Portfolio Update

The information contained in this release was correct as at 30 September 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 30 September 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	-5.8%	0.1%	-5.6%	5.1%	22.0%	48.9%
Share price	-4.7%	4.2%	-5.8%	5.1%	15.6%	55.3%
Russell 1000 Value Index	-4.9%	2.7%	-2.3%	7.1%	25.5%	55.5%

At month end

Net asset value - capital only:	200.57p
Net asset value - cum income:	201.37p
Share price:	193.00p
Discount to cum income NAV:	4.2%
Net yield1:	4.1%
Total assets including current year revenue:	£161.6m
Gearing:	4.0%
Ordinary shares in issue2:	80,229,044
Ongoing charges3:	1.1%

¹ Based on a quarterly interim dividend of 2.00p per share declared on 3 November 2021 for the year ended 31 October 2021, and three quarterly dividends of 2.00p per share declared on 22 March 2022, 11 May 2022 and 4 August 2022 for the year ending 31 October 2022 and based on the share price as at close of business on 30 September 2022.

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

³ The Company’s ongoing charges calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain non-recurring items for the year ended 31 October 2021.

Sector Analysis	Total Assets (%)
Financials	21.9
Health Care	20.2
Information Technology	13.7
Consumer Discretionary	9.7
Energy	8.7
Industrials	5.7
Materials	5.4
Consumer Staples	5.2
Communication Services	5.0
Utilities	4.5
Real Estate	1.2
Net Current Liabilities	-1.2
	----
	100.0
	=====

Country Analysis	Total Assets (%)
United States	80.8
United Kingdom	8.2
Japan	3.8
France	2.9
Australia	2.1
Canada	1.9
Switzerland	1.0
Denmark	0.5
Net Current Liabilities	-1.2
	-----
	100.0
	=====

Top 10 Holdings	Country	% Total Assets
Verizon Communications	United States	3.1
Cisco Systems	United States	3.0
Willis Towers Watson	United States	2.9
Sanofi	France	2.9
Laboratory Corporation of America	United States	2.8
Wells Fargo	United States	2.8
Cigna	United States	2.7
Cognizant Technology Solutions	United States	2.6
AstraZeneca	United Kingdom	2.6
Pepsico	United States	2.6

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

For the one-month period ended 30 September 2022, the Company’s NAV decreased by 5.8% and the share price by 4.7% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned -4.9% for the period.

The largest contributor to relative performance was due to investment decisions within the communication services sector. Specifically, our underweight exposure to the interactive media and services and media industries boosted relative returns. Selection decisions in the energy sector also increased relative results mainly due to decisions within the oil, gas and consumable fuels industry. Other notable contributors during the period included stock selection within consumer staples, mainly within the beverages and food products industries.

The largest detractor from relative performance was due to investment decisions in information technology. Most notably, our selection decisions in IT services and technology hardware, storage and peripherals weighed on relative returns. Stock selection within health care also hurt relative performance, most notably due to selection decisions within pharmaceuticals and our underweight exposure to biotechnology. Other notable detractors for the period included investment decisions in consumer discretionary.

Transactions

During the month, the Company initiated new purchases in Shell, Baxter International and Dollar Tree. Conversely, the Company sold its positions in Dollar General, Dentsply Sirona and Bank of America.

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 health care sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, real estate and communication services sectors.

Source: BlackRock.

20 October 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.