Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 31 March 2016 and unaudited.
Performance of ordinary share portfolio at month end with net income reinvested.
							One			Three				Six				One				Three		Since
							month			months				months				year				years		Launch*
							%			%				%				%				%		%
Sterling:
Share price							0.7			5.6				5.4				-1.8				13.4		24.8
Net asset value							1.8			3.2				5.2				-3.5				19.9		29.7
MSCI Frontiers Index (NR)							-0.4			1.6				3.1				-9.7				11.3		11.3
MSCI Emerging Markets Index (NR)							9.8			8.4				12.1				-9.1				-8.0		-7.1
US Dollars:
Share price							3.9			3.1				0.0				-4.8				7.5		15.5
Net asset value							5.0			0.7				-0.1				-6.5				13.8		19.9
MSCI Frontiers Index (NR)							2.7			-0.9				-2.2				-12.5				5.4		2.6
MSCI Emerging Markets Index (NR)							13.2			5.7				6.4				-12.0				-12.9		-14.4
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end Ordinary Shares
US Dollar
Net asset value - capital only:																			154.18c
Net asset value - cum income:																			156.29c
Sterling:
Net asset value - capital only:																			107.26p
Net asset value - cum income:																			108.73p
Share price:																			106.25p
Total assets (including income):																			£178.7m
Discount to cum-income NAV:																			2.3%
Gearing:																			Nil
Gearing range (as a % of gross assets):																			0-20%
Net yield*:																			4.1%
Ordinary shares in issue:																			164,333,108
Ongoing charges**:																			1.5%
Ongoing charges plus taxation and performance fee:																			1.6%
*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 2015 final dividend of 4.15 cents per share declared on 18 December 2015, paid to shareholders on 19 February 2016 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 2015.
The following relates specifically to the ordinary share portfolio.
Benchmark
Sector Analysis				Gross assets(%)*									Country Analysis							Gross assets(%)*
Financials				35.7									Argentina							13.8
Consumer Staples				19.4									Pakistan							13.6
Energy				10.0									Romania							10.1
Telecommunications				8.8									Bangladesh							9.3
Materials				7.1									Kazakhstan							8.2
Utilities				6.6									Sri Lanka							6.6
Health Care				5.6									Ukraine							6.4
Industrials				4.4									Morocco							5.8
Consumer Discretionary				3.6									Kenya							5.8
Information Technology				2.7									Kuwait							5.6
Technology				2.5									Vietnam							4.3
Mining				1.7									Eurasia							3.4
				-----									Caribbean							2.9
Total				108.1									Saudi Arabia							2.5
				-----									Estonia							2.4
Short positions				-1.2									Slovenia							2.3
				=====									Other							5.1
																				-----
													Total							108.1
																				-----
													Short positions							-1.2
																				=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
	30.04  2015     %	31.05  2015     %	30.06  2015     %		31.07  2015     %	31.08  2015     %		30.09  2015     %				31.10  2015     %			30.11  2015     %		31.12  2015     %				31.01  2016    %		29.02  2016     %		31.03  2016     %
Long	105.9	105.8	101.5		102.9	103.1		101.8				99.6			100.3		99.5				102.5		102.2		108.1
Short	1.7	1.1	1.0		1.5	1.5		1.0				1.2			1.7		1.7				1.4		1.1		1.2
Gross	107.6	106.9	102.5		104.4	104.6		102.8				100.8			102.0		101.2				103.9		103.3		109.3
Net	104.2	104.7	100.5		101.4	101.6		100.8				98.4			98.6		97.8				101.1		101.1		106.9
Ten Largest Equity Investments
Company									Country of Risk									% of gross assets
MCB Bank									Pakistan									4.2
KazMunaiGas Exploration Production									Kazakhstan									4.2
MHP									Ukraine									3.9
Grupo Financiero Galicia									Argentina									3.9
Kuwait Foods (Americana)									Kuwait									3.6
Hub Power									Pakistan									3.6
Banco Macro									Argentina									3.5
S.N.G.N. Romgaz									Romania									3.5
Coca Cola Icecek									Eurasia									3.4
Square Pharmaceuticals									Bangladesh									3.3
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted: Portfolio Performance In March, the Company’s NAV in respect of the ordinary share class rose by 5.0%, outperforming the benchmark by 2.3% (on a USD basis with net income reinvested). This was a very satisfying performance result for the month, especially as much of the relative return was driven by stock selection coming from a broad base of positions across the portfolio. During the month, our relative performance was particularly boosted by positions in two stocks not present in the benchmark. Coca Cola Icecek, a bottling company with operations in Kazakhstan, Pakistan, Iraq and Turkey, rose by over 30% in USD terms over the month, benefitting from its exposure to Frontier and Emerging domestic markets during a month that had the strongest returns to Emerging Markets currencies since 1998. In Ukraine, poultry producer MHP also performed well. During the month the company approved and paid out an 8.8% dividend yield and yet recovered to its pre-dividend price level within a matter of days. MHP also reported satisfactory 2015 results and indicated that capital expenditure would be lower in the year ahead. Stock selection in countries such as Argentina, Nigeria and particularly Pakistan was also strong. In the latter country, Engro Foods has been the subject of a bid approach and although final details are yet to be confirmed, the stock rose by over 25% in USD terms in the month, compared to just 5% for the Pakistan portion of the index. DG Khan Cement has also performed well, rising 11% in the month as demand for cement picked up due to growing construction activity. Romania was the best-performing country, rising over 13% in the month, and our overweight position in the country contributed to performance. Our positions in Bangladesh were some of the few significant detractors. Whilst our holdings in Bangladesh outperformed the index, our overweight position to the country dragged on performance in a month where returns lagged those in other markets. Portfolio Activity Bancolombia, a Colombian bank with operations across Central America, was added to the portfolio. The stock is trading at much cheaper valuations than its historical levels, a result of enduring margin compression and a credit cycle, prompted by the fall in the oil price driving the currency down and interest rates up.  We now see the economic situation stabilising and Bancolombia will be a key beneficiary of that. Also entering the portfolio was Centamin, a gold mining company with operations in Egypt. The company is ramping up production to record levels as its underground expansion has come into full operation. With expansion capital expenditure now complete and a long mine life ahead, the company is well-placed to generate free cashflow and has a strong balance sheet with no debt. It is important to note that both these additions come in countries that have been recently added to the investment policy of the Company, illustrating the sorts of opportunities that are available in an expanded investment universe. 20 April 2016 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.