Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 30 November 2015 and unaudited.
Performance at month end with net income reinvested
							One month			Three months				Six months			One year					Three years		Since Launch*
							%			%				%			%					%		%
Sterling:
Share price							0.8			1.6				-9.1			-10.6					41.2		19.0
Net asset value							-0.8			0.7				-8.0			-4.3					39.3		26.2
MSCI Frontiers Index (NR)							-2.0			-1.1				-10.3			-14.3					25.4		7.6
MSCI Emerging Markets Index (NR)							-1.4			2.0				-16.5			-13.6					-7.4		-14.2
US Dollars:
Share price							-1.7			-0.6				-10.3			-14.0					32.8		15.2
Net asset value							-3.3			-1.3				-9.2			-8.0					31.1		22.1
MSCI Frontiers Index (NR)							-4.4			-3.2				-11.5			-17.7					17.8		3.8
MSCI Emerging Markets Index (NR)							-3.9			-0.1				-17.7			-17.0					-13.0		-17.2
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end
US Dollar
Net asset value - capital only:																		159.51c
Net asset value - cum income:																		163.78c
Sterling:
Net asset value - capital only:																		105.97p
Net asset value - cum income:																		108.80p
Share price:																		104.25p
Total assets (including income):																		£163.9m
Discount to cum-income NAV:																		4.2%
Gearing:																		Nil
Gearing range (as a % of gross assets):																		0-20%
Net yield*:																		4.1%
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 4.1% 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.
Sector Analysis				Gross assets(%)*									Country Analysis								Gross assets(%)*
Financials				37.0									Pakistan								11.4
Consumer Staples				17.5									Bangladesh								10.6
Energy				11.5									Argentina								10.5
Telecommunications				9.7									Kuwait								8.3
Utilities				5.4									Sri Lanka								7.9
Health Care				5.3									Romania								7.5
Industrials				4.8									Kazakhstan								6.9
Consumer Discretionary				4.0									Ukraine								6.1
Technology Materials				2.0 1.8									Morocco Nigeria								4.7 4.6
Information Technology				1.3									Kenya								4.3
				-----									Vietnam								4.0
Total				100.3									Iraq								2.2
				-----									Slovenia								2.1
Short positions				-1.7									Other								9.2
				====																	-----
													Total								100.3
																					-----
													Short positions								-1.7
																					====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
	31.12  2014     %	31.01  2015     %	28.02  2015     %		31.03  2015     %	30.04  2015     %			31.05  2015     %			30.06  2015     %			31.07  2015     %	31.08  2015     %				30.09  2015     %			31.10  2015     %		30.11  2015     %
Long	98.6	101.1	102.0		106.4	105.9			105.8			101.5			102.9	103.1				101.8			99.6		100.3
Short	2.6	1.6	1.6		1.7	1.7			1.1			1.0			1.5	1.5				1.0			1.2		1.7
Gross	101.2	102.7	103.6		108.1	107.6			106.9			102.5			104.4	104.6				102.8			100.8		102.0
Net	96.0	99.5	100.4		104.7	104.2			104.7			100.5			101.4	101.6				100.8			98.4		98.6
Company								Country of Risk											% of gross assets
MHP								Ukraine											4.1
Kuwait Foods (Americana)								Kuwait											4.0
Hub Power								Pakistan											3.3
Grupo Financiero Galicia								Argentina											3.3
Square Pharmaceuticals								Bangladesh											3.2
Distilleries Co of Sri Lanka								Sri Lanka											3.0
KazMunaiGas Exploration Production								Kazakhstan											2.9
BRD Societe Generale								Romania											2.8
Halyk Savings Bank								Kazakhstan											2.8
Hatton National Bank								Sri Lanka											2.7
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted: Portfolio In November, the Company’s NAV fell by 3.3%, outperforming the benchmark by 1.1% (on a US dollar basis with net income reinvested).  Frontier Markets had a disappointing month.   Argentina was one of the worst performing markets, falling 10% over the month as investors took profits following a 45% index rise in October.  Opposition candidate Mauricio Macri won the Presidential elections in the second round and is expected to bring in sweeping economic reforms.  We remain positive on the outlook for the country under the new President, whilst acknowledging the extent of challenges that he faces.  Stock selection within Argentina contributed positively to relative performance. The Vietnamese market fell by 9% as a number of macro indicators disappointed, with exports decelerating and the manufacturing PMI falling below 50 for the first time since 2013.  The banking sector tumbled as a new supply of shares hit the market following government directed Merger & Acquisition deals.  We remain wary of the banking sector, where it is not clear yet that the past excesses have been fully resolved.  Nigeria was another country which weighed on Index performance, falling by more than 7%.  The market came under increased pressure as brent oil prices fell by 11% during the month.  The reluctance of monetary authorities to allow the currency to adjust, maintaining its fixed exchange rate regime despite dwindling foreign exchange reserves. Our substantial underweight position to the country generated strong relative performance. Despite the generally weak environment, a number of stocks rose strongly during the month.  East European IT outsourcer, Luxoft, rose by 16% following the release of better than expected quarterly results.  Kenyan Telecom, Safaricom, rose by 8% after reporting results which showed strong revenue growth with margins expanding above analyst estimates.  The acquisition of Orange by Helios is expected to result in further price rationalisation in the market, helping margins further.  Detracting from relative performance was the underweight position in Kuwait. The short-term rally has been driven by optimism that national infrastructure spending will increase in the coming year. However, our recent investment trip to Kuwait did not inspire us to change our long-term view of the country and we will likely remain underweight. Portfolio Activity We initiated a new position in retailer, Pricesmart, which operates throughout the Caribbean and Central America. Pricesmart’s membership based warehouse format is unique to the region, which provides a strong competitive advantage. The company is expected to expand into further South American countries driving revenue growth.  We fully exited our position in Caribbean Telecom, Cable and Wireless Holdings, following the announcement of a bid for the company from Liberty Global.  Having first initiated a position in the company in the summer of 2012, we made a return of nearly 150% on the holding.
15 December 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.