Portfolio Update

The information contained in this release was correct as at 30 September 2021. 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 SUSTAINABLE AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 30 September 2021  and unaudited.
 

Performance at month end with net income reinvested
 

	One Month	Three Months	Six Months	One Year	Three Years	Five Years
Net asset value	0.4%	2.3%	6.1%	28.2%	25.6%	63.3%
Share price	0.3%	4.7%	3.5%	33.1%	22.6%	62.5%
Russell 1000 Value Index	-1.5%	1.7%	6.8%	29.4%	29.0%	61.9%

At month end

Net asset value - capital only:	198.39p
Net asset value - cum income:	198.91p
Share price:	191.00p
Discount to cum income NAV:	4.0%
Net yield1:	4.2%
Total assets including current year revenue:	£159.6m
Gearing:	Nil
Ordinary shares in issue2:	80,229,044
Ongoing charges3:	1.1%

¹ Based on four quarterly interim dividends of 2.00p per share declared on  4 November 2020 for the year ended 31 October 2020, and on 23 March 2021, 5 May 2021 and 5 August 2021 for the year ending 31 October 2021, and based on the share price as at close of business on 30 September 2021.

² Excluding 20,132,261 ordinary shares held in treasury.

³ Ongoing charges represent the management fee and all other operating expenses excluding interest as a % of average shareholders’ funds for the year ended 31 October 2020.

Sector Analysis	Total Assets (%)
Financials	24.5
Health Care	17.3
Information Technology	14.4
Consumer Discretionary	10.5
Communication Services	6.8
Utilities	6.0
Industrials	5.6
Consumer Staples	5.0
Energy	4.5
Materials	4.2
Real Estate	1.0
Net Current Assets	0.2
	----
	100.0
	=====

Country Analysis	Total Assets (%)
United States	76.8
Canada	4.8
Japan	4.5
France	3.8
United Kingdom	3.5
Switzerland	2.0
Norway	1.9
Australia	1.3
Denmark	1.2
Net Current Assets	0.2
	-----
	100.0
	=====

Top 10 Holdings	Country	% Total Assets
Cisco Systems	United States	4.4
AstraZeneca	United Kingdom	3.5
Comerica	United States	3.4
Cognizant Technology Solutions	United States	3.2
Zimmer Biomet	United States	3.2
Wells Fargo	United States	3.1
Komatsu	Japan	2.9
American International Group	United States	2.8
Morgan Stanley	United States	2.4
Verizon	United States	2.4

Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:

For the one-month period ended 30 September 2021, the Company’s NAV increased by 0.4% and the share price by 0.3% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned -1.5% for the period.

The largest contributor to relative performance was security selection in the financials sector. Specifically, selection decisions within insurance and capital markets helped relative returns, as did stock selection and an overweight exposure to the banks industry. Within health care, stock selection in the pharmaceuticals and health care equipment and supplies industries boosted relative results. Other meaningful contributors during the period included stock selection in the consumer discretionary and communication services sectors.

The largest detractor from relative performance was stock selection in the information technology sector. Notably, selection decisions in the software industry proved costly, as did stock selection and an overweight exposure to communications equipment companies. In materials, an overweight exposure to the metals and mining industry and a combination of stock selection and an overweight exposure to containers and packaging companies weighed on relative returns. Other modest detractors during the period included investment decisions in the food products and aerospace and defence industries.

Transactions

Notable new purchases in the portfolio during the month included Sempra, ConocoPhillips, Lamb Weston Holdings and Lear. Conversely, the portfolio exited its position in Edison International and trimmed its positions in Danone, Woodside Petroleum and Cisco Systems.

Positioning

As of the period end, the Company’s largest overweight positions relative to the reference index were in the consumer discretionary, information technology and financials sectors. The Company’s largest underweight positions relative to the benchmark were in the industrials, real estate and consumer staples sectors.

Source: BlackRock. Data as of 30 September 2021.

12 October 2021

Latest information is available by typing blackrock.com/uk/brsa 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.