BlackRock American Income Trust plc (LON:BRAI) has announced its latest portfolio update.
All information is at 31 March 2025 and unaudited.
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Performance at month end with net income reinvested
| One Month | Three Months | Six Months | One Year | Three Years | Five Years | |
| Net asset value | -4.2 | -0.5 | 2.4 | -1.0 | 10.0 | 75.6 |
| Share price | -4.8 | -0.5 | 3.1 | 2.7 | 6.0 | 74.3 |
| Russell 1000 Value Index | -5.2 | -0.9 | 4.0 | 4.9 | 23.7 | 103.1 |
| Russell 1000 Value Index (Net 15% WHT Total Return)* | -5.2 | -1.0 | 3.9 | 4.6 | 22.5 | 99.7 |
At month end
| Net asset value – capital only: | 214.35p |
| Net asset value – cum income: | 215.32p |
| Share price: | 198.00p |
| Discount to cum income NAV: | 8.0% |
| Net yield1: | 4.0% |
| Total assets including current year revenue: | £146.1m |
| Net gearing: | 0.1% |
| Ordinary shares in issue2: | 67,847,014 |
| Ongoing charges3: | 1.06% |
1 Based on three quarterly dividends of 2.00p per share declared on 29 May 2024, 1 August 2024 and 13 November 2024 for the year ended 31 October 2024 and one quarterly dividend of 2.00p per share declared on 1 April 2025 for the year ending 31 October 2025 and based on the share price as at close of business on 31 March 2025.
² Excluding 27,514,291 ordinary shares held in treasury.
³ The Company’s ongoing charges 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 non-recurring items for the year ended 31 October 2024.
| Sector Analysis | Total Assets (%) |
| Health Care | 18.0 |
| Information Technology | 15.6 |
| Financials | 15.1 |
| Consumer Discretionary | 11.7 |
| Communication Services | 10.5 |
| Industrials | 6.7 |
| Materials | 6.2 |
| Energy | 6.2 |
| Utilities | 4.7 |
| Consumer Staples | 3.0 |
| Real Estate | 2.3 |
| Net Current Liabilities | – |
| —– | |
| 100.0 | |
| ===== | |
| Country Analysis | Total Assets (%) |
| United States | 88.4 |
| United Kingdom | 4.8 |
| France | 2.7 |
| South Korea | 1.7 |
| Canada | 0.9 |
| Ireland | 0.9 |
| Netherlands | 0.6 |
| Net Current Liabilities | – |
| —– | |
| 100.0 | |
| ===== |
| Top 10 Holdings | Country | % Total Assets |
| Electronic Arts | United States | 4.0 |
| Cardinal Health | United States | 3.4 |
| Citigroup | United States | 3.3 |
| CVS Health | United States | 3.3 |
| Comcast | United States | 2.9 |
| Wells Fargo | United States | 2.8 |
| Sanofi | France | 2.7 |
| Willis Towers Watson | United States | 2.6 |
| Dollar Tree | United States | 2.3 |
| Crown Castle | United States | 2.3 |
Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 31 March 2025, the Company’s NAV decreased by 4.2% and the share price by 4.8% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned -5.2% for the period.
At the sector level, the largest contributor to relative performance stemmed from stock selection in communication services, with investment decisions in entertainment boosting relative performance. Relative performance was also boosted by security selection in real estate, specifically selection decisions in specialized REITs. Another modest contributor during the period at the sector level included selection decisions in information technology.
The largest detractor from relative performance stemmed from stock selection in materials, most notably investment decisions in metals and mining. Selection decisions in energy also detracted from relative performance, with investment decisions in oil, gas and consumable fuels dragging on relative performance. Another modest detractor at the sector level included security selection in health care.
Transactions
During the month, the Company’s made no new purchases. The Company exited its position in Westinghouse Air Brake Technologies and Sandisk.
Positioning
As of the period end, the Company’s largest overweight positions relative to the reference index were in the communication services, information technology and consumer discretionary sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, financials and consumer staples sectors.
Source: BlackRock.
Click here to learn more about BlackRock American Income Trust plc
