Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 April 2019 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

-0.7%

4.6%

3.4%

1.9%

41.2%

-0.5%

Share price

-0.4%

6.8%

6.3%

0.4%

35.4%

-7.8%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

79.57p

Net asset value cum income*:

80.11p

Share price:

75.90p

Discount to NAV (cum income):

5.3%

Net yield:

5.3%

Gearing - cum income:

8.0%

Total assets^:

£100.3m

Ordinary shares in issue:

116,126,515

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.54p. ^ Includes current year revenue. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2018.

Sector Analysis

% Total Assets

Country Analysis

% Total Assets

Integrated Oil

31.1

Global

63.2

Diversified Mining

23.5

USA

16.0

Exploration & Production

11.9

Canada

10.4

Copper

10.5

Latin America

4.3

Gold

9.3

Australia

4.1

Industrial Minerals

3.8

Asia

1.6

Silver

2.9

Africa

0.5

Diamonds

2.3

Net current liabilities

-0.1

Electricity

1.9

-----

Distribution

1.3

100.0

Aluminium

1.1

=====

Steel

0.5

Net current liabilities

-0.1

----- 100.0 =====

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals*

Global

7.6

BHP

Global

7.2

Royal Dutch Shell ‘B’

Global

6.6

BP Group

Global

5.5

Exxon Mobil

Global

4.8

Chevron

Global

4.7

Rio Tinto

Global

4.5

Barrick Gold

Global

3.7

Anadarko Petroleum

USA

3.2

ConocoPhillips

USA

3.0

*The holding in First Quantum Minerals includes both an equity holding and a holding in several bonds.

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted:

The Company’s NAV decreased by 0.7% during the month of April (in GBP terms). Global equity markets continued to rise in April, as displayed by the MSCI World Index rising 3.6%. Commentary from the US Federal Reserve continued to be dovish; however US economic data came in better-than-expected, with stronger employment data emerging and Q1 2019 GDP growth of 3.2% beating expectations of 2.5%. In addition, we continued to see progress in the US/China trade negotiations and a modest strengthening in the US Dollar (the US Dollar Index rose from 97.3 to 97.5). Against this macroeconomic backdrop, Brent and WTI (West Texas Intermediate) posted positive returns, increasing by 6.3% and 6.1%, to finish the month at $72/bbl and $64/bbl respectively. This encouraging performance of the oil price was driven by improving views around global growth, Iran waivers not being renewed and political tensions rising in Venezuela and Libya. Over the last two years, we have been commenting on the disconnect between the price of oil and energy market valuations.  This month, we saw the first real signs of the industry looking to take advantage of this discount, with both Occidental Petroleum and Chevron bidding for Anadarko. This led to our position in Anadarko being the largest contributor to performance. The mining sector started April strongly, continuing the positive momentum seen in March, before pulling back to end the month down overall. The pullback appeared to be driven by most mined commodities’ prices retreating modestly from elevated levels, following a strong run. This was despite Chinese economic data being supportive, with evidence emerging that its stimulus measures are having a positive impact. China’s new loans data for March rebounded sharply, for example, whilst property prices also showed signs of improvement. Iron ore bucked the trend of the other mined commodities, however, with the iron ore (62% fe.) price rising 11.6% over the month, to a near 5-year high of $97/tonne. Shutdowns at some of Vale’s iron ore operations in Brazil, cyclone activity impacting iron ore production in Western Australia and China ramping its steel production have all contributed to the price rise. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.