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About this investment trust

The Company aims to provide a diversified investment in mining and metal  assets worldwide, actively managed with the objective of maximising  total returns. While the policy is to invest principally in quoted  securities, the Company’s investment policy includes investing in  royalties derived from the production of metals and minerals as well as  physical metals. Up to 10% of gross assets may be held in physical  metals and up to 20% may be invested in unquoted investments.

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?

BlackRock’s experienced natural resources team looks across the globe to build a diversified portfolio of mining stocks, exposed to a range of compelling long-term themes – decarbonisation, digitalisation or the development of renewable energy sources. This is balanced with investment in more traditional areas such as gold and precious metals, designed to provide long-term capital growth and a diversifying income stream.

Suited to…

Investors looking for a specialist mining Trust to provide long-term diversification of income and capital, geared to the changing dynamics of the global economy. These companies can be volatile, so some tolerance for market uncertainty is important.

Blackrock world mining

Money Observer Award: As at 7 February 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Awards/Ratings have not been superseded to date.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.
  • Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
  • 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.

Useful information

Fees & Charges

Annual expenses as at Date: 31/12/19

Ongoing charges (including any performance fee): 1.02%

Important Notice: Key Investor Document (KID) – Other Ongoing Costs disclosure error
During the period 5th March 2021 – 6th April 2021, the figure for “Other ongoing costs” included within the “Composition of costs” section of the KID was incorrectly stated as 1.29%. The correct figure should have been 1.62%. This has now been updated in the revised KID that was published on 7 April 2021. The “Total costs” figure included in the KID, together with the stated “Impact on return (RIY) per year”, were correct throughout the period.

Please accept our apologies for the error. You are not required to take any action as a result of this statement. If you have any queries regarding the above, please contact our Investor Services Team by email at Alternatively, please feel free to contact us by telephone on 0800 44 55 22, quoting the relevant account number. Our lines are open from 8.30am to 6.00pm, Monday to Friday. For your protection, telephone calls may be recorded.

Management Fee Summary: BlackRock receives an annual management fee of 0.8% of the Company's net assets. However, in the event that the NAV per share increases on a quarter-on-quarter basis, the fee will be paid on gross assets for the quarter.

  • ISIN: GB0005774855

    Sedol: 0577485

    Bloomberg: BRWM LN

    Reuters: BRWM.L

    LSE code: BRWM

  • 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 1187

    Place of Registration: England

    Registered Number: 2868209

  • Year End: 31 December

    Results Announced: August (half yearly), February (final)

    AGM: April/May

    Dividends Paid: May (final), June, September, December

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Fund manager commentary

31 March 2021

Please note that the commentary below includes historic information in respect of performance data in respect of portfolio investments, index performance data 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 returned 1.0% in March, underperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +3.6% (Figures in GBP).

After a strong February, the mining sector modestly underperformed broader equity markets in March as the reflation trade eased.

Economic data from China remained resilient, with its manufacturing PMI at 51.3, for example, indicating a 13th consecutive month of expansion. However, copper and iron ore (62% fe.) prices were challenged, falling by 3.9% and 5.4% respectively, albeit remaining at strong levels.

The Chinese government announced cuts to steel production in Tangshan, a major steel-producing region in China, during the month as part of its efforts to curb carbon emissions and pollution; this put upward pressure on steel prices and downward pressure on iron ore.

Meanwhile, Chinese nickel and stainless-steel producer, Tsingshan Holding Group, announced plans to produce nickel matte (an intermediate product that can be used to make battery-grade nickel for electric vehicle batteries) which prompted concerns around potential oversupply of nickel and contributed to its price falling by 13.5%.

Strategy and Outlook

We are optimistic on COVID-19 vaccine rollouts supporting global economic growth and, in turn, commodity demand. Meanwhile, our analysis shows that the mining sector has performed particularly strongly during periods with significant increases in inflation expectations which we believe we could see this year.

Increased fiscal stimulus globally aimed at kick-starting economies in the COVID-19 crisis is being geared towards infrastructure spending which should support mined commodity demand. Meanwhile, we see the mining sector playing a crucial role in supplying the materials required for low carbon technologies e.g. wind turbines and solar panels.

Capital expenditure has been slashed by the miners since the peak in 2013 which is constraining new commodity supply and supporting prices. Whilst capital expenditure has risen since 2016, it is still a long way below the peak and we are encouraged by rhetoric from management teams around continued capital discipline.

Mining companies have focused on paying down debt in recent years and balance sheets are exceptionally strong today as a result. Given ongoing discipline, capital is being returned to shareholders in the form of dividends and buybacks. Meanwhile, we see potential for dividend upside given that prices for mined commodities have surprised to the upside e.g. iron ore.

All data points are in USD terms unless stated otherwise.

Unless otherwise stated all data is sourced from BlackRock as at 31 March 2021.

Information correct as at 26 April 2021.

Any opinions or forecasts represent an assessment of the market environment at a specific time and is 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.

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.

Portfolio manager biographies

Evy Hambro is co-manager of the BlackRock World Mining Trust plc, and is Global Head of Thematic and Sector Investing, as well as the Head of the Natural Resources Equity Team. He sits on the BlackRock Global Operating Committee and is a member of the Alpha Strategies Partner Group. He is also manager of a number of the team's portfolios covering the mining, gold and circular economy strategies. His service with the firm dates back to 1994, including his years with Mercury Asset Management and Merrill Lynch Investment Managers which merged with BlackRock in 2006. Evy has a degree in agricultural food marketing.

Olivia Markham is co-manager of the BlackRock World Mining Trust plc. As a member of the Natural Resources team, Olivia is responsible for coverage of the gold, mining and circular economy strategies and is involved in the management of a number of the team's portfolios. She joined BlackRock in 2011. Previously, she was head of the European Mining team at UBS with lead coverage of the UK diversified miners. She also spent four years working within the mergers and acquisitions team at BHP Billiton. Olivia has a degree in finance.

Evy Hambro profile photo
Evy Hambro
Portfolio Manager
Olivia Markham profile photo
Olivia Markham
Portfolio Manager

Board of directors

All the Directors are non-executive. The Board as a whole constitutes the Audit & Management Engagement Committee.

David Cheyne (appointed 1 June 2012) (Chairman since 2 May 2019) is a Senior Adviser to Akira Partners LLP and a Trustee of the RAF Benevolent Fund and Stowe School Foundation. He retired as a consultant at Linklaters on 31 July 2015 where he was Senior Partner from 2006 to 2011 and a Partner from 1980. Throughout his career at Linklaters he played a central role in a wide range of corporate transactions, including M&A deals, joint ventures, flotations and general corporate finance work. In particular, he advised on a number of large mining transactions. He was also Vice Chairman of EMEA (Europe, Middle East and Africa) Investment Banking at Moelis & Company from 2011 to 2015.

Russell Edey (appointed 8 May 2014) (Chairman of the Audit & Management Engagement Committee and Senior Independent Director) is a Non-Executive Director of Genesis Emerging Markets Fund Limited and a Trustee of the Essex Community Foundation. He retired as Chairman of Avocet Mining PLC in March 2018 having been on the board since 2010, served as a Non-Executive Director of Old Mutual PLC from June 2004 to May 2013, and retired as Chairman of AngloGold Ashanti Limited in May 2010 having been a member of that company's board since 1998. In June 2014, he retired as a Non-Executive Director of several companies in the Rothschild Group which he joined in 1977. Prior to that, he worked for Anglo American Corporation of South Africa Limited in South Africa and Australia.

Judith Mosely (appointed 19 August 2014) is a Non-Executive Director of Galiano Gold Inc. and Eldorado Gold Corp. and a Non-Executive Director of Women in Mining (UK) which promotes the role of women in the mining industry. She is also trustee of the Camborne School of Mines Trust and a Liveryman of the Worshipful Company of Fan Makers and a consultant with Northcott Capital, a financial advisory company that specialises principally in debt finance in the mining and power sectors. At the end of 2019, she retired as Business Development Director for Rand Merchant Bank with responsibility for developing the bank’s African business with international mining and metals companies. She was previously Head of the Mining Finance Team at Société Générale London branch and, in her early career, worked for National Westminster Bank’s International Division and Hambros Bank.

Jane Lewis (appointed 28 April 2016) is an investment trust specialist who, until August 2013, was a Director of Corporate Finance and Broking at Winterflood Investment Trusts. Prior to this, she worked at Henderson Global Investors and Gartmore Investment Management Limited in investment trust business development and at West LB Panmure as an investment trust broker. She is Chairman of Invesco Perpetual UK Smaller Companies Investment Trust plc and a Non-Executive Director of BMO Capital and Income Investment Trust plc, The Scottish Investment Trust plc and Majedie Investments PLC.

Ollie Oliveira (appointed 3 February 2020) is a chartered accountant, chartered management accountant and economist with over 35 years of strategic and operating experience in the mining industry and corporate finance. He is currently Senior Independent Director of Antofagasta plc and Polymetal International plc. He previously held senior executive positions within the Anglo American group, including Executive Director Corporate Finance and Head of Strategy and Business Development of De Beers Consolidated Mines Ltd, De Beers Centenary AG and De Beers SA and a Director of Dominion Diamond Corporation.

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