BlackRock Income & Growth has published its results for the year that ended on 31 October 2014 and over that period the fund outperformed the FTSE All-Share Index, generating a return on net assets of 6.3% against a 1% return for the FTSE All-Share Index. the discount widened slightly and so the return to shareholders was 5.2%. The dividend was increased from 5.5p to 5.7p on earnings that rose from 5.63p to 5.66p.
The investment manager’s report highlights a relatively large number of holdings that contributed to the fund’s outperformance, including Shire (as a beneficiary of the failed AbbVie bid), Ashtead and Dixons Carphone. Not holding Tesco, Experian and Standard Chartered also helped. On the downside, investments in Spectris (the electronic control and process product manufacturer) and Tate & Lyle fell in value.