Portfolio Update

BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 31 August 2024 and unaudited.
Performance at month end with net income reinvested
 

	One Month	Three Months	Six Months	One Year	Three Years	Five Years
Net asset value	-1.5	0.0	3.9	14.4	23.0	44.5
Share price	-1.6	1.7	9.6	13.0	17.3	26.6
Russell 1000 Value Index	0.4	3.6	6.7	16.8	29.2	57.3

At month end

Net asset value - capital only:	217.18p
Net asset value - cum income:	217.39p
Share price:	197.75p
Discount to cum income NAV:	9.0%
Net yield1:	4.0%
Total assets including current year revenue:	£161.4m
Net Gearing:	1.2%
Ordinary shares in issue2:	74,227,370
Ongoing charges3:	1.03%

1 Based on one quarterly dividend of 2.00p per share declared 2 November 2023 for the year ended 31 October 2023 and three quarterly dividends of 2.00p per share declared on 14 March 2024, 29 May 2024 and 01 August 2024, for the year ending 31 October 2024 and based on the share price as at close of business on 31 August 2024.

² Excluding 26,133,935 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 2023.

Sector Analysis	Total Assets (%)
Health Care	18.1
Financials	17.6
Information Technology	15.6
Consumer Discretionary	10.4
Energy	7.6
Communication Services	6.3
Consumer Staples	6.2
Industrials	6.2
Utilities	5.7
Materials	5.3
Real Estate	2.2
Net Current Liabilities	-1.2
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	100.0
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Country Analysis	Total Assets (%)
United States	88.2
United Kingdom	4.5
France	2.2
South Korea	1.9
Ireland	1.2
Switzerland	1.1
Australia	1.1
Canada	1.0
Net Current Liabilities	-1.2
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	100.0
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Top 10 Holdings	Country	% Total Assets
Citigroup	United States	3.3
Cardinal Health	United States	3.0
Comcast	United States	2.6
American International	United States	2.5
Kraft Heinz	United States	2.4
CVS Health	United States	2.4
Willis Towers Watson	United States	2.3
Cheniere Energy	United States	2.3
HP Inc	United States	2.2
Sanofi	France	2.2

Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:

For the one-month period ended 31 August 2024, the Company’s NAV decreased by 1.5% and the share price by 1.6% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned 0.4% for the period.

At the sector level, the largest contributor to relative performance stemmed from stock selection in consumer discretionary, with selection decisions in automobiles boosting relative performance. While there were no other sector level contributors, at the industry level relative performance was boosted by the underweight allocation to semiconductors and semiconductor equipment. Other modest contributors during the period at the industry level included selection decisions in household durables and in pharmaceuticals.

The largest detractor from relative performance stemmed from stock selection in financials, most notably in banks. Selection decisions in consumer staples also detracted from relative performance, with stock selection in distribution and retail dragging on relative performance. Other modest detractors at the sector level included selection decisions in communication services and real estate.

Transactions

During the month, the Company’s largest purchases included Icon PLC, Hess, and Dominion Energy. The Company exited its position in Sensata Technologies, Public Service Enterprise Group and Thermo Fisher Scientific.

Positioning

As of the period end, the Company’s largest overweight positions relative to the reference index were in the information technology, consumer discretionary and communication services sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, real estate and financials sectors.

Source: BlackRock.

30 September 2024

Latest information is available by typing blackrock.com/uk/brsa 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.

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Release

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