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BLACKROCK SUSTAINABLE AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 29 February 2024 and unaudited.
Performance at month end with net income reinvested
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| One Month | Three Months | Six Months | One Year | Three Years | Five Years |
| Net asset value | 2.8 | 8.3 | 10.1 | 5.6 | 34.8 | 57.7 |
| Share price | -0.3 | 2.8 | 3.2 | -5.7 | 24.7 | 34.1 |
| Russell 1000 Value Index | 4.4 | 9.6 | 9.5 | 9.1 | 40.8 | 64.6 |
At month end
| Net asset value - capital only: | 213.96p |
| Net asset value - cum income: | 214.96p |
| Share price: | 186.00p |
| Discount to cum income NAV: | 13.5% |
| Net yield1: | 4.3% |
| Total assets including current year revenue: | £169.1m |
| Net gearing: | 0.3% |
| Ordinary shares in issue2: | 78,685,883 |
| Ongoing charges3: | 1.03% |
1 Based on four quarterly dividends of 2.00p per share declared on 22 March 2023, 11 May 2023, 3 August 2023 and 2 November 2023 for the year ended 31 October 2023 and based on the share price as at close of business on 29 February 2024.
² Excluding 21,675,422 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 | 19.9 |
| Health Care | 18.9 |
| Information Technology | 16.1 |
| Consumer Discretionary | 9.3 |
| Industrials | 8.7 |
| Energy | 7.4 |
| Consumer Staples | 6.5 |
| Communication Services | 4.1 |
| Materials | 4.0 |
| Utilities | 3.7 |
| Real Estate | 1.7 |
| Net Current Liabilities | -0.3 |
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| Country Analysis | Total Assets (%) |
| United States | 90.6 |
| United Kingdom | 4.0 |
| France | 2.0 |
| Australia | 1.5 |
| South Korea | 1.2 |
| Switzerland | 1.0 |
| Net Current Liabilities | -0.3 |
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| Top 10 Holdings | Country | % Total Assets |
| Citigroup | United States | 3.2 |
| American International | United States | 2.9 |
| Cisco Systems | United States | 2.7 |
| Shell | United Kingdom | 2.6 |
| Cardinal Health | United States | 2.5 |
| Kraft Heinz | United States | 2.5 |
| Baxter International | United States | 2.4 |
| Verizon Communications | United States | 2.4 |
| Willis Towers Watson | United States | 2.3 |
| Johnson Controls International | United States | 2.3 |
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Tony DeSpirito, David Zhao and Lisa Yang, representing the Investment Manager, noted:
For the one-month period ended 29 February 2024, the Company’s NAV increased by 2.8% and the share price fell by 0.3% (all in sterling). The Company’s reference index, the Russell 1000 Value Index, returned +4.4% for the period.
The largest contributor to relative performance, stemmed from stock selection in health care, specifically selection decisions in life sciences tools and services boosted relative performance. Selection decisions in utilities also boosted relative performance, most notably in multi-utilities. Other modest contributors during the period at the sector level included selection decisions in consumer staples and an underweight allocation to real estate.
The largest detractor from relative performance stemmed from stock selection in consumer discretionary, most notably in household durables. Investment decisions in industrials detracted from relative performance, with stock selection in electrical equipment proving to be detrimental. Other modest detractors during the period included stock selection in energy and materials.
Transactions
During the month, the Company’s largest purchases included Diageo, Avnet and PG&E. The Company exited its position in Nestlé, Komatsu and Gildan Activewear.
Positioning
As of the period end, the Company’s largest overweight positions relative to the reference index were in the health care, information technology and consumer discretionary sectors. The Company’s largest underweight positions relative to the reference index were in the industrials, real estate and utilities sectors.
Source: BlackRock.
28 March 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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