BlackRock Sustainable American Income Trust Plc - Half-year Report
LEI: 549300WWOCXSC241W468
Half Yearly Financial Report
Performance record
As at As at 30 April 31 October 2024 2023 Net assets (£’000)1 168,333 154,789 Net asset value per ordinary share (pence) 218.40 193.51 Ordinary share price (mid-market) (pence) 197.50 174.00 Discount to cum income net asset value2 9.6% 10.1% Russell 1000 Value Index 1989.40 1733.58 ========= =========
For the six For the months ended year ended 30 April 31 October 2024 2023 Performance (with dividends reinvested) Net asset value per share2 15.0% -5.6% Ordinary share price2 15.9% -8.1% Russell 1000 Value Index 14.8% -5.0% ========= =========
For the period For the period since inception since inception to 30 April to 31 October 2024 2023 Performance since inception (with dividends reinvested) Net asset value per share2 243.5% 198.7% Ordinary share price2 210.4% 167.8% Russell 1000 Value Index 302.5% 250.7% ========= =========
For the six For the six months ended months ended 30 April 30 April Change 2024 2023 % Revenue Net profit on ordinary activities after taxation 1,254 1,604 -21.8 (£’000) Revenue earnings per ordinary 1.59 2.00 -20.5 share(pence)3 --------------- --------------- --------------- Dividends (pence) 1st interim 2.00 2.00 – 2nd interim 2.00 2.00 – --------------- --------------- --------------- Total dividends payable/paid 4.00 4.00 – ========= ========= =========
1 The change in net assets reflects portfolio movements, shares bought back into treasury and dividends paid during the period.
2 Alternative Performance Measures, see Glossary in the half yearly report and financial statements.
3 Further details are given in the Glossary in the half yearly report and financial statements.
Sources: BlackRock and LSEG Datastream.
Performance figures have been calculated in Sterling terms with dividends reinvested.
Chair’s Statement
Dear Shareholder
Market overview
I am pleased to report that our portfolio delivered a strong positive return over the six months to
Although markets were volatile throughout 2023, with geopolitics casting a shadow, they closed the year on a high note with a stock market rally which began in November as falling inflation spurred hopes of interest rate cuts on both sides of the
Performance
Over the six-months under review to
Since the period end and up to close of business on
Earnings and dividends
The Company’s earnings per share for the six-month period ended
Gearing
The Board's view is that 5% of NAV is the neutral level of gearing over the longer term and that gearing should be used in an approximate range of 0% to 10% of NAV. The Board has encouraged the portfolio managers to be more active in using gearing but over the period they remained cautious and gearing remained below 1%. This is due to their view that the US economy is in the late phase of the business cycle with slower economic growth, a tight labour market and recessionary risk.
Management of share rating
Investor sentiment and discounts have been influenced by various external factors and uncertainties, including rising interest rates, and discounts have widened generally across the closed-end funds sector. The Company’s discount was not immune to market pressures, with the shares trading at a discount to NAV ranging from 6.3% to 13.6% over the period under review. The Board monitors the Company’s share rating closely and, as the discount widened and following consultation with the Manager and Company’s corporate broker,
Over the six-month period to
The Company’s discount on
Sustainability Disclosure Requirements (SDR)
The SDR regime introduced by the
The Board continues to believe that embedding an environmental, social and governance approach in the investment process, as part of an actively managed US income and value strategy, remains attractive. We continue to engage with the Investment Manager, on what is a complex and evolving area, and will make a further announcement before
Outlook
The US stock market continues to outstrip broader global markets and economic activity remains resilient. US consumer spending has held up remarkably well despite higher prices, and tight labour markets continue to support employment and therefore income levels. It is good news that inflation on both a headline and core basis moderated significantly in 2023 despite not falling as fast as some investors expected. It appears that the hiking cycle is now over, leaving interest rates on hold and, if inflation continues on its moderating trajectory, it should allow the
The market outlook remains mixed. The main upside potential stems from non-inflationary growth supported by a robust labour market and stronger productivity from efficiency improvements and generative artificial intelligence. Downside risks include elevated tensions in the
Chair
Investment Manager’s Report
Market overview
Over the six months to
The final quarter of 2023 began with relatively low expectations as rising interest rates remained. By October, US equity markets reached new lows as investor sentiment and confidence continued to wane. Inflation data softened faster than expected, keeping the
After a banner year in 2023, US markets, defined as the S&P 500 Index, continued their momentum in 2024 returning 10.6% during the first quarter, the best Q1 since 2019. Key drivers of performance may be attributed to a strong macro backdrop and above average earnings. The US economy continues to demonstrate a high level of resilience relative to the rest of the world. Gross domestic product (GDP) grew at 3.4% 1 while employment remained stable. However, sticky inflation led to falling rate cut expectations, with consensus for cuts in 2024 falling from 6.5% in December to 3% at the end of March 2 . This supportive macro environment has translated into strong earnings for most sectors in the S&P 500 Index, with the median company posting 3.8% earnings growth year-over-year during Q4 2023. Cyclical sectors led the way including energy, consumer discretionary and real estate 3 .
Looking to the “Magnificent 7” 4 , it is worth noting that while Nvidia 5 has continued its strong run, the others have seen a high degree of performance divergence. For example, Tesla was one of the worst performers in the S&P 500 Index during Q1, while Apple struggled as well. Lastly, the first quarter was notably strong when compared to other election years, when markets typically rally as policy clarity increases. This year’s unusual set up with each candidate having a presidential track record adds a degree of perceived clarity not usually found this early in election years. While the market rally broadened, growth outperformed value in the first quarter of 2024 with the Russell 1000 Growth Index returning 11.4% versus 9.0% for the Russell 1000 Value Index.
Portfolio overview
The largest contributor to relative performance was stock selection in health care. Within the sector, our investment decisions within the pharmaceuticals industry accounted for the majority of relative outperformance. In industrials, an overweight allocation to the building products industry boosted relative returns. Furthermore, stock selection in consumer discretionary proved beneficial mainly due to stock selection within the automobiles industry.
The largest detractor from relative performance was stock selection in energy, a sector to which we allocate selectively, where companies demonstrate strong transition/sustainability credentials. Our selection decisions in the oil, gas and consumable fuels industry accounted for the majority of underperformance. In utilities, stock selection within the electric utilities industry proved costly. Other detractors from relative results included selection decisions within materials and the average cash allocation of 0.56% during a broadly strong period for equities.
Below is a comprehensive overview of our allocations (in Sterling terms) at the end of the period.
Consumer Discretionary: 5.7% overweight (10.5% of the portfolio)
Within the sector, our preferred areas of investment include leisure products and firms with auto-related exposure. In leisure products, we believe Hasbro (2.2% of the portfolio) which trades at a significant discount to peers but has a wide catalogue of strong franchises, offers nice upside for an extremely steady business. Disruption risks persist in the sector and we believe these risks are best mitigated through identifying stock specific investment opportunities that either trade at discounted valuations or have business models that are able to take advantage of possible disruptions. For example, we believe companies such as General Motors (1.9% of the portfolio) and Aptiv (1.7% of the portfolio) offer investors exposure to underappreciated franchises at discounted valuations from the perspective of General Motors and an opportunity to benefit from the further electrification of cars with Aptiv.
Information Technology (IT): 4.5% overweight (13.5% of the portfolio)
An increasing number of companies in the technology sector are what we refer to as “industrial tech”. These firms are competitively insulated from disruptors, well-positioned to take advantage of long-term secular tailwinds and exhibit growth in earnings and free cash flow (FCF). Strong earnings growth and FCF generation is also translating to an increasing number of companies paying growing dividends to shareholders. This is in stark contrast to the dot-com era where growth was often prioritised over shareholder return. We believe this trend is poised to continue. Our preferred exposures in the sector include technology hardware, storage and peripherals and communications equipment companies with sticky revenue streams such as Cisco Systems (1.5% of the portfolio). We also continue to invest in IT services like long-term holding Cognizant Technology Solutions (1.5% of the portfolio). IT broadly scores well on ESG metrics given the generally lower environmental impact than other sectors, with our selection of companies including a mix of ESG leaders and ESG improvers.
Health Care: 3.3% overweight (17.3% of the portfolio)
Secular growth opportunities in health care are a by-product of demographic trends. Older populations spend more on health care than younger populations. In the US, a combination of greater demand for health care services and rising costs facilitates a need for increased efficiency within the health care ecosystem. We believe innovation and strong cost control can work together to address this need and companies that can contribute to this outcome may be poised to benefit. On the innovation front, we are finding opportunities in pharmaceuticals and among companies in the health care equipment and supplies industry. We prefer to invest in pharma companies with a proven ability to generate high research and development productivity versus those that focus on one or two key drugs and rely upon raising their prices to drive growth. Outside of pharma, our search for attractively priced innovators is more stock specific; we recently initiated a position in Baxter International (2.4% of the portfolio) a health care company focused on products to treat kidney disease and other chronic medical conditions. We believe the company is poised to do well as margin pressures from temporary inflation (logistics and shipping) suppress and the economy continues to reopen. From a cost perspective, health maintenance organisations (HMOs) have an economic incentive to drive down costs as they provide health insurance coverage to constituents. These efforts ultimately help to make health care insurance affordable to more people and the HMOs also play a substantial role in improving the access to and quality of health care its members receive. Fundamentally, we believe our holdings in the space can benefit from downward pressure on cost-trend, new membership growth and further industry consolidation over time. Furthermore, they trade at meaningfully discounted valuations versus peers, offering us an attractive risk versus reward opportunity.
Communication Services: 2.4% overweight (6.9% of the portfolio)
The portfolio has an overweight to communication services, particularly the media and diversified telecom services industries. Notable portfolio holdings include Verizon Communications (2.2% of the portfolio) and Comcast (1.8% of the portfolio). Verizon Communications trades at a reasonable price relative to the quality and stability of its business and acts as a key enabler for smart cities, with potential to reduce energy consumption, increase safety and provide other social benefits. Comcast also trades at a very reasonable valuation due to competition in broadband and in media. As the leading broadband provider in the US, Comcast is a key enabler of digital interactions and provides some of the key infra-structure that enables remote work (which reduces commuting related emissions).
Utilities: 0.4% overweight (5.4% of the portfolio)
The portfolio currently invests in only two utility stocks and we have a slight overweight in the sector relative to the reference index. Portfolio exposures are stock specific as we are finding pockets of investment opportunity among US regulated utilities, which add a level of stability and defensiveness to the portfolio through their durable earnings and dividend profiles. Our investments in the sector primarily focus on ESG leaders that have specific targets for reduction in carbon emissions and maintain significant exposure to renewables or generate power through cleaner means such as natural gas.
Materials: 0.7% underweight (4.1% of the portfolio)
Our exposure to the materials sector is stock specific as we are only invested in the containers and packaging and chemicals industries. Within the containers and packaging industry, our position in Sealed Air (1.4% of the portfolio) offers a relatively stable growth outlook. Sealed Air operates a high return business and has good pricing power. From a sustainability standpoint, plastic packagers generally score poorly on waste and water stress. The key issue for plastic is how to improve circularity and management has pledged to have 100% recyclable/reusable solutions and 50% average recycled/renewable content by 2025, which is well ahead of peers. Within the chemicals industry, we have a position in International Flavors & Fragrances (1.4% of the portfolio) a global supplier of inputs into food, consumer items and health care solutions. International Flavors & Fragrances is a dominant player in every market it participates in, making it a consistent earnings compounder.
Energy: 0.9% underweight (7.5% of the portfolio)
The portfolio currently invests in four energy stocks and we have a slight underweight in the sector relative to the reference index. Our focus on sustainability places a high hurdle for energy companies to be included in the portfolio, but we believe the sector remains investable as more traditional oil and gas operators are critical in the energy transition towards less carbon intensive sources. For example, natural gas is 40-60% less carbon intensive to produce and combust versus coal and oil. We view natural gas as a key “bridge fuel” and like companies such as Shell (2.9% of the portfolio) and Cheniere Energy (2.0% of the portfolio). Fundamentally, we generally seek to invest in attractively priced operators with good resource assets that have the opportunity to improve upon environmental issues or demonstrate clear leadership in sustainability (i.e. through their exposure to renewables or commitments to net zero/carbon neutral outcomes). We also prefer to target companies with experienced management teams, low financial leverage and disciplined capex spending plans, as these elements can contribute to positive FCF generation over time.
Consumer Staples: 2.5% underweight (5.5% of the portfolio)
The consumer staples sector is a common destination for the conservative equity income investor. Historically, many of these companies have offered investors recognisable brands, diverse revenue streams, exposure to growing end markets and the ability to garner pricing power. These characteristics, in turn, have translated into strong and often stable FCF and growing dividends for shareholders. Notable portfolio holdings include Kraft Heinz (2.7% of the portfolio) and Dollar Tree (2.6% of the portfolio). Kraft Heinz is historically among the strongest franchises in food products but has also continued to innovate its product mix to meet the changing demands of modern consumers. Kraft Heinz is an ESG improver as the company has committed to a 50% reduction in GHG emissions across all 3 scopes by 2030 and net zero by 2050.
Real Estate: 2.8% underweight (1.6% of the portfolio)
The portfolio has an underweight allocation to real estate, as we are finding few companies in the sector with both attractive valuations and strong or improving fundamentals. For example, retail Real Estate Investment Trusts (REIT) are facing challenges due to e-commerce and its negative impact on traditional brick and mortar retailers. Meanwhile, data center and logistics companies have strong fundamentals, but we view their valuations as unattractive. Our lone recent holding is a specialised REIT company, Crown Castle (1.6% of the portfolio). The company owns cell towers, fibre, and collects rent from carriers who collocate their equipment on the infrastructure. Crown Castle is trading at a wide discount relative to peers and is a leader in labour management and corporate governance practices.
Financials: 3.1% underweight (19.5% of the portfolio)
Financials represent our portfolio’s largest absolute sector allocation and we prefer companies in the banks, insurance and consumer finance. We believe the large US banks offer investors a combination of strong balance sheets (their capital levels are meaningfully higher post financial crisis), attractive valuations and the potential for relative upside versus the broader market from inflation and higher interest rates. Secondly, we continue to like insurers and insurance brokers as these companies operate relatively stable businesses and trade at attractive valuations. We categorise most of our holdings in this space as ESG improvers, with opportunities for company managements to enact stronger corporate governance and human capital development policies. Lastly, we have also identified stock specific investments in consumer finance with an opportunity in American Express (1.5% of the portfolio) whose business is geared to high-net-worth consumer spending, which is a much more stable business as the clientele is generally more insulated to economic cycles relative to other consumer segments.
Industrials: 6.3% underweight (8.2% of the portfolio)
The portfolio is meaningfully underweight to the industrials sector. Our selectivity is driven by relative valuations which we view as expensive, in many cases, versus other cyclical value segments of the US equity market. Notable positions include Johnson Controls International (2.5% of the portfolio) and Allegion (1.7% of the portfolio). We view both companies as ESG leaders in their respective domains. Allegion’s products enhance public safety and increase building efficiency. Additionally, Allegion’s MSCI ESG score is top decile, both relative to the investment universe and Allegion’s peer group.
Market outlook
While the economy and stock market are not always linked, the strong run of economic data has led to renewed optimism for the US economy in 2024 which has translated into strong stock returns. While our team believes that the US economy can continue to be resilient and grow, we also see a narrow path for sustained growth at the current pace. In our view, the key measure to consider is “productivity”. If new technologies, such as generative artificial intelligence (AI) can help increase productivity at both the personnel and business level, this may help the US economy maintain its growth prospects barring other factors. However, if productivity growth expectations are not met or AI adoption proves volatile, we think the economy could struggle to maintain its strong growth.
This helps drive conviction in our view that we continue to be “late-cycle” in the US. Additionally, many indicators remain indicative of a “late-cycle” economy such as: unemployment remaining generationally low and set to rise over time, savings rates among consumers continuing to be near all-time lows and the yield curve 6 continuing to be inverted. We continue to believe this is an environment best suited for “quality” companies, i.e. those which demonstrate consistent earnings, have strong balance sheets and have savvy management teams among other characteristics. These companies should be well positioned to manage through the economic cycle, especially compared to companies with financially difficult positions, such as levered balance sheets. In addition to seeking out quality companies, we feel valuation discipline is key given higher than average forward price-to-earnings ratios for equity markets. Lastly, while the election will get more airtime as the campaigns heat up, our team prefers to focus on more secular themes which may offer more attractive investment opportunities, such as reshoring and AI/digitalisation.
Source:
1
2
3
4 Magnificent 7 defined as Meta, Amazon, Apple, Nvidia, Microsoft, Tesla, Alphabet.
5 Reference of the company names mentioned is merely for explaining the market and should not be construed as investment advice or investment recommendation of the company.
Source:
6 As defined as the spread between the yields of 2 year and 10 year US Treasury Bonds.
Ten largest investments
Together, the ten largest investments represent 26.0% of the Company’s portfolio as at
1 +
Citigroup
(2023: 8th)
Sector: Financials
Market value: £5,733,000
Share of investments: 3.4%
(2023: 2.7%)
Citigroup (Citi) is a multinational investment bank and financial services corporation with a larger international footprint and smaller US retail footprint compared to its large US bank peers. Citi generates returns significantly below its peers due to numerous issues, including higher funding costs, business mix and weak operating performance. We believe there is a multi-year opportunity to close the gap over time, as they continue to cut costs. Citi scores similarly to its large US bank peers with a strong score in Financing Environmental Impact, which will be increasingly important.
2 - Shell
(2023: 1st)
Sector: Energy
Market value: £4,922,000
Share of investments: 2.9%
(2023: 3.3%)
Shell is one of the largest integrated energy companies globally with five main operating segments:
3 + American International Group
(2023: 5th)
Sector: Financials
Market value: £4,813,000
Share of investments: 2.8%
(2023: 2.8%)
American International Group (AIG) is a diversified insurance company with half the book value allocated to P&C (property & casualty) and the other half to life insurance. AIG has experienced challenges, but management has spent the last few years addressing the issues by expanding margins, improving reserves, lowering expenses, managing catastrophe losses and more recently working on separating their life business. Despite the improvements, the business continues to trade at a discount to book value. AIG’s business model revolves around pooling and diversifying risk which includes key issues such as climate change and impacted risks like hurricanes.
4 + Kraft Heinz
(2023: 9th)
Sector: Consumer Staples
Market value: £4,521,000
Share of investments: 2.7%
(2023: 2.6%)
Kraft Heinz is a leading US packaged food manufacturer with brands including
5 + Dollar Tree
(2023: 28th)
Sector: Consumer Discretionary
Market value: £4,316,000
Share of investments: 2.6%
(2023: 1.7%)
Dollar Tree runs
6 + Johnson Controls International
(2023: n/a)
Sector: Industrials
Market value: £4,189,000
Share of investments: 2.5%
(2023: n/a)
Johnson Controls International (JCI) is a leading global provider of heating, ventilation and air conditioning (HVAC), building controls and fire and security equipment. As a dominant force in many of the spaces they compete in, JCI offers a solid outlook for consistent growth over the long run. Relative to HVAC companies, the firm is also trading at a 5-year discount, marking nice upside moving forward. JCI is an ESG leader, as they are on the front end of optimising building energy efficiency.
7 + Baxter International
(2023: 16th)
Sector: Health Care
Market value: £4,003,000
Share of investments: 2.4%
(2023: 2.2%)
Baxter International markets devices and drugs used to treat kidney disease and other chronic and acute medical conditions. The company is the number one player in Peritoneal Dialysis (PD) with dominant positions in medical fluids/delivery systems and strong market positions across a wide range of medical equipment and devices. The company’s PD technology helps improve access to care for high-risk patients with kidney disease. They are focused on driving higher penetration rates of PD therapy globally to address the needs of dialysis patients in a more cost-effective manner.
8 + Cardinal Health
(2023: 12th)
Sector: Health Care
Market value: £3,892,000
Share of investments: 2.3%
(2023: 2.4%)
Cardinal Health is one of three leading pharmaceutical wholesalers in the US engaged in sourcing and distributing of branded, generic and specialty pharmaceutical products to pharmacies (retail chains, independent and mail order), hospitals networks and health care providers. Over the long term, the fundamental outlook for the drug distribution industry looks extremely positive, driven by an aging population and increased utilisation of prescription drugs. We believe at the current valuation, Cardinal Health gives the best opportunity to capture this secular tailwind.
9 + Hasbro
(2023: n/a)
Sector: Consumer Discretionary
Market value: £3,674,000
Share of investments: 2.2%
(2023: n/a)
Hasbro is a global designer and distributor of traditional toys and games, television programming, motion pictures, digital gaming and licensed products. The company offers products in four principal categories: Boys, Games, Girls and Preschool, through its various owned and third-party franchises. Long term, we like the prospects with a strong entertainment slate and continued innovation across its owned brand portfolio driving enhanced bottom line performance.
10
-
Verizon Communications
(2023: 6th)
Sector: Communication Services
Market value: £3,647,000
Share of investments: 2.2%
(2023: 2.7%)
Verizon Communications (Verizon) is the leading wireless company in
All percentages reflect the value of the holding as a percentage of total investments.
Percentages in brackets represent the value of the holdings as at
Arrows indicate the change in relative ranking of the position in the portfolio compared to its ranking as at
Portfolio analysis as at
Sector Exposure
2024 2023 2024 portfolio1 portfolio2 reference index1,3 Communication Services 6.9% 4.5% 4.5% Consumer Discretionary 10.5% 9.6% 4.8% Consumer Staples 5.5% 7.2% 8.0% Energy 7.5% 9.3% 8.4% Financials 19.5% 19.6% 22.6% Health Care 17.3% 18.4% 14.0% Industrials 8.2% 9.0% 14.5% Information Technology 13.5% 13.5% 9.0% Materials 4.1% 3.6% 4.8% Real Estate 1.6% 1.3% 4.4% Utilities 5.4% 4.0% 5.0%
1
Represents exposure as at
2
Represents exposure as at
3
Russell 1000 Value Index as at
Geographic Exposure 1
As at
United States 88.5%United Kingdom 5.6% Other2 2.1%France 2.1%South Korea 1.7%
As at
United States 86.8%United Kingdom 4.8% Other3 3.7%Japan 2.8%France 1.9%
1 Based on the principal place of operation of each investment.
2
Consists of
3
Consists of
Investments as at
Market value % of total Company Country Sector Securities £’000 portfolio Citigroup United Financials Ordinary 5,733 3.4 States shares Shell United Energy Ordinary 4,922 2.9 Kingdom shares American United Ordinary International States Financials shares 4,813 2.8 Group Kraft Heinz United Consumer Ordinary 4,521 2.7 States Staples shares Dollar Tree United Consumer Ordinary 4,316 2.6 States Discretionary shares Johnson United Ordinary Controls States Industrials shares 4,189 2.5 International Baxter United Health Care Ordinary 4,003 2.4 International States shares Cardinal United Health Care Ordinary 3,892 2.3 Health States shares Hasbro United Consumer Ordinary 3,674 2.2 States Discretionary shares Verizon United Communication Ordinary 3,647 2.2 Communications States Services shares Fidelity Information National United Technology Ordinary 3,611 2.1 Information States (IT) shares Services Wells Fargo United Financials Ordinary 3,602 2.1 States shares Sony United Consumer Ordinary 3,574 2.1 States Discretionary shares Willis Towers United Financials Ordinary 3,536 2.1 Watson States shares Sanofi France Health Care Ordinary 3,501 2.1 shares Western United IT Ordinary 3,417 2.0 Digital States shares Cheniere United Energy Ordinary 3,400 2.0 Energy States shares Thermo Fisher United Health Care Ordinary 3,361 2.0 Scientific States shares First Citizens United Financials Ordinary 3,258 1.9 BancShares States shares General Motors United Consumer Ordinary 3,169 1.9 States Discretionary shares Wabtec United Industrials Ordinary 3,147 1.9 States shares Fortrea United Health Care Ordinary 3,108 1.8 Holdings States shares Comcast United Communication Ordinary 3,041 1.8 States Services shares Raymond James United Financials Ordinary 3,028 1.8 States shares Allegion United Industrials Ordinary 2,884 1.7 States shares Cigna United Health Care Ordinary 2,877 1.7 States shares Samsung South Korea IT Ordinary 2,823 1.7 Electronics shares Aptiv United Consumer Ordinary 2,819 1.7 States Discretionary shares Crown Castle United Real Estate Ordinary 2,756 1.6 States shares Elevance United Health Care Ordinary 2,627 1.6 Health States shares Exelon United Utilities Ordinary 2,626 1.6 States shares Cognizant United Ordinary Technology States IT shares 2,616 1.5 Solutions Cisco Systems United IT Ordinary 2,604 1.5 States shares American United Financials Ordinary 2,563 1.5 Express States shares Sempra United Utilities Ordinary 2,552 1.5 States shares Electronic United Communication Ordinary 2,538 1.5 Arts States Services shares Diageo United Consumer Ordinary 2,510 1.5 States Staples shares WPP United Communication Ordinary 2,418 1.4 Kingdom Services shares Sealed Air United Materials Ordinary 2,406 1.4 States shares Microsoft United IT Ordinary 2,370 1.4 States shares Kosmos Energy United Energy Ordinary 2,352 1.4 States shares International United Ordinary Flavors & States Materials shares 2,323 1.4 Fragrances Crown Holdings United Materials Ordinary 2,235 1.3 States shares Public Service United Ordinary Enterprise States Utilities shares 2,233 1.3 Group Unilever United Consumer Ordinary 2,229 1.3 States Staples shares Prudential United Financials Ordinary 2,162 1.3 Kingdom shares Humana United Health Care Ordinary 2,150 1.3 States shares Woodside Australia Energy Ordinary 1,983 1.2 Energy Group shares Avnet United IT Ordinary 1,964 1.2 States shares Avantor United Health Care Ordinary 1,932 1.1 States shares CNH Industrial United Industrials Ordinary 1,820 1.1 States shares Texas United IT Ordinary 1,811 1.1 Instruments States shares Eli Lilly United Health Care Ordinary 1,746 1.0 States shares HP United IT Ordinary 1,706 1.0 States shares Sensata United Industrials Ordinary 1,682 1.0 Technologies States shares PG&E United Utilities Ordinary 1,662 1.0 States shares Citizens United Ordinary Financial States Financials shares 1,614 1.0 Group UBS Switzerland Financials Ordinary 1,594 0.9 shares Fidelity United Financials Ordinary 1,178 0.7 National States shares --------------- --------------- Portfolio 168,828 100.0 ========= =========
All investments are in ordinary shares unless otherwise stated. The number of holdings as at
At
Interim Management Report and Responsibility Statement
The Chair’s Statement and the Investment Manager’s Report above give details of the important events which have occurred during the period and their impact on the financial statements.
Principal risks and uncertainties
The principal risks faced by the Company can be divided into various areas as follows:
-- Market; -- Investment performance; -- Operational; -- Legal & Regulatory Compliance; -- Counterparty; -- Financial; and -- Marketing.
The Board reported on the principal risks and uncertainties faced by the Company in the Annual Report and Financial Statements for the year ended
In the view of the Board, there have not been any changes to the fundamental nature of the principal risks and uncertainties since the previous report and these are equally applicable to the remaining six months of the financial year as they were to the six months under review.
Going concern
The Directors, having considered the nature and liquidity of the portfolio, the Company’s investment objective and the Company’s projected income and expenditure, are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future and is financially sound. The Board is mindful of the continuing uncertainty surrounding the current environment of heightened geopolitical risk given the war in
The Company has a portfolio of investments which are predominantly readily realisable and is able to meet all its liabilities from its assets and income generated from these assets. Accounting revenue and expense forecasts are maintained and reported to the Board regularly and it is expected that the Company will be able to meet all its obligations. Borrowings under the overdraft facility shall at no time exceed £20 million or 20% of the Company’s net assets (calculated at the time of draw down) although the Board intends only to utilise borrowings representing 10% of net assets at the time of draw down and this covenant was complied with during the period. Ongoing charges for the year ended
Based on the above, the Board is satisfied that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
Related party disclosure and transactions with the Manager
The related party transactions with the Directors are set out in note 11 below.
Directors’ responsibility statement
The Disclosure Guidance and Transparency Rules (DTR) of the
The Directors confirm to the best of their knowledge that:
-- the condensed set of financial statements contained within the Half Yearly Financial Report has been prepared in accordance with applicable International Accounting Standard 34 – ‘Interim Financial Reporting’; and -- the Interim Management Report, together with the Chair’s Statement and Investment Manager’s Report, include a fair review of the information required by 4.2.7R and 4.2.8R of the FCA’s Disclosure Guidance and Transparency Rules.
This Half Yearly Financial Report has not been audited or reviewed by the Company’s auditors.
The Half Yearly Financial Report was approved by the Board on
For and on behalf of the Board
Statement of Comprehensive Income for the six months ended
Six months ended Six months ended Year ended 30 April 2024 30 April 2023 31 October 2023 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Income from investments held at fair 3 1,855 – 1,855 2,265 – 2,265 4,252 – 4,252 value through profit or loss Other income 3 5 – 5 3 – 3 11 – 11 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- Total income 1,860 – 1,860 2,268 – 2,268 4,263 – 4,263 ========= ========= ========= ========= ========= ========= ========= ========= ========= Net profit/ (loss) on investments and options – 21,487 21,487 – (8,581) (8,581) – (11,550) (11,550) held at fair value through profit or loss Net (loss)/profit – (19) (19) – 6 6 – 50 50 on foreign exchange --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- Total 1,860 21,468 23,328 2,268 (8,575) (6,307) 4,263 (11,500) (7,237) ========= ========= ========= ========= ========= ========= ========= ========= ========= Expenses Investment management 4 (145) (436) (581) (145) (435) (580) (286) (858) (1,144) fee Other operating 5 (240) (3) (243) (238) (1) (239) (521) (4) (525) expenses --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- Total operating (385) (439) (824) (383) (436) (819) (807) (862) (1,669) expenses ========= ========= ========= ========= ========= ========= ========= ========= ========= Net profit/ (loss) on ordinary activities 1,475 21,029 22,504 1,885 (9,011) (7,126) 3,456 (12,362) (8,906) before finance costs and taxation Finance costs – (1) (1) (13) (38) (51) (13) (39) (52) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- Net profit/ (loss) on ordinary 1,475 21,028 22,503 1,872 (9,049) (7,177) 3,443 (12,401) (8,958) activities before taxation Taxation (221) – (221) (268) – (268) (498) – (498) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- Profit/(loss) for the 1,254 21,028 22,282 1,604 (9,049) (7,445) 2,945 (12,401) (9,456) period/year ========= ========= ========= ========= ========= ========= ========= ========= ========= Earnings/ (loss) per 7 1.59 26.63 28.22 2.00 (11.28) (9.28) 3.67 (15.46) (11.79) ordinary share (pence) ========= ========= ========= ========= ========= ========= ========= ========= =========
The total columns of this statement represent the Company’s Statement of Comprehensive Income, prepared in accordance with
The Company does not have any other comprehensive income/(loss) (
Statement of Changes in Equity for the six months ended
Called Capital up share redemption Special Capital Revenue capital reserve reserve reserves reserve Total Note £’000 £’000 £’000 £’000 £’000 £’000 For the six months ended 30 April 2024 (unaudited) At 31 October 1,004 1,460 82,540 69,201 584 154,789 2023 Total comprehensive income: Net profit for – – – 21,028 1,254 22,282 the period Transactions with owners, recorded directly to equity: Ordinary shares bought – – (5,560) – – (5,560) back into treasury Share buyback – – (21) – – (21) costs Dividends paid 6 – – – (1,508) (1,649) (3,157) --------------- --------------- --------------- --------------- --------------- --------------- At 30 April 1,004 1,460 76,959 88,721 189 168,333 2024 ========= ========= ========= ========= ========= ========= For the six months ended 30 April 2023 (unaudited) At 31 October 1,004 1,460 82,963 84,940 719 171,086 2022 Total comprehensive (loss)/income: Net (loss)/profit – – – (9,049) 1,604 (7,445) for the period Transactions with owners, recorded directly to equity: Dividends paid 6 – – – (1,195) (2,015) (3,210) --------------- --------------- --------------- --------------- --------------- --------------- At 30 April 1,004 1,460 82,963 74,696 308 160,431 2023 ========= ========= ========= ========= ========= ========= For the year ended 31 October 2023 (audited) At 31 October 1,004 1,460 82,963 84,940 719 171,086 2022 Total comprehensive (loss)/income: Net (loss)/profit – – – (12,401) 2,945 (9,456) for the year Transactions with owners, recorded directly to equity: Ordinary shares bought – – (421) – – (421) back into treasury Share buyback – – (2) – – (2) costs Dividends paid – – – (3,338) (3,080) (6,418) --------------- --------------- --------------- --------------- --------------- --------------- At 31 October 1,004 1,460 82,540 69,201 584 154,789 2023 ========= ========= ========= ========= ========= =========
For information on the Company’s distributable reserves, please refer to note 9 below.
Statement of Financial Position as at
30 April 30 April 31 October 2024 2023 2023 (unaudited) (unaudited) (audited) Notes £’000 £’000 £’000 Non current assets Investments held at fair value through profit or 10 168,828 158,000 154,212 loss Current assets Current tax asset 92 132 130 Other receivables 233 348 2,614 Cash and cash equivalents 671 3,450 1,092 --------------- --------------- --------------- Total current assets 996 3,930 3,836 ========= ========= ========= Total assets 169,824 161,930 158,048 ========= ========= ========= Current liabilities Current tax liability – (6) (6) Other payables (1,491) (1,493) (3,253) --------------- --------------- --------------- Total current liabilities (1,491) (1,499) (3,259) ========= ========= ========= Net assets 168,333 160,431 154,789 ========= ========= ========= Equity attributable to equity holders Called up share capital 8 1,004 1,004 1,004 Capital redemption reserve 1,460 1,460 1,460 Special reserve 76,959 82,963 82,540 Capital reserves 88,721 74,696 69,201 Revenue reserve 189 308 584 --------------- --------------- --------------- Total equity 168,333 160,431 154,789 ========= ========= ========= Net asset value per 7 218.40 199.97 193.51 ordinary share (pence) ========= ========= =========
Cash Flow Statement for the six months ended
Six months Six months Year ended ended ended 30 April 30 April 31 October 2024 2023 2023 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Operating activities Net profit/(loss) on ordinary 22,503 (7,177) (8,958) activities before taxation Add back finance costs 1 51 52 Net (profit)/loss on investments and options held at fair value (21,487) 8,581 11,550 through profit or loss (including transaction costs) Net loss/(profit) on foreign 19 (6) (50) exchange Sale of investments held at fair 74,765 52,732 98,933 value through profit or loss Purchase of investments held at fair value through profit or (67,890) (43,888) (89,270) loss (Increase)/decrease in other (28) (103) 61 receivables Increase in other payables 82 353 195 Decrease in amounts due from 2,409 3,042 612 brokers Decrease in amounts due to (1,918) (2,829) (911) brokers --------------- --------------- --------------- Net cash inflow from operating 8,456 10,756 12,214 activities before taxation Taxation paid (189) (255) (483) --------------- --------------- --------------- Net cash inflow from operating 8,267 10,501 11,731 activities ========= ========= ========= Financing activities Interest paid (1) (51) (52) Payments for ordinary shares (5,511) – (423) bought back into treasury Dividends paid (3,157) (3,210) (6,418) --------------- --------------- --------------- Net cash outflow from financing (8,669) (3,261) (6,893) activities --------------- --------------- --------------- (Decrease)/increase in cash and (402) 7,240 4,838 cash equivalents Effect of foreign exchange rate (19) 6 50 changes --------------- --------------- --------------- Change in cash and cash (421) 7,246 4,888 equivalents Cash and cash equivalents at 1,092 (3,796) (3,796) start of period/year --------------- --------------- --------------- Cash and cash equivalents at end 671 3,450 1,092 of period/year ========= ========= ========= Comprised of: Cash at bank 95 273 213 Cash Fund1 576 3,177 879 --------------- --------------- --------------- 671 3,450 1,092 ========= ========= =========
1
Notes to the Financial Statements for the six months ended
1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.
2. Basis of presentation
The half yearly financial statements for the period ended
Insofar as the Statement of Recommended Practice (SORP) for investment trust companies and venture capital trusts, issued by the
Adoption of new and amended International Accounting Standards and interpretations:
IFRS 17 – Insurance contracts
(effective
This standard is unlikely to have any impact on the Company as it has no insurance contracts.
IAS 12 – Deferred tax related to assets and liabilities arising from a single transaction
(effective
The amendment of this standard is unlikely to have any significant impact on the Company.
IAS 8 – Definition of accounting estimates
(effective
IAS 1 and IFRS Practice Statement 2 – Disclosure of accounting policies
(effective
IAS 12 – International Tax Reform Pillar Two Model Rules
(effective
Relevant International Accounting Standards that have yet to be adopted:
IAS 1 – Classification of liabilities as current or non current
(effective
IAS 1 – Non current liabilities with covenants
(effective
None of the standards that have been issued, but are not yet effective, are expected to have a material impact on the Company.
3. Income
Six months Six months Year ended ended ended 30 April 30 April 31 October 2024 2023 2022 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Investment income: UK dividends 206 196 334 Overseas dividends 1,557 2,048 3,839 Overseas REIT1 dividends 77 – 34 Interest from Cash Fund 15 21 45 --------------- --------------- --------------- Total investment income 1,855 2,265 4,252 Deposit interest 5 3 11 --------------- --------------- --------------- Total income 1,860 2,268 4,263 ========= ========= =========
1 Real Estate Investment Trust.
Dividends and interest received in cash during the period amounted to £1,567,000 and £24,000 (six months ended
No special dividends have been recognised in capital during the period (six months ended
4. Investment management fee
Six months ended Six months ended Year ended 30 April 2024 30 April 2023 31 October 2023 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Investment management 145 436 581 145 435 580 286 858 1,144 fee --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- Total 145 436 581 145 435 580 286 858 1,144 ========= ========= ========= ========= ========= ========= ========= ========= =========
The investment management fee is payable in quarterly arrears, calculated at the rate of 0.70% of the Company’s net assets.
The investment management fee is allocated 25% to the revenue account and 75% to the capital account.
There is no additional fee for company secretarial and administration services.
5. Other operating expenses
Six months Six months Year ended ended ended 30 April 30 April 31 October 2024 2023 2023 (unaudited) (unaudited) (audited) £’000 £’000 £’000 Allocated to revenue: Custody fee 1 1 2 Auditors’ remuneration – audit 26 17 39 services1 Registrar’s fee 9 11 28 Directors’ emoluments 69 68 142 Broker fees 20 20 40 Depositary fees 8 8 16 Printing fees 27 18 31 Legal and professional fees 9 18 14 Marketing fees 21 26 94 AIC fees 6 6 13 FCA fees 5 5 11 Write back of prior year (3) (11) (11) expenses2 Other administration costs 42 51 102 --------------- --------------- --------------- 240 238 521 ========= ========= ========= Allocated to capital: Custody transaction charges3 3 1 4 --------------- --------------- --------------- 243 239 525 ========= ========= =========
1
No non-audit services were provided by the Company’s auditors for the six months ended
2 Relates to Directors’ expense accruals written back during the period.
3
For the six month period ended
The transaction costs incurred on the acquisition of investments amounted to £13,000 for the six months ended
6. Dividends
On
Dividends paid on equity shares during the period were:
Six months ended30 April 2024 (unaudited) £’000 Fourth interim dividend for the year ended31 October 2023 of 1,597 2.00p per ordinary share paid on2 January 2024 First interim dividend for the year ended31 October 2024 of 1,560 2.00p per ordinary share paid on26 April 2024 --------------- 3,157 ========= Second interim dividend for the year ended31 October 2024 of 1,519 2.00p per ordinary share payable on 5July 20241 --------------- 4,676 =========
1
Based on 75,966,247 ordinary shares in issue on
7. Earnings and net asset value per ordinary share
Revenue, capital earnings/(loss) and net asset value per ordinary share are shown below and have been calculated using the following:
Six months Six months Year ended ended ended 30 April 30 April 31 October 2024 2023 2023 (unaudited) (unaudited) (audited) Net revenue profit attributable 1,254 1,604 2,945 to ordinary shareholders (£’000) Net capital profit/(loss) attributable to ordinary 21,028 (9,049) (12,401) shareholders (£’000) --------------- --------------- --------------- Total profit/(loss) attributable 22,282 (7,445) (9,456) to ordinary shareholders (£’000) --------------- --------------- --------------- Equity shareholders’ funds 168,333 160,431 154,789 (£’000) ========= ========= ========= The weighted average number of ordinary shares in issue during the period on which the earnings 78,970,614 80,229,044 80,225,591 per ordinary share was calculated was: The actual number of ordinary shares in issue at the period end on which the net asset value 77,076,813 80,229,044 79,989,044 per ordinary share was calculated was: --------------- --------------- --------------- Earnings per ordinary share Revenue earnings per share 1.59 2.003.67 (pence) – basic and diluted Capital earnings/(loss) per share (pence) – basic and 26.63 (11.28) (15.46) diluted --------------- --------------- --------------- Total earnings/(loss) per share 28.22 (9.28) (11.79) (pence ) – basic and diluted ========= ========= =========
As at As at As at 30 April 30 April 31 October 2024 2023 (unaudited) (unaudited) 2023 (audited) Net asset value per ordinary share (pence) 218.40 199.97 193.51 Ordinary share price (pence) 197.50 193.50 174.00 ========= ========= =========
There were no dilutive securities at the period end (six months ended
8. Called up share capital
Ordinary shares Treasury Total Nominal in issue shares shares value (unaudited) number number number £’000 Allotted, called up and fully paid share capital comprised: Ordinary shares of1 pence each: At 31 October 79,989,044 20,372,261 100,361,305 1,004 2023 Ordinary shares bought back into (2,912,231) 2,912,231 – – treasury --------------- --------------- --------------- --------------- At 30 April 2024 77,076,813 23,284,492 100,361,305 1,004 ========= ========= ========= =========
During the six months ended
Since
9. Reserves
The capital redemption reserve is not a distributable reserve under the Companies Act 2006. In accordance with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act 2006, the special reserve and capital reserve may be used as distributable reserves for all purposes and, in particular, the repurchase by the Company of its ordinary shares and for payments such as dividends. In accordance with the Company’s Articles of Association, the special reserve, capital reserve and revenue reserve may be distributed by way of dividend. The gain on the capital reserve arising on the revaluation of investments of £8,780,000 (six months ended
The Company’s share premium account was cancelled pursuant to shareholders’ approval of a special resolution at the Company’s Annual General Meeting on
10. Financial risks and valuation of financial instruments
The Company’s investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The risks are substantially consistent with those disclosed in the previous annual financial statements with the exception of those outlined below.
Market risk arising from price risk
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk) whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, climate change or other events could have a significant impact on the Company and the market price of its investments and could result in increased premiums or discounts to the Company’s net asset value.
Valuation of financial instruments
Financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value (investments and derivatives) or at an amount which is a reasonable approximation of fair value (due from brokers, dividends and interest receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13 requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The valuation techniques used by the Company are explained in the accounting policies note 2(g) as set out on page 94 of the Company’s Annual Report and Financial Statements for the year ended
Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset.
The fair value hierarchy has the following levels:
Level 1 – Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Company does not adjust the quoted price for these instruments.
Level 2 – Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar instruments in markets that are considered less than active, or other valuation techniques where all significant inputs are directly or indirectly observable from market data.
Valuation techniques used for non-standardised financial instruments such as options, currency swaps and other over-the-counter derivatives include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity specific inputs.
Level 3 – Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation.
This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The Investment Manager considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by independent sources that are actively involved in the relevant market.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability, including an assessment of the relevant risks including but not limited to credit risk, market risk, liquidity risk, business risk and sustainability risk. The determination of what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager and these risks are adequately captured in the assumptions and inputs used in measurement of Level 3 assets or liabilities.
Fair values of financial assets and financial liabilities
The table below sets out fair value measurements using the IFRS 13 fair value hierarchy.
Level 1 Level 2 Level 3 Total Financial assets at fair value through £’000 £’000 £’000 £’000 profit or loss Equity investments at 30 April 2024 168,828 – – 168,828 (unaudited) Equity investments at 30 April 2023 158,000 – – 158,000 (unaudited) Equity investments at 31 October 2023 154,212 – – 154,212 (audited) ========= ========= ========= =========
There were no transfers between levels for financial assets and financial liabilities recorded at fair value as at
For exchange listed equity investments, the quoted price is the bid price. Substantially all investments are valued based on unadjusted quoted market prices. Where such quoted prices are readily available in an active market, such prices are not required to be assessed or adjusted for any business risks, including climate change risk, in accordance with the fair value related requirements of the Company’s financial reporting framework.
11. Related party disclosure
Directors’ emoluments
The Board consists of four non-executive Directors, all of whom are considered to be independent of the Manager by the Board. None of the Directors has a service contract with the Company. The Chair receives an annual fee of £44,000, the Audit Committee Chairman receives an annual fee of £38,000 and each of the Directors receives an annual fee of £31,500. At
At
Six months Six months Year ended ended ended 30 April 30 April 31 October 2024 2023 (unaudited) (unaudited) 2023 (audited) Alice Ryder (Chair) 9,047 9,047 9,047 David Barron 5,000 5,000 5,000 Melanie Roberts 10,000 10,000 10,000 Solomon Soquar nil nil nil ========= ========= =========
Since the period end and up to the date of this report,
The following investors are:
a.
funds managed by the
b.
investors (other than those listed in (a) above) who held more than 20% of the voting shares in issue in the Company and are, as a result, considered to be related parties to the Company (
Total % of shares held by Number of Significant Significant Investors Total % of shares Investors who are who are not held by not affiliates of affiliates of Related BlackRock BlackRock BlackRock Group or Funds Group or BlackRock, BlackRock, Inc. Inc. As at 30 April 2024 nil n/a n/a As at 31 October 0.8 n/a n/a 2023 As at 30 April 2023 0.9 n/a n/a ========= ========= =========
12. Transactions with the Investment Manager and AIFM
The investment management fee due for the six months ended
In addition to the above services, BIM (
The Company has an investment in the
The ultimate holding company of the Manager and the Investment Manager is BlackRock, Inc., a company incorporated in
13. Contingent liabilities
There were no contingent liabilities at
14. Publication of non statutory accounts
The financial information contained in this Half Yearly Financial Report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the six months ended
The information for the year ended
15. Annual results
The Board expects to announce the annual results for the year ending
Copies of the annual results announcement can be obtained from the Secretary on 0207 743 3000 or cosec@blackrock.com. The Annual Report and Financial Statements should be available by the beginning of
FOR FURTHER INFORMATION, PLEASE CONTACT:
Press enquiries:
E-mail: BlackRockInvestmentTrusts@lansons.com
END
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