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Blackrock Sustainable American (BRSA)

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Monday 24 January, 2022

Blackrock Sustainable American

Portfolio Update

The information contained in this release was correct as at 31 December 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 31 December 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 4.5% 6.3% 8.7% 24.0% 48.5% 52.4%
Share price 3.4% 7.5% 12.5% 27.8% 44.9% 48.8%
Russell 1000 Value Index 3.8% 7.3% 9.1% 26.3% 53.1% 54.9%

At month end

Net asset value - capital only: 208.82p
Net asset value - cum income: 209.36p
Share price: 203.25p
Discount to cum income NAV: 2.9%
Net yield1: 3.9%
Total assets including current year revenue: £168.0m
Gearing: 2.3%
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 23 March 2021, 5 May 2021, 5 August 2021 and 3 November 2021 for the year ended 31 October 2021, and based on the share price as at close of business on 31 December 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 24.0
Health Care 17.9
Information Technology 14.8
Consumer Discretionary 11.2
Materials 5.7
Utilities 5.5
Industrials 5.4
Communication Services 5.3
Energy 5.2
Consumer Staples 4.5
Real Estate 0.9
Net Current Liabilities -0.4
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100.0
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Country Analysis Total Assets (%)
United States 82.5
Japan 4.6
United Kingdom 4.3
France 2.5
Canada 1.9
Switzerland 1.7
Australia 1.2
Germany 1.0
Denmark 0.7
Net Current Liabilities -0.4
-----
100.0
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Top 10 Holdings Country % Total Assets
Cisco Systems United States 4.0
AstraZeneca United Kingdom 3.2
Comerica United States 3.1
Cognizant Technology Solutions United States 3.0
Wells Fargo United States 2.9
SS&C Technologies Holdings United States 2.7
Zimmer Biomet United States 2.6
Komatsu Japan 2.6
American International United States 2.6
Anthem United States 2.6

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

For the one-month period ended 31 December 2021, the Company’s NAV increased by 4.5% and the share price by 3.4% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned +3.8% for the period.

The largest contributor to relative performance was selection decisions in the information technology sector. Specifically, an overweight exposure to the communications equipment industry, in addition to stock selection within software, helped relative returns. Within health care, selection decisions boosted relative results, including stock selection within health care providers and services. Other contributors during the period included stock selection within the materials sector.

The largest detractor from relative performance was stock selection in the consumer discretionary sector. Specifically, stock selection in household durables and automobiles dampened relative results. Our allocation decisions in real estate also hurt relative returns with underexposure to REITs proving costly. In consumer staples, our allocation decisions in household products also weighed on relative returns. Other modest detractors during the period included allocation decisions within food products and stock selection in beverages.

Transactions

Notable new purchases in the portfolio during the month included Laboratory Corporation of America, Hess and MTU Aero Engines. Conversely, the Company exited its positions in Quest Diagnostics, Equinor and Fox and trimmed its positions in Cisco Systems, Cognizant Technology Solutions and Lowe’s.

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 reference index were in the industrials, real estate and consumer staples sectors.

Source: BlackRock.

24 January 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.


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