BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 31 July 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 4.8% 14.6% 2.4% 3.5% 17.4% 129.6%
value
Share price 7.0% 17.1% 3.2% 5.6% 19.7% 134.7%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 132.29p
Net asset value cum income1: 132.64p
Share price: 122.00p
Discount to NAV (cum income): 8.0%
Net yield: 3.7%
Gearing - cum income: 9.1%
Total assets: £152.1m
Ordinary shares in issue2: 114,704,497
Gearing range (as a % of net 0-20%
assets):
Ongoing charges3: 1.15%
1 Includes net revenue of 0.35p.
2 Excluding 20,881,697 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 37.2%
Energy Transition 33.0%
Traditional Energy 29.9%
Net Current Liabilities -0.1%
-----
100.0%
=====
Sector Analysis % Total Country Analysis % Total
Assets^ Assets^
Mining: Global 46.6
Diversified 18.2 United States 21.6
Gold 4.0 Latin America 6.3
Copper 3.6 Canada 6.2
Industrial Minerals 3.1 United Kingdom 6.0
Materials 2.0 Germany 3.2
Steel 1.6 Italy 2.9
Uranium 1.2 Australia 2.5
Aluminium 1.0 Spain 1.5
Nickel 0.9 Other Africa 1.1
Platinum Group Metals 0.8 South Africa 0.8
Silver 0.8 Morocco 0.8
Subtotal Mining: 37.2 Ireland 0.6
Net Current Liabilities -0.1
Energy Transition: 100.0
Electrification 11.5
Renewables 8.2
Energy Efficiency 7.2
Storage 5.7
Transport 0.4
Subtotal Energy 33.0
Transition:
Traditional Energy:
Integrated 15.6
Oil Services 5.4
E&P 3.9
Distribution 2.3
Refining & Marketing 1.8
Exploration & Production 0.9
Subtotal Traditional 29.9
Energy:
Net Current Liabilities -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 9.0%
of the Company’s net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Vale - ADS Latin America 5.9
Anglo American Global 4.3
Shell Global 4.1
Exxon Mobil Corp Global 3.6
Chevron Corporation Global 3.4
NiSource United States 3.3
Glencore Global 3.1
Prysmian SpA Italy 2.9
Abaxx Technologies Global 2.9
Elia Group Germany 2.8
Commenting on the markets, Tom Holl and Mark Hume, representing
the Investment Manager noted:
July delivered an unexpected calm across global financial markets.
Despite ongoing headlines around trade tensions, fiscal
uncertainty, and regulatory shifts, volatility remained muted. In
sector-specific news, the passage of the “One Big Beautiful Bill”
early in the month provided long-awaited clarity on US energy
policy. While some tax incentives introduced under the Inflation
Reduction Act were scaled back, the bill preserved support for
utility-scale renewables removing a key overhang for the energy
transition sector. The conventional energy sector also performed
well on strength in oil prices. During the month, the US
Administration threatened secondary sanctions on countries
purchasing Russian oil, including India and China. Brent and WTI
oil prices rose by 7.7% and 6.1% respectively.
Meanwhile, the mining sector was relatively flat over the month on
the back of mixed performance from mined commodities. The bulk
commodities performed well with, for example, the iron ore (62%
fe) price rising by 6.5%. This followed some improvement in
economic data points from China, such as improving liquidity
conditions and less significant annual declines in property
prices. The market also reacted positively to China announcing an
‘anti-involution’ push whereby it is seeking to take out capacity
in a number of loss-making industries. The base metals performed
less well, however, with copper, nickel and aluminium prices
falling by 4.9%, 1.9% and 1.3% respectively.
All data points in US dollar terms unlessotherwise specified.
Commodity price moves sourced from Thomson Reuters Datastream.
21 August 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.
