BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 30 April 2025 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five
Month Months Months Year Years Years
Net asset -6.2% -10.6% -9.9% -10.1% 0.4% 130.5%
value
Share price -6.9% -11.8% -10.1% -10.8% -9.5% 150.5%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 116.28p
Net asset value cum income1: 116.78p
Share price: 105.25p
Discount to NAV (cum income): 9.9%
Net yield: 4.3%
Gearing - cum income: 6.1%
Total assets: £137.6m
Ordinary shares in issue2: 117,794,497
Gearing range (as a % of net assets): 0-20%
Ongoing charges3: 1.15%
1 Includes net revenue of 0.50p.
2 Excluding 17,791,697 ordinary shares held in treasury.
3 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 30 November 2024. In
addition, the Company’s Manager has also agreed to cap ongoing
charges by rebating a portion of the management fee to the extent
that the Company’s ongoing charges exceed 1.15% of average net
assets.
Sector Overview
Mining 42.7%
Traditional Energy 32.6%
Energy Transition 24.6%
Net Current Assets 0.1%
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100.0%
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Sector Analysis % Total Assets^ Country Analysis % Total
Assets^
Mining: Global 50.4
Diversified 21.8 United States 19.9
Copper 5.7 Canada 6.6
Gold 4.3 Latin America 6.6
Industrial Minerals 3.0 United Kingdom 4.8
Aluminium 2.7 Germany 3.6
Steel 1.7 Italy 2.2
Platinum Group Metals 1.1 Australia 2.2
Uranium 0.9 Other Africa 1.9
Nickel 0.8 South Africa 1.1
Metals & Mining 0.7 Ireland 0.6
Subtotal Mining: 42.7 Net Current Assets 0.1
-----
100.0
Traditional Energy:
Integrated 14.1
E&P 8.0
Oil Services 6.1
Distribution 4.4
Subtotal Traditional 32.6
Energy:
Energy Transition:
Energy Efficiency 7.6
Renewables 5.9
Electrification 5.3
Storage 5.1
Transport 0.7
Subtotal Energy 24.6
Transition:
Net Current Assets 0.1
-----
100.0
=====
^ Total Assets for the purposes of these calculations exclude bank
overdrafts, and the net current liabilities figure shown in the
tables above therefore exclude bank overdrafts equivalent to 6.1% of
the Company’s net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Vale - ADS Latin America 6.4
Exxon Mobil Corp Global 6.1
Anglo American Global 5.2
Rio Tinto Global 5.0
Shell Global 4.2
NiSource United States 3.2
SSE United Kingdom 3.2
Elia Group Germany 2.9
Abaxx Technologies Global 2.8
Norsk Hydro Global 2.7
Commenting on the markets, Tom Holl and Mark Hume, representing the
Investment Manager noted:
The Company’s NAV fell -6.2% in April (in GBP terms).
Global equity markets in April were shaped by heightened volatility,
policy uncertainty, and a sharp rotation in market leadership. Most
notably, the announcement of broad, punitive US tariffs early in the
month triggered a global sell-off and spiked volatility, with the VIX
reaching its highest level since the pandemic. Later, a partial
softening of US trade policy, including a pause and removal of some
tariffs, helped markets recover some losses, but uncertainty remained
elevated. US equities underperformed most global peers, with the S&P
500 down 0.7% for the month. The technology-heavy "Magnificent 7"
stocks saw a sharp derating, falling 15% year-to-date. Growth stocks
outperformed value in developed markets, but the energy sector’s poor
performance dragged on value indices. European and UK equities
outperformed the US, buoyed by expectations for lower interest rates
and fiscal stimulus, despite their own trade and growth headwinds.
Emerging markets, particularly Mexico, Brazil, and China, showed
resilience, supported by fiscal support and easing US-China tensions.
From an energy sector perspective, oil prices fell sharply on
recession fears and increased supply from OPEC. There were further
discussions of the US tightening sanctions on Iran, including use of
secondary sanctions, which could put 1m+ barrels of Iranian oil
exports at risk. From a demand perspective, the EIA cut its oil
demand estimate by 0.4mn for 2025, mainly driven by escalating trade
tensions, which have negatively impacted the global economic outlook.
Despite the lower demand estimate, the EIA is still estimating global
oil demand growth, mainly in Asia (India +0.3mn bbl/d and China
+0.2mn bbl/d in both 2025 and 2026). The Brent oil price fell -17.9%,
whilst the WTI oil price fell -17.1%, ending the month at $63/bbl and
$60bbl respectively. The US Henry Hub natural gas price fell -18.9%
during the month to end at $3.35/mmbtu.
Regarding the sustainable energy theme, towards the end of the month,
Spain and Portugal experienced nationwide blackouts after 15GW of
electricity generating capacity (equivalent to ~60% of Spain’s power
demand at the time) dropped off the system. This incident has drawn
attention to the need to invest in ageing EU power grids and energy
storage capacity to prevent further incidents. US Commerce announced
final tariff announcements on solar cells from South-East Asia, which
were similar or slightly higher than the preliminary amounts.
The mining sector experienced notable volatility in April, primarily
driven by the announcement of tariffs and the resulting uncertainty
regarding global economic growth. The mining sector also faced
protectionist measures from regions including Europe, South Korea,
Vietnam, and India, which have initiated anti-dumping actions against
China. These measures support domestic capacity and reduce the
deflationary impact of low-priced Chinese exports, creating a
positive backdrop for the sector over the longer term in our view. We
await China’s response to escalating tensions with the U.S., which
will be important in sustaining its domestic economic momentum. Gold
stood out as a relative outperformer amid this environment,
benefiting from a weaker U.S. dollar and increased market volatility.
Strong central bank purchases and robust retail demand, particularly
in Asia, have further supported the gold price. Within precious
metals, the gold price increased by 5.9%, while the silver price
declined by 3.3%. Commodity performance was generally weak: prices
for iron ore (62% Fe), copper, and nickel fell by 5.4%, 5.6% and 3.1%
respectively. April also saw market dislocations due to tariff
uncertainties, notably in copper, where Comex prices traded at
approximately a 10% premium over LME prices.
All data points in US dollar terms unless otherwise specified.
Commodity price moves sourced from Thomson Reuters Datastream.
16 May 2025
ENDS
Latest information is available by typing www.blackrock.com/uk/beri
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.
