For the 12 months ended 30 November 2022, BlackRock Energy and Resources Income reported an NAV return of 44.5% and a return to shareholders of 44.8%. Given the weakness in markets of all kinds last year, this is an impressive result, especially as it now means that the trust has doubled in two years. The dividend was hiked from 4.1p to 4.4p.
BlackRock Energy and Resources Income benchmarks its returns against a composite benchmark. The neutral sector weightings of this bespoke index are 40% mining, 30% traditional energy and 30% energy transition.
The trust’s returns were helped by a strong market for metals and mining stocks but were supercharged by soaring energy prices; the MSCI World Energy Index was up by 68.7% over the year compared to an increase in the MSCI ACWI Metals and Mining Index of 14.8%. The trust captured much of this as the managers had increased its traditional (fossil fuel) energy exposure through 2021 and into 2022 to stand at 31.0% at the end of the year, and moved to lower weighting in the energy transition sector to 21.9% at 30 November 2022.
During the year, the company issued/sold 18,137,837 ordinary shares (of which 2,747,643 ordinary shares were sold from treasury) for net proceeds of £22,785,000.
BERI : Spectacular year for BlackRock Energy and Resources
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