BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc | ||||||||||||
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Net asset value | -2.6% | -8.6% | 1.7% | 42.6% | 52.1% | 119.5% | ||||||
Share price | -1.1% | -8.1% | 0.6%
| 47.7% | 63.3% | 133.0% | ||||||
Sources: Datastream, BlackRock | ||||||||||||
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Net asset value – capital only: | 182.79p | |||||||||||
Net asset value cum income | | |||||||||||
Share price: | 174.00p | |||||||||||
Discount to NAV (cum income): | 4.9% | |||||||||||
Net yield: | 3.3% | |||||||||||
Net Gearing – cum income: | 9.4% | |||||||||||
Total assets: | £200.0m | |||||||||||
Ordinary shares in issue | 100,047,606 | |||||||||||
Gearing range (as a % of net assets): | 0-20% | |||||||||||
Ongoing charges | 1.15% | |||||||||||
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1 2 3 | ||||||||||||
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Mining | 36.9% |
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Energy Transition | 32.4% |
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Energy | 30.4% |
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Other | 0.4% |
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Net Current Liabilities | -0.1% |
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| 100.0% |
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| Global | 53.0 | ||||||||
Diversified | 20.7 |
| United States | 13.4 | ||||||||
Copper | 8.0 |
| Latin America | 5.8 | ||||||||
Gold | 5.4 |
| France | 4.5 | ||||||||
Industrial Minerals | 1.5 |
| North America | 4.5 | ||||||||
Steel | 0.8 |
| China | 3.4 | ||||||||
Aluminium | 0.5 |
| Canada | 3.0 | ||||||||
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| Spain | 2.4 | ||||||||
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| Germany | 2.3 | ||||||||
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| United Kingdom | 2.1 | ||||||||
Renewables | 11.2 |
| Italy | 1.8 | ||||||||
Electrification | 9.8 |
| Australia | 1.3 | ||||||||
Storage | 7.7 |
| Europe | 0.9 | ||||||||
Energy Efficiency | 3.7 |
| Norway | 0.5 | ||||||||
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| Ireland | 0.5 | ||||||||
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| South Africa | 0.4 | ||||||||
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| Other Africa | 0.2 | ||||||||
Integrated | 13.5 |
| Chile | 0.1 | ||||||||
Oil Services | 8.8 |
| Net Current Liabilities^ | -0.1 | ||||||||
Distribution | 3.3 |
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E&P | 2.8 |
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Refining & Marketing | 2.0 |
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Other | 0.4 |
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Net Current Liabilities^ | -0.1 |
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^ 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 9.3% of the Company’s net asset value.
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Anglo American | Global | 5.8 | ||||||||||
Glencore | Global | 5.7 | ||||||||||
Vale – ADS | Latin America | 4.4 | ||||||||||
Shell | Global | 4.2 | ||||||||||
TotalEnergies | Global | 3.5 | ||||||||||
Chevron Corporation | Global | 3.4 | ||||||||||
First Quantum Minerals | Global | 3.0 | ||||||||||
Subsea 7 | Global | 2.9 | ||||||||||
EDP Renovaveis | Global | 2.5 | ||||||||||
Freeport-McMoRan | Global | 2.4 | ||||||||||
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The Company’s three underlying components, Conventional Energy, Mining and Energy Transition, delivered mixed performance in July.
Conventional Energy was the strongest contributor, supported by a sharp rise in oil prices as geopolitical tensions between the US and Iran re-escalated. Brent and WTI crude rose 23.5% and 22.1%, respectively, amid renewed uncertainty around the Strait of Hormuz and fluctuating ceasefire expectations. While oil price volatility dominated headlines, refining margins also strengthened significantly, reflecting the meaningful reduction in global downstream capacity seen so far this year.
Mining exposure generated modestly negative returns despite generally supportive commodity markets. We believe weakness in mining equities continued to reflect changing interest-rate expectations rather than any deterioration in underlying fundamentals. Base metals led performance, with copper, zinc and aluminium prices rising 3.6%, 3.8% and 4.8%, respectively. It was notable, in our view, that copper remained resilient despite weakness in AI-related equities, supported by increasingly tight physical markets and persistent supply disruptions. Aluminium also benefited from concerns over Middle East supply risks. Precious metals were broadly stable, with gold rising 0.3% and silver falling 1.8%, while iron ore declined 3.6% to US$95 per tonne.
Energy Transition holdings were the weakest area of the portfolio. Parts of the sustainable energy value chain which have been increasingly viewed as AI beneficiaries, particularly semiconductor and electrification-related companies, came under pressure amid a broader pullback in AI-related stocks. Meanwhile, higher bond yields, elevated oil prices and persistent inflation also weighed on renewable energy companies, whose valuations are typically more sensitive to interest-rate movements. Despite weaker share price performance, second-quarter earnings were broadly resilient, while policy support remained constructive, with both the EU and China announcing measures aimed at accelerating electrification and renewable energy adoption over the coming decades.
Figures sourced from Datastream; prices quoted in US dollar terms unless specified otherwise as at 31 July 2026. 14 August 2026
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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). | ||||||||||||
 Release |
Source: https://www.londonstockexchange.com/news-article/BERI/portfolio-update/17739557