Portfolio Update

The information contained in this release was correct as at 31 March 2022. Information on the Company’s up to date net asset values can be found on the London Stock Exchange Website at:

https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html. 

BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 31 March 2022  and unaudited.
Performance at month end with net income reinvested
 

	One Month	Three Months	Six Months	One Year	Three Years	Five Years
Net asset value	4.1%	4.8%	11.4%	18.1%	45.2%	56.8%
Share price	6.0%	3.8%	11.6%	15.5%	40.8%	62.9%
Russell 1000 Value Index	4.8%	2.1%	9.6%	17.0%	42.9%	55.0%

At month end

Net asset value - capital only:	217.40p
Net asset value - cum income:	217.42p
Share price:	209.00p
Discount to cum income NAV:	3.9%
Net yield1:	3.8%
Total assets including current year revenue:	£174.4m
Gearing:	3.4%
Ordinary shares in issue2:	80,229,044
Ongoing charges3:	1.1%

¹ Based on three quarterly interim dividends of 2.00p per share declared on 5 May 2021, 5 August 2021 and 3 November 2021 for the year ended 31 October 2021, and one quarterly dividend of 2.00p per share declared on 22 March 2022 for the year ending 31 October 2022 and based on the share price as at close of business on 31 March 2022.

² Excluding 20,132,261 ordinary shares held in treasury.

³ Ongoing charges represent the management fee and all other operating expenses excluding interest as a % of average shareholders’ funds for the year ended 31 October 2021.

Sector Analysis	Total Assets (%)
Financials	21.7
Health Care	19.1
Information Technology	14.9
Consumer Discretionary	9.3
Energy	7.5
Materials	7.1
Communication Services	6.1
Utilities	5.6
Consumer Staples	4.7
Industrials	4.4
Real Estate	1.0
Net Current Liabilities	-1.4
	----
	100.0
	=====

Country Analysis	Total Assets (%)
United States	81.6
United Kingdom	5.3
Japan	4.6
France	3.0
Canada	2.4
Australia	2.1
Switzerland	1.5
Denmark	0.9
Net Current Liabilities	-1.4
	-----
	100.0
	=====

Top 10 Holdings	Country	% Total Assets
AstraZeneca	United Kingdom	3.6
Cisco Systems	United States	3.4
Sempra	United States	3.3
Sanofi	France	3.0
American International	United States	2.9
Cognizant Technology Solutions	United States	2.8
Verizon Communications	United States	2.8
Anthem	United States	2.8
Comerica	United States	2.7
Wells Fargo	United States	2.7

Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:

For the one-month period ended 31 March 2022, the Company’s NAV increased by 4.1% and the share price by 6.0% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned +4.8% for the period.

The largest contributor to relative performance was selection decisions in the energy sector. Specifically, stock selection and an overweight allocation to the oil, gas and consumable fuels industry helped relative returns. Investment decisions within materials boosted relative results, mainly due to allocation decisions within the metals and mining industry. Other contributors during the period included stock selection within the industrials sector.

The largest detractor from relative performance was investment decisions in the consumer discretionary sector. Specifically, investment decisions in textiles and apparel and household durables dampened relative results. Our stock selection in health care also hurt relative returns. Within financials, allocation decisions in the banks and diversified financial services industries proved costly. Other modest detractors during the period included stock selection within the consumer staples sector.

Transactions

There were no new purchases in the portfolio during the month. The Company added to its positions in Sanofi, Reckitt Benckiser and Ralph Lauren. Conversely, the Company exited its position in MTU Aero Engines and trimmed its positions in Cognizant Technology Solutions, Woodside Petroleum and Steel Dynamics.

Positioning

As of the period end, the Company’s largest overweight positions relative to the reference index were in the information technology, consumer discretionary and materials sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, real estate and consumer staples sectors.

Source: BlackRock.

25 April 2022

Latest information is available by typing blackrock.com/uk/brsa 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 the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.