Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 29 February 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							6.6			4.1				5.8			-3.1					18.7		23.9
Net asset value							4.1			1.0				1.7			-4.4					18.0		27.5
MSCI Frontiers Index (NR)							5.3			3.8				2.7			-7.4					12.5		11.7
MSCI Emerging Markets Index (NR)							1.6			-1.4				0.6			-15.1					-17.7		-15.4
US Dollars:
Share price							4.7			-3.5				-4.1			-12.5					9.2		11.2
Net asset value							2.3			-6.5				-7.7			-13.7					8.5		14.2
MSCI Frontiers Index (NR)							3.5			-3.9				-6.9			-16.5					3.3		-0.2
MSCI Emerging Markets Index (NR)							-0.2			-8.7				-8.9			-23.4					-24.4		-24.4
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end Ordinary Shares
US Dollar
Net asset value - capital only:																		148.57c
Net asset value - cum income:																		148.89c
Sterling:
Net asset value - capital only:																		106.62p
Net asset value - cum income:																		106.84p
Share price:																		105.50p
Total assets (including income):																		£160.9m
Discount to cum-income NAV:																		1.3%
Gearing:																		Nil
Gearing range (as a % of gross assets):																		0-20%
Net yield**:																		4.4%
Ordinary shares in issue***:																		150,621,621
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 4.4% 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. ***With effect from 29 February 2016, the Company also has in issue 15,000,001 C shares which carry the same voting rights per share as the Company’s ordinary shares. As announced on 4 March 2016, the C share portfolio became 85% invested on 3 March 2016 and C shares are expected to convert into ordinary shares in the near future; the last day for trading in the C Shares on the London Stock Exchange for normal settlement (in order to enable settlement prior to Conversion) was 7 March 2016. The resulting share capital post conversion is 164,333,108. ^Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 September 2015.
C Shares
US Dollar
Net asset value - capital only:																		135.65c
Net asset value - cum income:																		136.08c
Sterling:
Net asset value - capital only:																		97.34p
Net asset value - cum income:																		97.65p
Share price:																		102.5p
Total assets (including income):																		£14.6m
Premium to cum-income NAV:																		5.0%
Gearing:																		Nil
Gearing range (as a % of gross assets):																		0-20%
Net yield:																		nil
C shares in issue:																		15,000,001
The following sector analysis relates specifically to the ordinary share portfolio.
Benchmark
Sector Analysis				Gross assets(%)^^									Country Analysis								Gross assets(%)^^
Financials				35.6									Argentina								13.4
Consumer Staples				19.6									Pakistan								12.8
Telecommunications				9.3									Bangladesh								10.5
Energy				8.7									Romania								8.7
Utilities				6.6									Kazakhstan								7.5
Health Care				6.0									Sri Lanka								7.4
Industrials				4.3									Kenya								5.9
Materials				4.0									Morocco								5.9
Consumer Discretionary				3.7									Ukraine								5.8
Technology				2.1									Kuwait								5.4
Information Technology				2.0									Vietnam								4.5
Mining				0.3									Eurasia								3.2
				-----									Caribbean								3.1
Total				102.2									Estonia								2.4
				-----									Slovenia								2.3
Short positions				-1.1									Other								3.4
				====																	-----
													Total								102.2
																					-----
													Short positions								-1.1
																					====
^^reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
	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     %				31.12  2015     %			31.01  2016     %		29.02  2016     %
Long	106.4	105.9	105.8		101.5	102.9			103.1			101.8			99.6	100.3				99.3			102.5		102.2
Short	1.7	1.7	1.1		1.0	1.5			1.5			1.0			1.2	1.7				1.7			1.4		1.1
Gross	108.1	107.6	106.9		102.5	104.4			104.6			102.8			100.8	102.0				101.0			103.9		103.3
Net	104.7	104.2	104.7		100.5	101.4			101.6			100.8			98.4	98.6				97.6			101.1		101.1
Ten Largest Equity Investments
Company								Country of Risk											% of gross assets
Grupo Financiero Galicia								Argentina											4.2
MCB Bank								Pakistan											4.2
MHP								Ukraine											3.7
Hub Power								Pakistan											3.7
Kuwait Foods (Americana)								Kuwait											3.7
Square Pharmaceuticals								Bangladesh											3.7
KazMunaiGas Exploration Production								Kazakhstan											3.5
Equity Group								Kenya											3.3
Banco Macro								Argentina											3.3
Coca Cola Icecek								Eurasia											3.2
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted: Portfolio Performance   In February, the Company’s NAV in respect of the ordinary share class rose by 2.3%, underperforming the benchmark by 1.2% (on a US dollar basis with net income reinvested).  The best performing countries during the month included Argentina which rose by 8.3%, Oman which rose by 7.9% and Romania which rose by 5.7%.  We hold a 13.4% position in Argentina and therefore we saw a strong positive contribution to absolute performance from our holdings in the country.  However, our relative attribution was negative during the month, as we are running a slight underweight (<1%) to the benchmark and stock selection contributed negatively this month.  In Romania, we generated positive returns.  Holdings in gas utility, Romgaz, contributed strongly to performance rising by 14% after reporting better than expected results.  Our relative performance benefitted from stock specific news flow.  In Kuwait, fast food restaurant operator, Kuwait Foods, rallied by 31%, as the company confirmed that the majority owner has entered into preliminary negotiations regarding a possible sale of their stake to a GCC group led by Mohamed Alabbar.  Estonian ferry operator, Tallink, performed well, rising by nearly 8%, after announcing strong results for the fourth quarter of 2015. The company reported growth in revenues on the back of a greater than expected growth in passenger numbers and strong free cash flow generation with a tail wind from the lower oil price. Our holding in Ukrainian IT outsourcer Luxoft detracted from relative performance during February after the company reported results that were below expectations. Although no projects have been cancelled, investors have been concerned about IT budget spend in the financial sector due to recent weakness in European banks.  We have added to our position on the sell off, using the opportunity to buy stock at an attractive valuation. Portfolio Activity   We added to a number of positions during the month, taking the opportunity of the market sell off to increase the net exposure of the Company.  We initiated a position in Pakistan cement company, DG Khan, which is the third largest cement company in Pakistan with around 11% market share. The company is benefiting from fast growth of cement volumes within the country which have risen by more than 17% year-on-year over the first eight months of the fiscal year and currently trades on an attractive valuation.  We also initiated a new position in Peruvian gold and silver mining company, Hochschild. The recovery in commodity prices and recent currency moves are a positive for the company which we believe has the potential to generate a free cash flow yield of high single digits.  We trimmed our position in Olympic Industries in Bangladesh.  Having risen by more than 100% since initial purchase, the valuation is no longer as attractive and therefore we have reduced the size of the position.  29 March 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.