BlackRock World Mining Trust Plc - Portfolio Update
27 Giugno 2024 - 11:39AM
UK Regulatory
BlackRock World Mining Trust Plc -
Portfolio Update
PR Newswire
LONDON, United Kingdom, June 27
BLACKROCK WORLD MINING TRUST PLC (LEI -
LNFFPBEUZJBOSR6PW155)
All
information is at
31 May 2024
and
unaudited.
Performance
at month end with net income reinvested
|
|
|
One
|
Three
|
One
|
Three
|
Five
|
|
Month
|
Months
|
Year
|
Years
|
Years
|
Net
asset value
|
3.3%
|
20.2%
|
10.9%
|
14.0%
|
107.7%
|
Share
price
|
2.0%
|
24.9%
|
7.0%
|
9.7%
|
139.2%
|
MSCI
ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*
|
0.9%
|
16.2%
|
18.3%
|
14.1%
|
85.9%
|
|
*
(Total return)
Sources:
BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index,
Datastream
|
|
At month
end
Net
asset value (including income)1:
|
611.09p
|
Net
asset value (capital only):
|
605.40p
|
Share
price:
|
590.00p
|
Discount to
NAV2:
|
3.5%
|
Total
assets:
|
£1,301.8m
|
Net
yield3:
|
5.7%
|
Net
gearing:
|
12.8%
|
Ordinary shares
in issue:
|
191,183,036
|
Ordinary shares
held in Treasury:
|
1,828,806
|
Ongoing
charges4:
|
0.91%
|
Ongoing
charges5:
|
0.81%
|
1 Includes net
revenue of 5.69p.
2 Discount to NAV
including income.
3 Based on a second
interim dividend of 5.50p per share declared on 24 August 2023, a third interim dividend of 5.50p
per share declared on 11 October 2023
and a final dividend of 17.00p per share declared on 7 March 2024 in respect of the year ended
31 December 2023 and a first interim
dividend of 5.50p per share declared on 10
May 2024 with ex date 30 May
2024 and pay date 28 June
2024, in respect of the year ending 31 December 2024.
4 The Company’s
ongoing charges are calculated as a percentage of average daily net
assets and using the management fee and all other operating
expenses, excluding finance costs, direct transaction costs,
custody transaction charges, VAT recovered, taxation and certain
other non-recurring items for the year ended 31 December 2023.
5 The Company’s
ongoing charges are calculated as a percentage of average daily
gross assets and using the management fee and all other operating
expenses, excluding finance costs, direct transaction costs,
custody transaction charges, VAT recovered, taxation and certain
other non-recurring items for the year ended 31 December 2023.
Country Analysis
|
Total
Assets (%)
|
|
|
Global
|
63.3
|
Canada
|
8.6
|
Latin
America
|
8.6
|
United
States
|
8.5
|
Australasia
|
7.4
|
Other
Africa
|
3.7
|
Indonesia
|
0.7
|
South
Africa
|
0.1
|
Net
Current Liabilities
|
-0.9
|
|
-----
|
|
100.0
|
|
=====
|
|
Sector Analysis
|
Total
Assets (%)
|
|
|
Diversified
|
35.4
|
Copper
|
24.7
|
Gold
|
17.4
|
Steel
|
7.7
|
Industrial
Minerals
|
4.8
|
Aluminium
|
3.5
|
Iron
Ore
|
2.1
|
Platinum Group
Metals
|
1.8
|
Uranium
|
1.7
|
Nickel
|
1.2
|
Mining
Services
|
0.5
|
Zinc
|
0.1
|
Net
Current Liabilities
|
-0.9
|
|
-----
|
|
100.0
|
|
=====
|
|
Ten largest investments
|
|
|
|
Company
|
Total Assets %
|
|
|
Glencore
|
8.0
|
BHP:
|
|
Equity
|
6.0
|
Royalty
|
1.5
|
Rio
Tinto
|
6.0
|
Vale:
|
|
Equity
|
3.5
|
Debenture
|
2.5
|
Anglo
American
|
5.2
|
Freeport-McMoRan
|
4.6
|
Newmont
|
4.4
|
Teck
Resources
|
3.7
|
Norsk
Hydro ASA
|
3.5
|
Agnico Eagle
Mines
|
3.4
|
|
|
|
|
|
|
|
|
|
Asset
Analysis
|
Total
Assets (%)
|
Equity
|
98.1
|
Bonds
|
1.5
|
Preferred
Stock
|
0.8
|
Convertible
Bonds
|
0.6
|
Option
|
-0.1
|
Net
Current Liabilities
|
-0.9
|
|
-----
|
|
100.0
|
|
=====
|
|
|
|
Commenting
on the markets, Evy Hambro and Olivia Markham, representing the
Investment Manager noted:
|
|
Performance
The
Company’s NAV rose by 3.3% in May, outperforming its reference
index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net
return), which returned +0.9% (performance figures in
GBP).
After
a strong run in April, most mined commodity prices were relatively
flat through May. The copper price reached a new all-time high of
US$5.20/lb during the month but pulled back to end the period up by
just 0.2%. The standout performer was silver, with its price rising
by 14.8% on strong physical demand in Asia.
Sentiment around
China improved on signs of better economic activity, with the
Caixin General Manufacturing PMI rising to 51.7. China also
announced support for its struggling property market, with its
central bank setting up a 300 billion yuan (US$42 billion) facility
for local state-owned enterprises to buy unsold homes.
In
company news, after a month of negotiations, BHP withdrew its
proposed takeover of Anglo American after the companies failed to
reach an agreement. Anglo American then announced plans to
restructure its business, which included a spin off of its platinum
business unit.
Strategy
and Outlook
China
has re-opened but with less impact than had been expected.
Uncertainty persists around China’s commodity demand, but we are
seeing the Chinese administration announce financial support
incrementally.
Longer term, we
are excited by the structural demand growth for a range of mined
commodities that will result from the low carbon transition.
Meanwhile, commodity supply is likely to be constrained by the
capital discipline of recent years, whilst inventories for many
mined commodities are at historic lows. Mining companies have low
levels of debt, continue to return capital to shareholders but
appear to be entering a higher capital expenditure
phase.
We
are seeing Brown to Green emerge as a key theme, where mining
companies are focusing on reducing the greenhouse gas emissions
intensity associated with their production. We expect to see a
re-rating for the mining companies able to best navigate this and
are playing this in the portfolio.
|
|
27
June 2024
Latest
information is available by typing www.blackrock.com/uk/brwm on the
internet. 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.
|
Release |
Grafico Azioni Blackrock World Mining (LSE:BRWM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Blackrock World Mining (LSE:BRWM)
Storico
Da Giu 2023 a Giu 2024