Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

BlackRock North Amer (BRNA)

  Print      Mail a friend

Thursday 18 May, 2017

BlackRock North Amer

Portfolio Update

All information is at 30 April 2017 and unaudited.

Performance at month end with net income reinvested

Net asset value -2.8% 0.7% 6.5% 32.3% 64.7% 96.2%
Share price -0.9% -2.5% 2.9% 32.5% 60.2% 83.8%
Russell 1000 Value Index -3.5% -0.5% 5.4% 32.0% 65.6% 120.0%

Source: BlackRock

*Launched on 24 October 2012.

At month end
Net asset value – capital only:   165.25p
Net asset value – cum income:                                 166.57p
Share price:                                                  158.00p
Discount to cum income NAV:  5.1%
Net yield*:                                                      3.0%
Total assets including current year revenue:                  £114.8m
Gearing:                                                          Nil
Options overwrite:                              17.18%
Ordinary shares in issue**: 68,949,044
Ongoing charges***: 1.04%

* Based on dividends of 1.20p per share declared on 4 May 2016, 3 August 2016, 3 November 2016 and 21 February 2017.
** Excluding 31,412,261 ordinary shares held in treasury.
*** 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 2016.

Sector Analysis Total Assets (%)
Financials 26.8
Health Care 14.5
Industrials 10.9
Energy 10.6
Information Technology 9.9
Consumer Staples 6.3
Consumer Discretionary 5.6
Utilities 4.9
Materials 3.7
Telecommunication Services 2.1
Net current assets 4.7


Country Analysis Total Assets (%)
USA 84.1
United Kingdom 2.8
Canada 2.4
France 2.2
Netherlands 2.2
Ireland 0.7
South Korea 0.5
China 0.4
Net current assets 4.7


Ten Largest Investments
Company Country of Risk Total Assets (%)
JPMorgan Chase USA 4.1
Bank of America USA 3.7
Pfizer USA 3.5
Citigroup USA 3.2
Dow Chemical USA 2.9
Wells Fargo USA 2.7
Oracle USA 2.4
General Electric USA 2.4
Microsoft USA 2.3
Anthem USA 2.3

Bob Shearer and Tony DeSpirito, representing the Investment Manager, noted:


For the one month period ended 30 April 2017 the Company’s NAV decreased by 2.8% and the share price fell by 0.9%, whilst the Company’s benchmark, the Russell 1000 Value Index, fell by 3.5% (all performance figures are in sterling terms). 

The largest contributor to relative performance during the month was stock selection in the energy sector.  Notably, the portfolio’s quality orientation and exposure to less commodity sensitive operators within the sector proved to be beneficial as crude oil prices declined during the month.  Stock selection in consumer discretionary also added to relative returns, led by portfolio holdings within the media and specialty retail industries.  Lastly, stock selection in the health care, information technology and consumer staples sectors added to relative returns during the month.

The largest detractor from relative performance was stock selection in the utilities sector.  Other modest detractors included an underweight to real estate and stock selection in telecommunication services during the period.


Transactions: Notable portfolio transactions during the month included exiting our position in E. I. du Pont de Nemours and Company and utilizing the proceeds to increase our position in The Dow Chemical Company.  We also initiated a new position in Cardinal Health, Inc.

Options:  As of April 30, 2017, the Company’s options exposure was 17.18% and the delta of the options was 87.21. 


As of the period end, our largest overweight positions relative to the benchmark were in the health care, consumer discretionary, materials and industrials sectors.  The Company was approximately equal-weight in the financials sector, and was underweight to the real estate, consumer staples, utilities, telecommunication services, energy and information technology sectors.

18 May 2017

Latest information is available by typing 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.

a d v e r t i s e m e n t