Portfolio Update

BLACKROCK FRONTIERS INVESTMENT TRUST PLC
All information is at 30 November 2016 and unaudited.
Performance of ordinary share portfolio at month end with net income reinvested.
							One		Three				One		Three					Five		Since
							month		months				year		years					years		Launch*
							%		%				%		%					%		%
Sterling:
Share price							-3.1		5.4				32.2		29.0					114.0		57.3
Net asset value							-5.2		3.2				24.8		30.7					96.7		57.5
MSCI Frontiers Index (NR)							-4.0		5.2				20.1		22.4					55.8		29.1
MSCI Emerging Markets Index (NR)							-6.8		1.5				30.7		19.3					32.2		12.1
US Dollars:
Share price							-0.9		0.5				9.8		-1.4					70.4		26.5
Net asset value							-3.0		-1.5				3.6		-0.3					56.6		26.5
MSCI Frontiers Index (NR)							-1.8		0.3				-0.4		-6.7					23.8		3.5
MSCI Emerging Markets Index (NR)							-4.6		-3.1				8.5		-9.0					5.0		-10.1
Sources: BlackRock and Standard & Poor’s Micropal * 17 December 2010.
At month end Ordinary Shares
US Dollar
Net asset value - capital only:																157.75c
Net asset value - cum income:																162.30c
Sterling:
Net asset value - capital only:																126.26p
Net asset value - cum income:																129.90p
Share price:																131.75p
Total assets (including income):																£213.5m
Premium to cum-income NAV:																1.4%
Gearing:																nil
Gearing range (as a % of gross assets):																0-20%
Net yield*:																4.0%
Ordinary shares in issue:																164,333,108
Ongoing charges**:																1.4%
Ongoing charges plus taxation and performance fee:																2.4%
*The Company’s yield based on dividends announced in the last 12 months as at the date of the release of this announcement is 4.0% and includes the 2016 final dividend of 4.0 cents per share declared on 22 November 2016, payable to shareholders on 17 February 2017 and the 2016 interim dividend of 2.60 cents per share announced on 16 May 2016 and paid to shareholders on 1 July 2016. **Calculated as a percentage of average net assets and using expenses, excluding performance fees and interest costs for the year ended 30 September 2016.
The following relates specifically to the ordinary share portfolio.
Sector Analysis				Gross assets(%)*							Country Analysis							Gross assets(%)*
Financials				33.0							Argentina							13.0
Consumer Staples				17.7							Romania							11.0
Telecommunication				14.1							Pakistan							9.8
Health Care				7.6							Bangladesh							8.9
Utilities				6.0							Vietnam							7.5
Information Technology				5.7							Kazakhstan							7.4
Energy				5.5							Sri Lanka							6.9
Materials				5.2							Morocco							6.5
Industrials				3.9							Ukraine							5.9
Real Estate				2.0							Kenya							5.7
Consumer Discretionary				1.6							Kuwait							5.3
											Nigeria							3.1
											Egypt							2.5
											Caribbean							2.1
				-----							Estonia							2.0
Total				102.3							Eurasia							1.8
				-----							Slovenia							1.7
Short positions				0.0							Philippines							1.2
				=====														-----
											Total							102.3
																		-----
											Short positions							0.0
																		=====
*reflects gross market exposure from contracts for difference (CFDs).
Market Exposure
	31.12 2015	31.01 2016	29.02 2016		31.03 2016	30.04 2016		31.05 2016				30.06 2016		31.07 2016			31.08 2016		30.09 2016		31.10 2016		30.11 2016
Long	99.5	102.5	102.2		108.1	109.2		108.8				110.5		103.4			105.7		104.0		106.4		102.3
Short	1.7	1.4	1.1		1.2	1.3		0.0				0.0		0.0			0.0		0.0		0.0		0.0
Gross	101.2	103.9	103.3		109.3	110.5		108.8				110.5		103.4			105.7		104.0		106.4		102.3
Net	97.8	101.1	101.1		106.9	107.9		108.8				110.5		103.4			105.7		104.0		106.4		102.3

Ten Largest Equity Investments

Company	Country of Risk	% of gross assets
MCB Bank	Pakistan	5.0
Maroc Telecom	Morocco	4.1
Banco Macro	Argentina	3.7
Mobile Telecommunications	Kuwait	3.6
Square Pharmaceuticals	Bangladesh	3.4
Grupo Financiero Galicia	Argentina	3.1
MHP	Ukraine	3.1
BRD Groupe Societe Generale	Romania	3.1
S.N.G.N. Romgaz	Romania	3.0
Halyk Savings Bank	Kazakhstan	3.0
Commenting on the markets, Sam Vecht and Emily Fletcher, representing the Investment Manager noted: In November, the Company’s NAV fell by -3.0% underperforming the MSCI Frontier benchmark by -1.8% (on a US Dollar basis with net income reinvested). On a 12 month basis, the Trust outperformed the benchmark by 4.0%, returning 3.6% against the benchmark’s -0.4%. The MSCI Emerging Markets Index returned -4.6% and 8.5%, over the same periods. November performance was broadly spread across countries, sectors, and names. Stock selection within Pakistan was among the larger contributors. Specifically, our off-benchmark position in Millat Tractors gained 26% in November, as the company saw strong volume recovery following a historic trough on the back of GST cuts. Similarly, exposure to DG Khan Cement also contributed positively as domestic volume growth accelerated post monsoon season and Eid. Egyptian medical diagnostic services company, Integrated Diagnostics Holdings (‘IDH’) was the largest individual contributor this month, surging 32% as the company reported very strong Q3 sales growth (+17%) despite macro challenges, highlighting the strength of the firm’s business model and overall quality. Although the recent devaluation of the Egyptian Pound could pressure company’s margins, longer term it should maintain pricing power. More broadly, our underweight to Nigeria continues to benefit the Company from a relative basis as the central bank’s partial devaluation of the Naira seems to have failed, as investors continue to observe major dispersion between the official and black market Naira / US Dollar exchange rates. On the other hand, our longstanding underweight to Kuwait detracted on a relative basis, as OPEC’s surprise announcement to cuts supply increased positive sentiment towards the Middle East. Specifically, the decision not to have positions in the National Bank of Kuwait or Kuwait Finance House, which combined make up approximately 10% of the benchmark, were among the largest detractors. Given that the region has largely yet to see a currency or economic adjustment on the back of lower oil prices, we maintain our broad underweight. Our exposure to Kazakh financial, Halyk Bank, also hurt performance despite strong top line growth with lower than anticipated costs. Investors reacted negatively to speculation surrounding a potential merger between Halyk and KKB. Frontier Markets continue to exhibit strong GDP growth and low government debt levels, and represent an opportunity to invest in companies with strong cash flow and high dividend yields, on some of the lowest valuations in the world. 15 December 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.