Portfolio Update

BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 31 May 2024 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	1.4	4.0	12.6	18.7	25.6	57.3
Share price	0.5	7.8	10.8	12.9	18.5	38.7
Russell 1000 Value Index	1.5	3.0	13.0	18.5	30.9	64.9

At month end

Net asset value - capital only:	220.78p
Net asset value - cum income:	221.49p
Share price:	198.50p
Discount to cum income NAV:	10.4%
Net yield1:	4.0%
Total assets including current year revenue:	£168.8m
Net gearing:	0.6%
Ordinary shares in issue2:	76,199,781
Ongoing charges3:	1.03%

1 Based on two quarterly dividends of 2.00p per share declared on 3 August 2023 and 2 November 2023 for the year ended 31 October 2023 and two quarterly dividends of 2.00p per share declared on 14 March 2024 and 29 May 2024 for the year ending 31 October 2024 and based on the share price as at close of business on 31 May 2024.

² Excluding 24,161,524 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 2023.

Sector Analysis	Total Assets (%)
Financials	18.5
Health Care	16.8
Information Technology	15.0
Consumer Discretionary	10.3
Industrials	8.2
Energy	7.4
Consumer Staples	6.2
Communication Services	6.1
Utilities	5.6
Materials	4.4
Real Estate	2.0
Net Current Liabilities	-0.5
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	100.0
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Country Analysis	Total Assets (%)
United States	88.6
United Kingdom	5.9
France	2.0
South Korea	1.7
Australia	1.2
Switzerland	1.1
Net Current Liabilities	-0.5
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	100.0
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Top 10 Holdings	Country	% Total Assets
Citigroup	United States	3.4
Shell	United Kingdom	2.8
Johnson Controls International	United States	2.7
American International	United States	2.7
Comcast	United States	2.7
Dollar Tree	United States	2.5
CVS Health	United States	2.4
Kraft Heinz	United States	2.4
Cardinal Health	United States	2.4
Fidelity National Information Services	United States	2.3

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

For the one-month period ended 31 May 2024, the Company’s NAV increased by 1.4% and the share price by 0.5% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned 1.5% for the period.

The largest contributor to relative performance stemmed from stock selection in materials, with investment decisions in containers and packaging boosting relative performance. Selection decisions in information technology also boosted relative performance, with an overweight allocation to technology hardware, storage and peripherals particularly beneficial. Another modest contributor during the period at the sector level included selection decisions in industrials.

The largest detractor from relative performance stemmed from stock selection in health care, most notably in life sciences tools and services. Selection decisions in consumer staples modestly detracted from relative performance, with stock selection in food products dragging on relative performance. Another modest detractor at the sector level included utilities.

Transactions

During the month, the Company’s largest purchases included CVS Health, LabCorp and Lamb Weston. The Company exited its position in Verizon Communications, Cigna and Avantor.

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 financials sectors.

Source: BlackRock.

27 June 2024

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.

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Release

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