BLACKROCK FRONTIERS INVESTMENT TRUST PLCAll information is at 30 November 2013 and unaudited.self storagePerformance at month end with net income reinvestedOne Three Six One Since month months months year launch*Sterling:Share price -1.8% 2.8% 6.1% 44.6% 21.9%Net asset value 1.2% 2.4% 2.7% 33.0% 20.5%MSCI Frontiers Index (NR) -0.2% 1.8% -3.1% 23.0% 5.5%MSCI EM Markets (NR) -3.4% 3.9% -5.3% 1.4% -6.0%US Dollars:Net asset value 3.2% 8.5% 11.1% 36.1% 26.8%MSCI Frontiers Index (NR) 1.8% 7.8% 4.7% 25.8% 10.9%MSCI EM Markets (NR) -1.5% 10.0% 2.3% 3.7% -1.2%Sources: BlackRock and Standard & Poor's Micropal* 17 December 2010.At month endUS Dollar:Net asset value - capital only: 178.26cNet asset value - cum income: 178.26cSterling:Net asset value - capital only: 108.74pNet asset value - cum income: 108.74pShare price: 112.00pTotal assets (including income): £163.8mPremium to cum-income NAV: 3.0%Gearing: nilGearing range (as a % of gross assets): 0-20%Net yield: 3.1%Ordinary shares in issue: 150,621,621BenchmarkSector Analysis Gross assets(%)* Country Analysis Gross assets(%)*Financials 33.2 United Arab Emirates 11.1Energy 15.7 Nigeria 10.6Consumer Staples 13.4 Saudi Arabia 10.2Health Care 9.5 Qatar 9.9Telecommunication 8.7 Bangladesh 7.1Industrials 8.6 Kazakhstan 5.9Materials 6.5 Iraq 5.7Consumer Discretionary 2.9 Kuwait 4.8Utilities 2.0 Pakistan 4.5 Ukraine 3.8 ----- Sri Lanka 3.6Total 100.5 Oman 3.3 ----- Vietnam 3.2Short positions -1.6 Turkmenistan 2.9 ===== Panama 2.6 Slovenia 2.3 Pan Africa 2.1 Kyrgyzstan 1.7 Romania 1.4 Estonia 1.4 Croatia 1.3 Argentina 1.1 ----- 100.5 ===== Short positions -1.6 =====*reflects gross market exposure from contracts for difference (CFDs)Market Exposure31.12 31.01 28.02 31.03 30.04 31.05 30.06 31.07 31.08 30.09 31.10 30.11 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 % % % % % % % % % % % %Long 103.4 105.1 104.1 99.5 99.2 99.8 95.9 103.2 98.9 98.8 100.4 100.5Short 5.2 3.5 1.2 1.2 1.2 1.1 2.5 3.0 3.3 1.4 1.6 1.6Gross 108.6 108.6 105.3 100.7 100.4 100.9 98.4 106.2 102.2 100.2 102.0 102.1Net 98.2 101.6 102.9 98.3 98.0 98.7 93.4 100.2 95.6 97.4 98.8 98.9Ten Largest Equity InvestmentsCompany Country of Risk % of gross assetsZenith Bank Nigeria 5.2%Emaar Properties United Arab Emirates 4.2%Doha Bank Qatar 3.9%Genel Energy Iraq 3.4%Halyk Bank Kazakhstan 3.4%Square Pharmaceuticals Bangladesh 3.2%Qatar Gas Transportation Qatar 3.迷利倉%Dragon Oil Turkmenistan 2.9%Qatar National Bank Qatar 2.9%First Gulf Bank United Arab Emirates 2.7%Commenting on the markets, Sam Vecht, representing the Investment Manager noted:MarketsThe MSCI Frontier Market Index returned 1.8% in November. Frontier Marketsoutperformed mainstream Emerging Markets which fell by 1.5% as investorsshifted their assets into European and US markets amid encouraging signs ofeconomic growth across developed markets (all percentages calculated on a USDollar basis with net income reinvested). Outflows from Emerging Markets wereled by ETFs which saw a combined outflow of around $3.5bn from EmergingMarkets over the month.Argentina was once again the strongest performer, rising by 21%. Investorswere encouraged by a proposed agreement between Spain, Argentina and Mexico toresolve the dispute over the nationalised Argentinean energy company YPF.Kazakhstan also performed strongly, led by Halyk Bank which rose by 22% overthe month after announcing strong third quarter results. Loan growthaccelerated to reach 8% quarter-on-quarter and 26% year-on-year which,combined with an expansion of Net Interest Margin, led to the bank reporting arise in Net Income of 46% over the previous quarter.Kuwait was a notable underperformer over the month, falling by 2.6%.PortfolioThe BlackRock Frontiers Investment Trust's NAV increased by 3.2% in November,outperforming the benchmark by 1.4%. Year to date, the Company's NAV hasreturned 31.3% compared to the MSCI Frontier Markets Index return of 23.2%.UAE Healthcare provider, NMC, outperformed in November. The stock rose sharplyfollowing the announcement that under the new medical law all residents willbe required to have compulsory health insurance cover which will significantlyincrease demand at NMCs facilities.Caribbean stock, Cable and Wireless Communications rose following theannouncement that they had extended their mobile licence in Panama for 20years at a cost of $100m, which removed some of the future uncertainty for thecompany. The Iraqi oil stocks also contributed strongly to performance on theexpectation of imminent export sales through the pipeline to Turkey.Kyrgyzstan miner, Centerra was the largest individual detractor fromperformance over the month which continued to suffer over speculation that theKyrgyz government would renegotiate the terms of the company's mining licence.ActivityIn November, the Company initiated a new position in Romanian Energy firm,Romgaz. The company successfully completed an Initial Public Offering (IPO) atthe beginning of the month. The government has undertaken to liberalise pricesin the energy sector as part of a reform agenda agreed with the IMF and on theback of this the stock looks attractively valued.The Company sold its position in Iraqi-focussed energy company DNO. The stockhas risen in excess of 100% in 2013 as the likelihood of oil exports from theregion has increased with the completion of the pipeline from Kurdistan toTurkey. Whilst we remain positive on the region, we have taken the opportunityto rotate our exposure into stocks where performance has been more muted thisyear and have recently initiated a position in another Iraqi oil company,Genel Energy.OutlookWith dedicated Frontier AUM doubling in 2013 and investment banks devotingresource to the area, we expect a raft of private frontier companies to cometo the market over the next 12 months, as their owners are allured by thepossibility of quantifying and crystallising wealth. This is an essential partof the development phase of Frontier Markets, as the size of frontier countrystock markets is typically small relative to GDP. It will also provide somegreat opportunities to invest in new businesses. However, a fully-fledged IPOboom can be a bearish signal as surges in stock issuance often signal marketpeaks. The good news is there have been very few IPOs in 2013 and a full scaleboom will likely need markets to move considerably higher first.More than 2bn people live in Frontier Markets but until now they haveattracted little investor attention. With their strong GDP growth, positivedemographic profile, low debt burden and relatively low correlation todeveloped and emerging markets, we think frontier markets are a great place toinvest for those who have both a long term horizon and wish to see capital andincome growth. In a changing world, we believe that opportunities abound forunconventional investors.17 December 2013ENDSLatest information is available by typing .blackrock.co.uk/brfi on theinternet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3(ICV terminal). Neither the contents of the Manager's website nor the contentsof any website accessible from hyperlinks on the Manager's website (or anyother website) is incorporated into, or forms part of, this announcement.XLON迷你倉
文章標籤
全站熱搜
