Portfolio Update

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

All information is at 31 October 2023 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

-7.0%

-8.4%

-6.3%

-6.3%

96.9%

90.4%

Share price

-6.5%

-8.0%

-12.9%

-11.4%

100.6%

88.5%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

120.23p

Net asset value cum income1:

121.04p

Share price:

108.60p

Discount to NAV (cum income):

10.3%

Net yield:

4.1%

Gearing - cum income:

7.7%

Total assets:

£159.6m

Ordinary shares in issue2:

131,836,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.13%

1 Includes net revenue of 0.81p. 2 Excluding 3,750,000 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 2022. 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 1.25% of average net assets.

Sector Overview

Mining

42.1%

Traditional Energy

33.4%

Energy Transition

26.1%

Net Current Liabilities

-1.6%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

20.9

Global

55.9

Copper

7.2

USA

18.9

Gold

3.2

Canada

9.7

Industrial Minerals

3.1

Latin America

7.8

Steel

2.5

Germany

4.1

Aluminium

2.2

France

2.2

Uranium

1.6

Australia

1.4

Nickel

1.5

Africa

1.1

Platinum Group Metals

0.3

Ireland

0.5

Tin

-0.4

Subtotal Mining:

42.1

Net Current Assets

-1.6

-----

100.0

Traditional Energy:

=====

E&P

14.5

Integrated

13.9

Distribution

2.3

Oil Services

2.1

Refining & Marketing

0.6

Subtotal Traditional Energy:

33.4

Energy Transition:

Electrification

10.1

Energy Efficiency

8.5

Transport

4.0

Renewables

3.5

Subtotal Energy Transition:

26.1

Net Current Liabilities

-1.6

----

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 5.9% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

NextEra Energy

United States

4.9

Glencore

Global

4.8

BHP

Global

4.6

Vale

Latin America

Equity

3.2

Bond

1.3

Exxon Mobil

Global

4.2

Shell

Global

4.0

Teck Resources

Global

4.0

Canadian Natural Resources

Canada

2.8

Hess

Global

2.6

ConocoPhillips

Global

2.5

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Companys’s Net Asset Value (NAV) per share decreased by 7.0% during the month of October (in GBP terms). US Treasury yields rose further in October, with the yield on US 10-year Treasuries briefly reaching 5%, with higher for longer interest rate expectations, following stronger than expected US inflation and jobs data. With the attacks on Israel during the month, we are witnessing a major humanitarian tragedy unfold in the Middle East, which impacted on investor risk appetite. In addition to the elevated geopolitical risk, the importance of energy security has become a focus for countries over the past year and is a key driver of investment in renewable energy solutions. Against this backdrop, global equity markets, represented by the MSCI ACWI All Country World Index, returned -3.0% in October. Mined commodity performance was mixed, with the copper price falling by 2.2% but the iron ore price (62% fe) rising by 2.1%. Elsewhere, the precious metals performed well on ‘safe-haven’ demand, with gold, silver and platinum prices rising by 7.5%, 3.5% and 1.8% respectively. Meanwhile, battery materials prices were weak (particularly lithium) after General Motors and Ford announced a pullback in electric vehicle-related spend.  At the company-level, we saw Q3 production numbers announced during the month, which were generally below or in line with expectations. We also saw some miners having to announce capital expenditure increases. Within energy markets, Exxon announced a bid for US shale group Pioneer, which has exposure to the Permian shale basin and Chevron announced a bid for Hess, which has oil development projects offshore Guyana. Both bids were announced as all stock acquisitions for relatively low premiums to the undisturbed share prices. Brent and WTI oil prices fell -9.4% and -10.1%, ending the month at $87/barrel and $82/barrel respectively.  The US Henry Hub natural gas price rose by 21.8% during the month to end at $3.57/mmbtu (British thermal unit). Within the energy transition theme, the IEA published their World Energy Outlook 2023. IEA see the momentum behind clean energy transition as now sufficient for global demand for coal, oil and natural gas to peak before 2030. For China, projected additions of solar by 2030 is now 3x higher than the forecast from the 2021 outlook, demonstrating the acceleration in investment into renewables.  The IEA do not see current policies as being aligned with a sub-2-degree scenario, suggesting scope for further measures. 30 November 2023

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.

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