Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 30 April 2016 and unaudited.
Performance of ordinary share portfolio at month end with net income reinvested.
							One			Three				Six				One					Three		Since
							month			months				months				year					years		Launch*
							%			%				%				%					%		%
Sterling:
Share price							4.0			11.6				10.0				1.1					16.2		29.8
Net asset value							-0.2			5.7				1.8				-6.7					19.4		29.5
MSCI Frontiers Index (NR)							1.1			6.1				2.5				-8.9					11.3		12.5
MSCI Emerging Markets Index (NR)							0.3			11.9				7.0				-12.4					-6.1		-6.9
US Dollars:
Share price							6.0			15.3				4.4				-3.6					9.6		22.4
Net asset value							1.7			9.2				-3.4				-11.0					12.6		21.9
MSCI Frontiers Index (NR)							3.1			9.6				-2.7				-13.1					4.8		5.7
MSCI Emerging Markets Index (NR)							0.3			13.4				-0.4				-18.1					-13.3		-14.1
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end Ordinary Shares
US Dollar
Net asset value - capital only:																				156.17c
Net asset value - cum income:																				158.98c
Sterling:
Net asset value - capital only:																				106.60p
Net asset value - cum income:																				108.52p
Share price:																				110.50p
Total assets (including income):																				£178.3m
Premium to cum-income NAV:																				1.8%
Gearing:																				Nil
Gearing range (as a % of gross assets):																				0-20%
Net yield*:																				4.2%
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 4.2% 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 payable 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				34.5									Pakistan								15.0
Consumer Staples				18.9									Argentina								13.0
Materials				12.7									Bangladesh								9.2
Utilities				9.0									Romania								9.1
Telecommunications				8.8									Kazakhstan								7.1
Energy				7.2									Sri Lanka								7.0
Health Care				5.6									Ukraine								6.5
Information Technology				4.7									Morocco								6.3
Industrials				4.4									Kenya								5.8
Consumer Discretionary				3.4									Kuwait								5.7
													Saudi Arabia								4.8
				-----									Vietnam								4.3
Total				109.2									Eurasia								3.1
				-----									Caribbean								2.9
Short positions				-1.3									Estonia								2.5
				===									Slovenia								2.3
													Other								4.6
																					-----
													Total								109.2
																					-----
													Short positions								-1.3
																					===
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
Long	31.05  2015     %	30.06  2015     %	31.07  2015     %		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     %
Short	105.8	101.5	102.9		103.1	101.8		99.6				100.3			99.5		102.5					102.2		108.1		109.2
Gross	1.1	1.0	1.5		1.5	1.0		1.2				1.7			1.7		1.4					1.1		1.2		1.3
Net	106.9	102.5	104.4		104.6	102.8		100.8				102.0			101.2		103.9					103.3		109.3		110.5
	104.7	100.5	101.4		101.6	100.8		98.4				98.6			97.8		101.1					101.1		106.9		107.9
Ten Largest Equity Investments
Company									Country of Risk										% of gross assets
MCB Bank									Pakistan										4.3
Grupo Financiero Galicia									Argentina										3.9
KazMunaiGas Exploration Production									Kazakhstan										3.8
Hub Power									Pakistan										3.6
MHP									Ukraine										3.6
Kuwait Foods (Americana)									Kuwait										3.4
Banco Macro									Argentina										3.4
Square Pharmaceuticals									Bangladesh										3.3
Maroc Telecom									Morocco										3.3
S.N.G.N. Romgaz									Romania										3.3
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted: Portfolio In April, the Company’s NAV rose by 1.7%, underperforming the benchmark by 1.4% (on a US Dollar basis with net income reinvested).  The MSCI Emerging Markets index rose by 0.3%.  The largest individual contributor to relative performance was our holding in Egyptian gold miner, Centamin. The company reported positive preliminary production results for the first quarter of 2016. Subsequent to the month end the company released a further positive trading update, reporting a 42% rise in earnings driven by increased output and greater efficiencies.  We also benefited from the recent decision to purchase two chemicals companies in Saudi Arabia, Yanbu Petrochemicals and Saudi Basic Industries Company, which rose 8% and 10% over the month respectively, following the release of better than expected results.  Both companies generate substantial free cash flow, putting a floor under valuations, whilst also demonstrating substantial leverage to any increase in oil prices. Holdings in Kazakhstan, where the market fell by 10.5%, were the most substantial detractor from performance.  Both KCell and Kazmunaigas reported results that were below expectations, as the country continued to suffer from continued low oil prices. We continue to believe that our holdings are undervalued. Romanian utility, Romgaz, also contributed negatively to performance, falling by 12.6%. The stock was hurt by speculation that the scheduled increase in household tariffs for June 2016 will not take place due to weakness in European gas prices and was also temporarily impacted by the decision of Romania’s biggest investment fund, Fondul Proprietatea, to sell its stake. Portfolio Activity The Company exited its exposure in Hochschild Mining, a Peruvian silver mining company, after the stock rallied more than 60% from our purchase price and valuations therefore looked less attractive.  We also initiated a new position in United Bank in Pakistan, where we thought that valuations looked attractive given the bank had substantially underperformed the local market over the last year.  Subsequent to our purchase, the bank reported results ahead of expectations at month end.  18 May 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.