		106.9				107.9		108.8		110.5		103.4
Ten Largest Equity Investments
Company									Country of Risk								% of gross assets
KazMunaiGas Exploration Production									Kazakhstan								3.9
MCB									Pakistan								3.7
Banco Macro									Argentina								3.4
Square Pharmaceuticals									Bangladesh								3.4
Grupo Financiero Galicia									Argentina								3.3
MHP									Ukraine								3.2
Luxoft									Ukraine								3.0
Maroc Telecom									Morocco								3.0
Pampa Energia									Argentina								3.0
S.N.G.N. Romgaz									Romania								3.0
Commenting on the markets, Sam Vecht, representing the Investment Manager noted: In July, the Company’s NAV rose by 2.4% outperforming the MSCI Frontier Index benchmark by 1.2% (on a US Dollar basis with net income reinvested). The MSCI Emerging Markets Index rose by 5.0% July was marked by strong stock-specific performance across countries and sectors. In particular, Sri Lankan Consumer Staple, Distilleries Company of Sri Lanka (‘DCSL’), surged by 15% over the month as the company announced a complex share swap that will help clean up the firm’s corporate structure. As a result, we expect DCSL to be relisted as a pure-play liquor firm with high market share penetration. We view the name very positively at the current level, as the stock is favourably valued at 7-8 times earnings per share. Ukrainian IT name, Luxoft, was also among the largest individual contributors, gaining 13% as the broader European equity complex rallied back to within 3% of their pre-Brexit levels. Our long standing underweight to Nigeria continued to benefit the portfolio significantly on a relative basis, as the market sold off 14% due to a further depreciation of the Naira in July. Despite the slide, investor sentiment remains positive as policy makers come to terms with the need for a more flexible exchange rate that can slowly help improve long-term FX shortages. We remain underweight Nigeria but continue to be invested in cash generative, local franchises such as Zenith Bank and Nigerian Breweries. Conversely, the Company’s underweight position in Morocco weighed on performance as the IMF approved a two-year $3.47bn line of liquidity to support economic reforms and strengthen growth prospects. Our position in Central American / Caribbean membership warehouse operator, Pricesmart, was the largest individual detractor as the company posted weaker than expected margins. 12 August 2016 ENDS Latest information is available by typing www.blackrock.co.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.