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About this investment trust

The Company aims to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Why choose it?

Mining and energy companies lie at the heart of the global economy. Without them, countries cannot grow and develop. Mining companies provide everything from materials to build wind turbines to lithium for electric cars. They play an important role in the long-term de-carbonisation of the global economy. Energy companies power our cars, our homes and drive economic development. On the sustainable energy side, the path to a lower carbon global economy is forecast to disrupt many industries and business models. However, this evolution is also expected to create remarkable opportunities. Investment in a specialist trust gives targeted exposure to these important companies, as it is positioned to capture such industry shifts and reap the benefits from this transition.

Suited to…

Investors looking for a specialist energy and mining trust that provides long-term diversification of income and capital, geared to economic expansion. These companies can be volatile, so some tolerance for market uncertainty is important.

AJ Bell Award: As at 30 September 2020.
Awards/Ratings have not been superseded to date.
Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

What are the risks?

  • Capital at risk.The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
  • Overseas investment will be affected by movements in currency exchange rates.
  • Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore the value of these investments may be unpredictable and subject to greater variation.
  • Mining shares typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities.
  • Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.

Useful information

Fees & Charges

Annual Expenses as at Date: 30/11/2019

Ongoing Charge (including any Performance Fee): For the year to 30 November 2019, the Company’s Ongoing Charges were 1.45% of net assets. With effect from 17 March 2020, the Manager has agreed to cap the Company’s Ongoing Charges (as defined in the Glossary of the annual report for the year to 30 November 2019) at 1.25% of net assets. Based on current levels of estimated expenditure, and with the cap applying pro-rata, the Company’s Ongoing Charges are estimated at 1.3% of net assets for the year to 30 November 2020, falling to 1.25% of net assets thereafter.

Management Fee Summary: With effect from 17 March 2020, the Company’s management fee is 80bps on gross assets per annum (previously the fee was 95bps per annum on the first £250 million of gross assets and 90bps per annum thereafter).

  • ISIN: GB00B0N8MF98

    Sedol: B0N8MF9

    Bloomberg: BERI:LN

    Reuters: BERI.L

    Ticker: BERI/LON

  • Name of Company: BlackRock Fund Managers Limited

    Telephone: 020 7743 3000



    Correspondence Address: Investor Services,

    BlackRock Investment Management (UK) Limited

    12 Throgmorton Avenue


    EC2N 2DL

    Name of Registrar: Computershare PLC

    Registered Office: 12 Throgmorton Avenue


    EC2N 2DL

    Registrar Telephone: +44 (0)370 707 1476

    Place of Registration: England

    Registered Number: 5612963

  • Year End: 30 November

    Results Announced: July (half yearly), January/February (final)

    AGM: March

    Dividends Paid: April/July/October and January (quarterly)

  • BlackRock is aware of a company, "BlackRock Commodities", which is fraudulently claiming to be affiliated to this Company and is quoting the BlackRock Investment Management (UK) Limited London office. "BlackRock Commodities" is not a regulated firm and is not authorised to perform the duties that they currently promote. Please read our latest shareholder communication for further details and an example of the fraudulent communication from "BlackRock Commodities".

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Portfolio manager biographies

Tom Holl is co-manager of the BlackRock Energy and Resources Income Trust plc and is a member of BlackRock's Natural Resources team. Tom is responsible for the nutrition strategy, the gold and mining sectors and co-manages a number of the team's gold and mining portfolios as well as income strategies. He moved to his current role in 2008, but his service with the firm dates back to 2006. Previously, Tom was a member of the Global Equity team and the Real Estate team. Tom has a degree, with honours in land economy.

Mark Hume is co-manager of the BlackRock Energy and Resources Income Trust plc and is a member of the Natural Resources team within the Fundamental Equity division of BlackRock's Active Equity Group. He is responsible for covering the energy and new energy sectors.

Prior to joining BlackRock in 2017, Mark was an energy portfolio manager at Colonial First State Global Asset Management. He had previously worked at Bank of America Merrill Lunch, Credit Suisse, JP Morgan and Wood Mackenzie as a senior equities analyst covering large-cap energy stocks. He holds a MEng in Petroleum Engineering from Heriot-Watt University, and a BSc in Mathematics from the University of Edinburgh.

Fund manager commentary

31 March 2021

Please note that the commentary below includes historic information on sector performance, commodity price performance and the Company’s NAV performance.

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.

The Company’s NAV increased by 3.4% during the month of March (in Sterling terms with dividends reinvested).

Global equity markets experienced volatility in March. Despite positive news on vaccine rollouts, European and US Markets were negatively impacted towards the end of the month on the back of further lockdown fears and worsening economic data. However, recent economic data has shown that economies are continuing to grow despite COVID-19 related issues. Elsewhere, the US 10-year treasury yield reached its highest level since January 2020. This new bout of volatility came on the back of increased optimism over the US’s vaccine rollout and plans to boost fiscal stimulus. For reference the MSCI All Country World Index (ACWI) rose 2.5% over the month.

Within the traditional energy sector, oil prices pulled back on concerns of a delayed reopening, following risks of renewed lockdowns across Europe and the curbed expectations of an imminent economic recovery. Against this backdrop, the Brent and WTI (West Texas Intermediate) decreased by 3.6% and 6.9%, ending the month at $64/bbl and $59/bbl respectively. However, whilst spot prices posted negative returns during the month, the forward curve was only marginally down between 1-2%, and Gulf Coast refining margins were up strongly on the back of some pent up demand through the month following the abnormally cold weather in the US.

The mining sector pulled back in March following a strong run in February. Industrial metals saw a modest correction, with copper and iron ore (62% fe.) prices down by 3.9% and 5.4% respectively (for reference, they are still up on a year to date basis, most notably copper up by 13.4%). Meanwhile, gold prices remained stable. Elsewhere, Chinese nickel and stainless-steel producer Tsingshan Holding Group announced its decision to mass-produce nickel matte, an intermediate product which can be used to make stainless steel and battery-grade nickel for electric vehicles (EVs), thus pushing the nickel price downward by 13.5%.

Within the energy transition space, IHS Market announced that it expects up to 50% increase in annual renewable energy installations by 2024 (versus 2020), driven by falling costs for wind and solar power and country carbon reduction commitments. At the end of the month, President Biden announced plans for a $2.2trillion American Jobs Plan to target spending on roads, clean energy generation and grid, water and waste infrastructure and support for a domestic electric vehicle supply chain, including EV charging points. Whilst in the long term this could be a headwind for oil demand, the proposed plan requires significant infrastructure spend and therefore is likely to result in rising nearer term demand for oil and mined commodities, if it is to be enacted.

Commodity price moves sourced from Thomson Reuters Datastream as of 31 March 2021.

Unless otherwise stated all data is sourced from BlackRock as at 31 March 2021. All data points in US Dollar terms unless otherwise specified.

Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.

Any opinions or forecasts represent an assessment of the market environment at a specific time and are not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation.

Tom Holl profile photo
Tom Holl
Portfolio Manager
Mark Hume profile photo
Mark Hume
Portfolio Manager

Board of directors

All of the Directors are non-executive and are independent of the Investment Manager.

* Denotes Member of the Audit and Management Engagement Committee.

Ed Warner (Chairman) was appointed to the Board on 1 July 2013 and became Chairman on 17 March 2015. Ed is Chairman of LMAX Ltd, HarbourVest Global Private Equity and Air Partner plc. He was previously Chairman of Grant Thornton UK LLP's Partnership Oversight Board, Panmure Gordon & Co Plc and of UK Athletics, and a Non-Executive Director of Clarkson plc, BlackRock Emerging Europe plc (formerly the Eastern European Trust), and Chairman of the Standard Life Private Equity Trust plc. He was also formerly the Chief Executive of IFX Group and of Old Mutual Financial Services UK, Head of Pan European Equities at BT Alex Brown, and Head of Global Research at both NatWest Markets and Dresdner Kleinwort Benson.

Dr Carol Bell* (appointed 1 December 2014) A Non-Executive Director of Tharisa plc, Bonheur ASA, TransGlobe Energy Corporation and a Trustee of the National Museum Wales. Dr Bell was formerly a Managing Director of Chase Manhattan Bank's Global Oil & Gas Group, Head of European Equity Research at JP Morgan and an Equity Research Analyst in the oil and gas sector at Credit Suisse First Boston and UBS. She has also previously been a Non-Executive Director of Petroleum Geo-Services ASA and Ophir Energy plc and a Director of Salamander Energy plc, Hardy Oil & Gas plc, Det norske oljeselskap ASA and Caracal Energy Inc. (now Glencore E&P (Canada) Inc.).

Adrian Brown* (appointed 10 December 2019) Mr Brown is a senior advisor for MJ Hudson Allenbridge. He was formerly an Investment Analyst and Corporate Finance Manager at Morgan Grenfell & Co before joining Pearson plc as a Corporate Resources Executive. In 1992 he joined Boots plc, holding a range of senior roles before returning to work in the financial services sector in 2006 as a Senior Portfolio Manager in the Equity / Multi-Asset Group at AllianceBernstein LP and subsequently at JPMorgan Asset Management, where he was a Managing Director and Client Portfolio Manager in the Global / International Equity Group from 2011 until his retirement in 2018.

Andrew Robson* (appointed 8 December 2020) is a qualified chartered accountant with over 15 years of corporate finance experience, gained at Robert Fleming & Co Limited and SG Hambros. He has considerable experience as a finance director and as chairman of audit committees, including for a number of investment companies, and has a business advisory practice. He is currently a Non-Executive Director of Baillie Gifford China Growth Trust plc. He was also a Non-Executive Director of AVI Global Trust plc (formerly British Empire Trust plc) until 2017, Shires Income plc until July 2020 and JPMorgan Smaller Companies Investment Trust plc until November 2020. Mr Robson has a degree in History from Trinity College, Cambridge.

Investment strategies targeting growth and income
Investment strategies targeting growth and income
Over 25 years of proven experience running investment trusts
Over 27 years of proven experience running investment trusts. (December 2019)
Unparalleled research capabilities
Unparalleled research capabilities and experienced stock pickers
To get in touch contact us on:
Telephone: 020 7743 3000


Investor update

Investor update