Portfolio Update

5BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 June 2024 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

-3.8%

2.7%

4.3%

7.3%

44.7%

96.4%

Share price

-2.8%

4.1%

3.9%

6.7%

42.6%

99.7%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

131.80p

Net asset value cum income1:

131.95p

Share price:

117.00p

Discount to NAV (cum income):

11.3%

Net yield:

3.8%

Gearing - cum income:

9.5%

Total assets:

£162.7m

Ordinary shares in issue2:

123,294,497

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.19%

1 Includes net revenue of 0.15p. 2 Excluding 12,291,697 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 2023. 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

42.9%

Traditional Energy

30.5%

Energy Transition

27.5%

Net Current Liabilities

-0.9%

-----

100.0%

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Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

22.9

Global

52.3

Copper

7.0

USA

21.3

Steel

3.6

Canada

9.2

Gold

2.7

Latin America

3.4

Industrial Minerals

2.2

United Kingdom

3.0

Aluminium

1.7

Germany

2.6

Metals & Mining

1.5

Other Africa

2.5

Nickel

1.3

Australia

2.3

Subtotal Mining:

42.9

Italy

1.9

France

1.8

Ireland

0.6

Net Current Liabilities

-0.9

Traditional Energy:

-----

E&P

12.5

100.0

Integrated

8.9

Distribution

3.9

Oil Services

2.8

Oil, Gas & Consumable Fuels

1.5

Refining & Marketing

0.9

Subtotal Traditional Energy:

30.5

Energy Transition:

Energy Efficiency

9.8

Electrification

7.4

Renewables

5.3

Transport

3.1

Storage

1.9

Subtotal Energy Transition:

27.5

Net Current Liabilities

-0.9

----

100.0

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^ 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 8.4% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Rio Tinto

Global

4.7

Anglo American

Global

4.6

Teck Resources

Global

3.9

Shell

Global

3.5

Glencore

Global

3.4

Targa Resources

United States

2.4

NextEra Energy

United States

2.3

Schneider Electric

Global

2.3

Filo Corp

Latin America

2.2

Exxon Mobil

Global

2.2

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s NAV (Net Asset Value) had declined by 3.8% in June (in GBP terms). Economic data in June showed signs of decelerating global growth and easing inflation. This led the European Central Bank to cut rates for the first time since the start of the pandemic, whereas the Bank of England and Federal Reserve left rates unchanged. Elsewhere, there was increased political uncertainty as President Emmanuel Macron called for snap elections in France, leading to volatility amongst French stocks. US interest rate expectations declined modestly, with the US 5-year yield falling from 4.5% to 4.3% which supported the performance of growth sectors such as technology over value sectors like mining and traditional energy. Within traditional energy, oil prices ended the period higher, recovering from May’s decline, but this masked notable volatility during the month with the Brent oil price down by 5% to $75 at the low point. At the start of the month, OPEC announced an intention to add back oil production later in the year, with oil demand expected to continue to rise and this was initially taken negatively by the market. The Brent oil price rose by 9.9%, whilst WTI rose by 6.2%, ending the month at $87/bbl and $82/bbl respectively. The US Henry Hub natural gas price rose by 0.8% during the month to end at $2.60/mmbtu. Within the mining sector, most mined commodity prices posted declines through June, with iron ore (62% fe), copper and gold prices falling by 10.9%, 8.9% and 1.3% respectively. Economic data from China was weak with its manufacturing PMI below 50 indicating contraction, whilst average house prices recorded the largest year-on-year decline since 2015. Within the energy transition theme, sentiment around renewables weakened during the month impacting the share prices of both clean power utility companies and renewable energy technology companies. Meanwhile, Bloomberg NEF’s Long-Term Electric Vehicle Outlook indicated that rapidly falling battery prices, advancements in next-generation battery technology and improving economics of Electric Vehicles (EVs) continue to underpin long-term EV growth globally. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 25 July 2024

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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