BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 31 March 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 -0.1% 19.4% 36.6% 63.2% 63.4% 150.2%
value
41.4%
Share price -1.6% 21.4% 72.8% 62.2% 149.6%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 197.00p
Net asset value cum income 1 : 198.26p
Share price: 190.00p
Discount to NAV (cum income): 4.2%
Net yield: 2.8%
Net Gearing - cum income: 5.0%
Total assets: £201.0m
Ordinary shares in issue 2 : 101,389,497
Gearing range (as a % of net assets): 0-20%
Ongoing charges 3 : 1.15%
1 Includes net revenue of 1.26p.
2 Excluding 34,196,697 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 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
Traditional Energy 38.0%
Mining 32.3%
Energy Transition 30.5%
Other 0.6%
Net Current Liabilities -1.4%
-----
100.0%
=====
Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Mining: Global 52.8
Diversified 20.4 United States 14.2
Copper 4.3 Latin America 6.7
Gold 3.8 Canada 6.1
Industrial Minerals 2.0 North America 3.7
Aluminium 0.6 Germany 3.5
Platinum Group Metals 0.6 United Kingdom 3.4
Steel 0.6 France 2.7
Subtotal Mining: 32.3 Italy 1.9
Spain 1.8
Energy Transition: China 1.7
Renewables 12.6 Australia 1.2
Electrification 9.2 Ireland 0.9
Storage 6.0 South Africa 0.5
Energy Efficiency 2.7 Other Africa 0.3
Subtotal Energy 30.5
Transition:
Net Current -1.4
Liabilities^
Traditional Energy: -----
Integrated 16.6 100.0
Oil Services 9.2 =====
E&P 6.3
Distribution 3.0
Refining & Marketing 2.9
Subtotal Traditional 38.0
Energy:
Other:
Other 0.6
Subtotal Other: 0.6
Net Current Liabilities^ -1.4
-----
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 3.6% of the Company’s net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Chevron Corporation Global 5.6
Glencore Global 5.5
Vale - ADS Latin America 5.0
Shell Global 4.6
Anglo American Global 4.1
TotalEnergies Global 4.0
Abaxx Technologies Global 3.2
EDP Renovaveis Global 3.0
Nextpower United States 2.9
Valero Energy United States 2.9
Commenting on the markets, Tom Holl and Mark Hume, representing the Investment
Manager noted:
The Company’s conventional energy exposure performed strongly during March,
although this was offset by weakness in the mining and energy transition
components. Overall, the Company outperformed broader equity markets on both a
NAV and share price basis, with the MSCI ACWI Net TR Index falling 5.3% in
sterling terms over the month.
Market performance was dominated by the escalating conflict involving the US,
Israel and Iran, which effectively led to a closure of the Strait of Hormuz—a
critical transit route for oil, liquefied natural gas (LNG) and other
commodities. Commodity prices rose sharply as a result, with Brent crude, for
example, increasing from US$73 per barrel to US$104 per barrel over the month.
Against this backdrop, the Company’s exposure to integrated oil & gas and
exploration & production companies supported returns.
Within the Company’s energy transition allocation, energy efficiency and
electrification holdings detracted from performance, while renewable energy
exposure contributed positively. We have long argued that meeting the world’s
growing power demands will require an “all - of - the - above” energy solution
encompassing conventional energy, renewables and nuclear. The renewed focus on
energy security stemming from this conflict further reinforces that view. This
comes at a time when global power demand is beginning to grow following a
prolonged period of relative stability, in part driven by the expansion of
artificial intelligence. We believe the Company’s mandate leaves investors well
positioned for this environment.
Within the mining component, gold equity exposure was the largest detractor
over the month. The conflict appeared to trigger a flight to liquidity and
interest rate expectations increasing, which weighed on gold prices. For
reference, the gold price fell 12.0% over the month. In our view, the factors
driving this move are temporary, while the longer - term structural tailwinds
for gold remain firmly intact.
Figures sourced from Datastream; prices quoted in US dollar terms unless
specified otherwise as at 31 March 2026.
20 April 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
