BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 28 February 2026 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five
Month Months Months Year Years Years
Net asset value 8.4% 21.7% 48.2% 59.6% 59.4% 158.8%
Share price 9.7% 29.7% 59.0% 72.7% 60.1% 153.0%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 197.44p
Net asset value cum income1: 198.40p
Share price: 193.00p
Discount to NAV (cum income): 2.7%
Net yield: 2.5%
Net Cash - cum income: 0.2%
Total assets: £202.8m
Ordinary shares in issue2: 102,197,997
Gearing range (as a % of net assets): 0-20%
Ongoing charges3: 1.15%
1 Includes net revenue of 0.96p.
2 Excluding 33,388,197 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 2025. 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 38.0%
Energy Transition 30.6%
Traditional Energy 30.0%
Other 0.7%
Net Current Assets 0.7%
-----
100.0%
=====
Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Mining: Global 51.8
Diversified 21.2 United States 12.4
Copper 7.3 Latin America 7.8
Gold 4.8 Canada 5.7
Industrial Minerals 2.1 Germany 4.1
Platinum Group Metals 0.8 North America 3.8
Steel 0.7 United Kingdom 3.5
Silver 0.6 Europe 2.0
Aluminium 0.5 Italy 2.0
Subtotal Mining: 38.0 Australia 1.2
Spain 1.2
Energy Transition: Ireland 1.1
Electrification 11.5 France 0.9
Renewables 10.7 South Africa 0.8
Storage 5.1 Morocco 0.6
Energy Efficiency 3.3 Other Africa 0.4
Subtotal Energy Transition: 30.6
Net Current 0.7
Assets^
Traditional Energy: -----
Integrated 12.8 100.0
Oil Services 7.7 =====
E&P 5.5
Distribution 2.0
Refining & Marketing 2.0
Subtotal Traditional Energy: 30.0
Other:
Other 0.7
Subtotal Other: 0.7
Net Current Assets^ 0.7
-----
100.0
=====
^ Total Assets for the purposes of these calculations exclude bank overdrafts,
and the net current assets figure shown in the tables above therefore exclude
bank overdrafts equivalent to 0.5% of the Company’s net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Vale - ADS Latin America 5.8
Glencore Global 5.3
Chevron Corporation Global 5.0
Shell Global 4.0
Freeport-McMoran Global 3.7
Abaxx Technologies Global 3.6
Elia Group Germany 3.0
EDP Renovaveis Global 3.0
Rio Tinto Global 2.8
Anglo American Global 2.7
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
All three of the Company’s underlying sector components — mining, conventional
energy and energy transition — contributed positively to absolute returns during
February. Performance reflected a continued rotation toward real assets and
capital-intensive businesses, supported by elevated geopolitical risk,
strengthening energy security narratives, and rising power demand linked to AI
and infrastructure investment.
Mining was the largest contributor to absolute returns, driven primarily by the
Company’s diversified mining exposure, with copper and gold exposures also
performing well. Sentiment toward the sector improved amid renewed geopolitical
tensions and a broadening of investor interest beyond mega-cap technology into
scarce, strategically important assets. Precious metals benefited from renewed
safe-haven demand, while copper prices rose modestly amid accelerating
electrification, data-centre build-out and power infrastructure investment. Bulk
commodities were more mixed, with iron ore weaker amid ongoing softness in
Chinese steel demand.
Within energy transition, positive returns were mainly generated through
electrification, energy efficiency and storage exposures, reflecting growing
investor focus on the physical infrastructure required to meet accelerating
power demand. AI-related capital expenditure remained a key driver, reinforcing
demand for grid, power equipment and energy-efficient infrastructure. Policy
developments were supportive. In Europe, commitments to grid investment and
renewable generation provided structural tailwinds, while in the U.S. tariff
rollbacks and discussions around restricting imports of energy storage systems
were viewed as supportive for non-Chinese suppliers. Gains were partially offset
by a modest negative contribution from renewables, which experienced
profit-taking following strong prior performance.
Conventional energy was a strong contributor, led by integrated oil & gas,
exploration & production, and oil services, as geopolitical tensions
reintroduced a meaningful risk premium into energy markets. Refining margins
strengthened, supporting downstream exposures, while corporate activity
highlighted ongoing consolidation and capital discipline within the sector. Oil
prices ended the month broadly stable, while U.S. natural gas prices declined
sharply as winter demand eased and inventories normalised, underscoring
continued regional divergence within energy markets.
18 March 2026
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.
Release
