Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 31 July 2015 and unaudited.
Performance at month end with net income reinvested
							One		Three				Six				One				Three		Since
							month		months				months				year				years		Launch*
							%		%				%				%				%		%
Sterling:
Share price							4.7		1.4				6.8				-7.1				61.8		30.3
Net asset value							0.0		-5.3				-0.6				-2.3				57.3		31.4
MSCI Frontiers Index (NR)							-2.2		-7.9				-5.7				-11.2				39.0		13.7
MSCI Emerging Markets Index (NR)							-6.2		-14.3				-8.3				-6.3				2.3		-8.9
US Dollars:
Share price							3.9		3.0				11.0				-14.1				61.4		30.8
Net asset value							-0.8		-3.8				3.3				-9.7				56.9		31.7
MSCI Frontiers Index (NR)							-2.9		-6.5				-2.0				-17.9				38.5		13.8
MSCI Emerging Markets Index (NR)							-6.9		-13.0				-4.4				-13.4				1.8		-8.8
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end
US Dollar
Net asset value - capital only:																		173.71c
Net asset value - cum income:																		176.73c
Sterling:
Net asset value - capital only:																		111.31p
Net asset value - cum income:																		113.25p
Share price:																		114.13p
Total assets (including income):																		£170.6m
Premium to cum-income NAV:																		0.8%
Gearing:																		nil
Gearing range (as a % of gross assets):																		0-20%
Net yield*:																		3.6%
Ordinary shares in issue:																		150,621,621
Ongoing charges**:																		1.5%
Ongoing charges plus taxation and performance fee:																		1.5%
*The Company’s yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 3.6% and includes the 2014 final dividend of 4.00 cents per share declared on 1 December 2014, paid to shareholders on 20 February 2015 and the 2015 interim dividend of 2.40 cents per share announced on 18 May 2015 and paid to shareholders on 3 July 2015. **Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 September 2014.
Benchmark
Sector Analysis				Gross assets(%)*								Country Analysis							Gross assets(%)*
Financials				37.5								Bangladesh							12.3
Consumer Staples				15.3								Pakistan							11.9
Telecommunications				13.4								Kuwait							10.7
Energy				11.0								Sri Lanka							9.8
Consumer Discretionary				7.4								Vietnam							6.6
Industrials				5.6								Kazakhstan							6.4
Health Care				5.5								Ukraine							5.6
Utilities				3.2								Romania							5.4
Materials Information Technology				2.3 1.7								Argentina Nigeria							5.3 5.0
				-----								Morocco							4.7
Total				102.9								Saudi Arabia							3.0
				-----								Georgia							2.8
Short positions				-1.5								Oman							2.6
				====								Slovenia							2.1
												Panama							2.1
												Iraq							2.0
												Other							4.6
																			-----
												Total							102.9
																			-----
												Short positions							-1.5
																			====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
	31.08  2014     %	30.09  2014     %	31.10  2014     %		30.11  2014     %	31.12  2014     %		31.01  2015     %			28.02  2015     %			31.03  2015     %		30.04  2015     %				31.05  2015     %		30.06  2015     %		31.07  2015     %
Long	98.7	100.0	99.9		97.9	98.6		101.1			102.0			106.4		105.9				105.8		101.5		102.9
Short	1.6	0.8	1.5		2.8	2.6		1.6			1.6			1.7		1.7				1.1		1.0		1.5
Gross	100.3	100.8	101.4		100.7	101.2		102.7			103.6			108.1		107.6				106.9		102.5		104.4
Net	97.1	99.2	98.4		95.1	96.0		99.5			100.4			104.7		104.2				104.7		100.5		101.4
Company						Country of Risk									% of gross assets
Kuwait Foods (Americana)						Kuwait									4.4
MHP						Ukraine									3.9
Halyk Savings Bank						Kazakhstan									3.6
Square Pharmaceuticals						Bangladesh									3.4
Mobile Telecommunications						Kuwait									3.3
BRD Societe Generale						Romania									3.2
Hub Power						Pakistan									3.2
United Commercial Bank						Bangladesh									3.0
Agility						Kuwait									3.0
Hatton National Bank						Sri Lanka									2.9
Commenting on the markets, Sam Vecht, representing the Investment Manager noted:
Portfolio Performance
In July the Company’s NAV returned -0.8%, outperforming the benchmark by 2.2% (on a US dollar basis with net income reinvested). In the calendar year to date, the Company’s NAV has increased by 1.7% versus the benchmark which has fallen by 6.0%. Positive contributors to performance during July included Sri Lanka, where the market rose 9%.  Our holdings in the country had lost ground in June but have since recovered. Negative sentiment in previous months surrounding the political environment has given way to renewed optimism that August’s election will help strengthen President Maithripala Sirisena's political position. Chevron Lubricants Lanka rose by 12% on the back of this improved positive environment.  Positions in Vietnam also performed well. The local index rose 4.7% as the government provided further clarity around the proposed removal of foreign ownership controls.  The Company benefited from its holding in Saigon Securities, which rose by 12% over the month following the announcement of a major reform of listing rules, with foreign ownership limits to be removed for many stocks, further improving the outlook.   Bangladeshi stocks were also positive contributors to performance during July.  Biscuit producer Olympic Industries was the stand out performer over the month, rising 18%. Investors remain positive on the increase in capacity which will allows for a material increase in production over the coming 12-18 months. In terms of relative performance, the Company benefited from being substantially underweight the Nigerian and Kenyan markets which both fell by more than 12% over the month.  Brent crude oil prices fell by 19% in July to end the month back at around $50/bbl levels, which weighed heavily on the Nigerian market given the importance of oil in both the fiscal and external accounts.  In Kenya, the market reacted negatively to the Central Bank raising rates more than expected by 1.5% to 11.5% following a similar 1.5% hike in June. Our positions in Northern Iraq detracted from performance in July. The fall in the oil price increased concerns over payments to producers in the Kurdistan Region of Iraq.
Portfolio Activity
We sold the position in Jarir Marketing as part of a strategy to reduce exposure to Saudi Arabia where we feel that the divergence between the crude oil price and the performance of the local equity index has become too extreme given the economic significance of oil.  We also added to the Bank of Georgia in the belief that the company will be able to unlock the value of its health care subsidiary.
18 August 2015
ENDS
Latest information is available by typing www.blackrock.co.uk/brfi 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 BlackRock’s website (or any other website) is incorporated into, or forms part of, this announcement.