Over the six months ended 31 May 2015, BlackRock Commodities Income generated a negative return on net assets of -3.5%. The return to shareholders was -7.1%. The Euromoney Mining Index was off 5.8% and the MSCI World Energy index was -1%.
Two quarterly interim dividends totalling 3p have been declared for the period, 0.8% higher than last year. The return since the period end has been worse however with a further 16.6% fall in the NAV and 16.9% on the share price.
The manager’s report has much about the general industry but very little on the performance of specific stocks. One holding in the portfolio is mentioned as having been bid for – Rosetta Resources, a US shale play.
On income, Rio Tinto and ExxonMobil are highlighted as having raised their dividends (by 12% and 8% respectively) but Freeport McMoRan cut its dividend by 80% as did Canadian Oil Sands.
BRCI : BlackRock Commodities Income extends slide