Portfolio Update

The information contained in this release was correct as at 30 April 2022. 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 April 2022  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	-1.4%	2.8%	6.0%	12.6%	38.0%	59.1%
Share price	0.5%	7.3%	8.0%	10.5%	32.5%	65.3%
Russell 1000 Value Index	-1.0%	2.5%	4.9%	11.7%	36.6%	59.0%

At month end

Net asset value - capital only:	214.17p
Net asset value - cum income:	214.41p
Share price:	210.00p
Discount to cum income NAV:	2.1%
Net yield1:	3.8%
Total assets including current year revenue:	£172.0m
Gearing:	2.7%
Ordinary shares in issue2:	80,229,044
Ongoing charges3:	1.1%

¹ Based on three quarterly interim dividends of 2.00p per share declared on 5 May 2021, 5 August 2021 and 3 November 2021 for the year ended 31 October 2021, and one quarterly dividend of 2.00p per share declared on 22 March 2022 for the year ending 31 October 2022 and based on the share price as at close of business on 30 April 2022.

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 2021.

Sector Analysis	Total Assets (%)
Financials	20.3
Health Care	19.5
Information Technology	15.0
Consumer Discretionary	9.6
Energy	7.6
Materials	6.9
Communication Services	6.2
Consumer Staples	5.1
Utilities	5.1
Industrials	4.3
Real Estate	0.9
Net Current Liabilities	-0.5
	----
	100.0
	=====

Country Analysis	Total Assets (%)
United States	80.8
United Kingdom	5.6
Japan	4.6
France	3.3
Canada	2.2
Australia	2.0
Switzerland	1.5
Denmark	0.5
Net Current Liabilities	-0.5
	-----
	100.0
	=====

Top 10 Holdings	Country	% Total Assets
AstraZeneca	United Kingdom	3.8
Sanofi	France	3.3
Cisco Systems	United States	3.2
Verizon Communications	United States	3.2
Anthem	United States	2.9
Sempra	United States	2.9
Cognizant Technology Solutions	United States	2.6
Comerica	United States	2.6
Komatsu	Japan	2.6
Wells Fargo	United States	2.6

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

For the one-month period ended 30 April 2022, the Company’s NAV decreased by 1.4% and the share price increased by 0.5% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned -1.0% for the period.

The largest contributor to relative performance was selection decisions in the information technology sector. Specifically, stock selection in software and an underweight allocation to the semiconductors and semiconductor equipment industry helped relative returns. Investment decisions within materials boosted relative results, mainly due to stock selection within the metals and mining industry. Other contributors during the period included stock selection within the communication services sector.

The largest detractor from relative performance was due to investment decisions in the financials sector. Specifically, investment decisions in the insurance industry and stock selection within capital markets dampened relative results. Our allocation decisions within consumer staples also hurt relative returns. Within real estate, investment decisions in the REITs industry proved costly.

Transactions

A notable new purchase in the portfolio during the month included Amerisource Bergen. The Company added to its positions in Verizon Communications, Microsoft, JPMorgan Chase and Warner Bros Discovery. Conversely, the Company trimmed its positions in Novo-Nordisk, Sempra, Steel Dynamics and American International. There were no complete sales in the portfolio during the month.

Positioning

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

Source: BlackRock.

17 May 2022

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.