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BlackRock World Mng (BRWM)

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Wednesday 19 April, 2017

BlackRock World Mng

Portfolio Update

All information is at 31 March 2017 and unaudited.
Performance at month end with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value -1.4% 10.0% 69.7% 0.3% -31.8%
Share price -2.7% 5.5% 64.6% -9.3% -32.4%
Euromoney Global Mining Index -1.9% 7.0% 63.9% 13.0% -17.2%
(Total return)
Sources: BlackRock, Euromoney Global Mining Index, Datastream
At month end
Net asset value including income1: 406.74p
Net asset value capital only: 401.60p
1 Includes net revenue of 11.7p
Share price: 346.25p
Discount to NAV2: 14.9%
Total assets: £813.7m
Net yield3: 3.8%
Net gearing: 13.1%
Ordinary shares in issue: 176,455,242
Ordinary shares held in treasury: 16,556,600
Ongoing charges4: 1.1%
2 Discount to NAV including income.
3 Based on an interim dividend of 4.00p per share and a final dividend of 9.00p per share in respect of the year ended 31 December 2016.
4 Calculated as a percentage of average net assets and using expenses, excluding finance costs for the year ended 31 December 2016.
Sector % Total 
Country Analysis % Total 
Diversified 44.9  Global 63.8 
Copper 20.8  Latin America 13.3 
Gold 19.4  Australasia 8.6 
Silver & Diamonds 9.4  Other Africa 6.8 
Industrial Minerals 3.8  Canada 4.8 
Zinc 1.0  South Africa 1.6 
Iron ore 0.5  Emerging Europe 0.9 
Net current assets 0.2  Net current assets 0.2 
-----  ----- 
100.0  100.0 
=====  ===== 
Ten Largest Investments

% Total
Rio Tinto 10.7
First Quantum Minerals 9.2
Glencore 7.8
BHP Billiton 7.2
Vale 6.8
Lundin Mining 4.5
Newmont Mining 3.2
Sociedad Minera Cerro Verde 3.2
Newcrest Mining 2.9
South32 2.7


Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:
The mining sector came under moderate pressure in March as mined commodities gave back some of their recent gains. Concern appeared to grow around the potential for monetary tightening in China but economic data from the country continued to be robust. China official manufacturing PMI rose to 51.8 in March, for example, up from 51.6 in February and indicating continued expansion. Iron ore (62% fe) fared the worst of the mined commodities, falling 12.5% to $79.8/tonne on reports of a significant increase in China’s domestic production and inventory increases at the country’s ports. It is worth noting that the iron ore spot price remains meaningfully above analyst consensus for 2017 which remains below $60/tonne. The nickel price also came under pressure, declining 8.8% to $9,962/tonne. The nickel price has seen considerable volatility this year after Indonesia partially lifted its nickel ore export ban in January and the Philippines ordered the closure of 23 (mostly nickel) mines in February. However, in March there were encouraging signs that the situation in the Philippines was moving closer to a resolution, which sent the nickel price lower. The gold price was relatively flat on the month, edging down 0.8%, despite the US Federal Reserve confirming an interest rate hike. This reflected the fact that a hike had been widely expected and that commentary surrounding the announcement regarding further hikes in 2017 was interpreted as dovish.
Strategy and Outlook
After a strong start to the year, the mining sector has surrendered some of its gains owing to some profit taking. The sector had a positive reporting season with deleveraging emerging as the key theme, as improved commodity prices have allowed companies to significantly improve their balance sheets. For example, Rio Tinto and Glencore announced reductions in net debt of -30% over the last 12 months and -48% over the last 18 months respectively. Positively, the capital discipline story remained intact, with limited capex increases announced and management rhetoric still focusing on shareholder returns. Our view is that for now the pain of the recent down-cycle is too fresh and do not see companies falling back into old habits of poor capital discipline in the near-term.
Many of the miners are now trading on attractive free cash flow yields, for example, Glencore, Rio Tinto and Vale (the Company’s three largest mining positions) are all trading on free cash flow yields of between 9% and 11%. The market does not appear to believe these yields are sustainable, with many still cautious of mining shares, but every day that commodity prices remain at current levels the miners are growing cash on their balance sheets. BHP Billiton, Glencore and Rio Tinto all announced sizeable increases in their dividends in the recent reporting season, less than two years after being forced to cut them, showing cash is being returned to shareholders.
Looking ahead, we expect the mining sector’s performance to remain volatile but see the outlook as positive. The macroeconomic backdrop points to a stable to improving demand picture, whilst the underinvestment of recent years is constraining the supply side of the equation. Capital expenditure in the mining sector has fallen by two-thirds since the peak in 2012 and this is feeding through to production, with most mined commodities recording declines in 2016 versus 2015. China remains the key risk for investors in the mining sector and should sentiment deteriorate significantly again the sector would likely come under pressure.
All data points are in US dollar terms unless stated otherwise.
19 April 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