BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 31 January 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 10.2% 17.4% 40.2% 43.6% 40.3% 155.1%
Share price 12.5% 23.7% 46.8% 51.6% 35.9% 175.5%
Sources: Datastream, BlackRock
At month end
Net asset value – capital only: 182.27p
Net asset value cum income1: 183.01p
Share price: 176.00p
Discount to NAV (cum income): 3.8%
Net yield: 2.7%
Gearing - cum income: 4.1%
Total assets: £187.0m
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 0.74p.
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 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 39.2%
Energy Transition 34.1%
Traditional Energy 25.8%
Other 0.7%
Net Current Liabilities 0.2%
-----
100.0%
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Sector Analysis % Total Assets^ Country Analysis % Total Assets^
Mining: Global 55.0
Diversified 22.2 United States 11.7
Copper 7.1 Latin America 7.5
Gold 3.5 Germany 5.8
Industrial Minerals 2.8 Canada 4.7
Aluminium 1.5 United Kingdom 4.2
Steel 0.7 North America 3.2
Platinum Group Metals 0.6 Italy 2.2
Silver 0.5 Spain 1.1
Nickel 0.3 Ireland 1.0
Subtotal Mining: 39.2 France 1.0
Australia 1.0
Energy Transition: South Africa 0.6
Renewables 14.9 Other Africa 0.4
Electrification 11.2 Morocco 0.4
Storage 5.0 Net Current 0.2
Assets^
Energy Efficiency 3.0 -----
Subtotal Energy Transition: 34.1 100.0
=====
Traditional Energy:
Integrated 11.7
E&P 5.5
Oil Services 5.3
Distribution 1.8
Refining & Marketing 1.5
Subtotal Traditional Energy: 25.8
Other:
Other 0.7
Subtotal Other 0.7
Net Current Assets^ 0.2
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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 4.3% of the Company’s net asset value.
Ten Largest Investments
Company Region of Risk % Total Assets
Vale - ADS Latin America 5.8
Glencore Global 5.2
Chevron Corporation Global 4.9
Abaxx Technologies Global 4.4
Freeport-McMoran Global 3.6
Shell Global 3.3
SSE United Kingdom 3.3
Vestas Wind Systems Global 3.1
Anglo American Global 3.1
EDP Renovaveis Global 3.0
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, strongly outperformed broader equity markets in
January 2026.
Within mining, the Company’s diversified mining exposure provided the largest
positive contribution towards absolute returns. The mining sector was supported
by investor rotation, increasing relevance amidst global government focus on
metals and minerals security and broadly positive performance across the mined
commodities. Gold and silver continued their strong run before a sharp fall on
the final day of the month.
In energy transition, the renewables sub-sector performed particularly well.
Momentum behind AI capex continued, with Meta and Tesla reporting substantial
investment plans which reinforced strong underlying power demand trends.
Elsewhere, Data was released on U.S. ESS battery storage volumes which were
47GWh last year and are expected to be 70GWh in 2026 (up almost 50% year on
year).
In conventional energy, the Company’s integrated oil & gas allocation notably
added to returns. Energy markets experienced a strong rebound as crude prices
surged on the back of rising geopolitical tensions and tightening supply
conditions. Meanwhile, Russian crude oil production fell at its fastest pace in
18 months, further supporting prices. The Brent oil price rose 15.7% whilst the
WTI oil price increased by 12.6%, ending the month at $71/bbl and $65/bbl
respectively.
19 February 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
