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About this investment trust

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.

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.

Why choose it?

Mining and energy companies lie at the heart of the global economy.1 Without them, countries cannot grow and develop. They could provide everything from materials for building wind turbines and iron for construction, to delivering gas to heat our homes. BlackRock seeks to undertake extensive research to understand the management of these companies in this sector.

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.

BERI FAQ’s

  • The BlackRock Energy and Resources Investment Trust aims to provide long-term total returns to shareholders through a combination of capital growth and income through investment in the mining and energy sectors.

  • The BlackRock Energy and Resources Income Trust does not have a specific benchmark, aiming instead to provide a long term total return to shareholders. It will invest at least 80% of its total assets in the shares of energy and natural resources companies.

  • The trust is managed by Tom Holl and Mark Hume. Both managers are members of the Natural Resources team within the Fundamental Equity division of BlackRock's Active Equity Group.

  • The fund invests predominately in the shares of companies in the energy and mining sectors. In the energy sector this will include renewable and fossil fuel energy. Within the mining sector, it will include companies involved in metals and minerals extraction, across commodities such as copper, nickel, zinc, and aluminium.

  • The BlackRock Energy & Resources Income trust typically makes four quarterly dividend payments in January, April, July and October, though dates and the amount paid can vary.

  • The most up-to-date share price, along with a range of other information, can be found on the BlackRock Energy & Resources Income trust dedicated website.

1 School of Mining & Mineral Resources - University of Arizona - June 2024 https://mining.arizona.edu/news/importance-mining-modern-society

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

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.

Fees & Charges

Annual Expenses as at Date: 30/11/2024

Ongoing Charge (including any Performance Fee): For the year to 30 November 2024, the Company’s Ongoing Charges were 1.20% of net assets. The Company’s Ongoing Charges (as defined in the Glossary of the annual report for the year to 30 November 2024) are capped at 1.15% of net assets (with effect from 1 December 2024).

Important Notice: Key Investor Document (KID) – Costs disclosures error

During the period 22 July 2022 – 30 September 2022 the KID contained incorrect costs data as set out in the Previously stated costs tables below. The figures that should have been published are set out in the Corrected costs tables.

Previously stated costs (as per KID published 22 July 2022 based on data as at 31 March 2022):

Costs over time

 

If you cash in after 1 year

If you cash in after 3 years

If you cash in after 5 years

Total costs (GBP)

216

867

2070

Impact on return (RIY) per year

2.16%

2.19%

2.22%

Composition of costs

Ongoing costs

Other ongoing costs

1.45%

Corrected costs (based on data as at 31 March 2022):

Costs over time

 

If you cash in after 1 year

If you cash in after 3 years

If you cash in after 5 years

Total costs (GBP)

217

 

874

 

2,086

 

Impact on return (RIY) per year

2.17%

2.20%

2.24%

Composition of costs

Ongoing costs

Other ongoing costs

1.46%

An updated KID with cost data as at 31 March 2022 was published on 30 September 2022.

There has been no financial impact to the Fund as a consequence of this error.

Please accept our apologies for any inconvenience that may have been caused as a result of this matter. 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 uk.investor@blackrock.com. Alternatively, please feel free to contact us by telephone on 0800 44 55 22, quoting the relevant account number where applicable. Our lines are open from 8.30am to 6.00pm, Monday to Friday. For your protection, telephone calls may be recorded.

Management Fee Summary: The Company’s management fee is 80bps on gross assets per annum.

  • ISIN: GB00B0N8MF98

    Sedol: B0N8MF9

    Bloomberg: BERI:LN

    Reuters: BERI.L

    Ticker: BERI/LON

  • Name of Company: BlackRock Fund Managers Limited

    Telephone: 020 7743 3000

    Email: cosec@blackrock.com

    Website: www.blackrock.com/uk

    Correspondence Address: Investor Services,

    BlackRock Investment Management (UK) Limited

    12 Throgmorton Avenue

    London

    EC2N 2DL

    Name of Registrar: Computershare PLC

    Registered Office: 12 Throgmorton Avenue

    London

    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)

Latest company announcements

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.

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Sign up for Regulatory News Service alerts

To receive email alert notifications once an update to the Trust occurs, please sign up and select the updates you would like to receive via The Association of Investment Companies website here. Please be aware by clicking on this link you are leaving BlackRock and entering a third party’s website. As such, BlackRock is not liable for its content.

ESG Integration

The fund noted above does not commit to sustainable criteria nor does it have a sustainable investment objective.

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

Fund manager commentary

28 February 2025

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 fell -2.4% in February (in GBP terms).

Global equity markets fell modestly in February and uncertainty around the implementation of trade tariffs by the US on Mexico, Canada and China, contributed to market volatility. A rotation in stock market performance favouring European equities continued into February, in contrast to strong outperformance of the US stock market in 2024. For reference, the MSCI All Country World Index returned -0.6% in February 2025.

Most relevant to the energy sector was the prospect of the US administration imposing 10% tariffs on Canadian oil exports, with implications for the pricing of oil products from oil refineries that currently receive Canadian oil. In addition, a permit to allow the export of Venezuelan oil to the US was terminated. Energy equities broadly made gains in February, supported by the incoming US administration’s plans to promote the development of oil and gas. The Brent oil price fell -3.0%, whilst the WTI oil price fell -3.9%, ending the month at $75/bbl and $70bbl respectively. The US Henry Hub natural gas price rose 25.7% during the month to end at $3.82/mmbtu.

Within the sustainable energy theme, European energy policy suggested greater use of Power Purchase Agreements (PPAs), which we see as supportive for renewables developers and a study into promoting grid investment. The EU also announced a Clean Industrial Deal as part of a plan to improve competitiveness and decarbonisation, with a focus on energy costs, investment and measures to protect domestic demand for materials and goods. Key elements of the deal include mobilising €100billion to support EU-made clean manufacturing and a focus on the decarbonisation of industrial sectors.

The mining sector experienced a difficult month, as equities fell despite a favourable environment of increasing commodity prices. Persistent cost inflation, though slowing, and rising capital expenditures have reduced cash distributions, leading to underwhelming equity performance. Additionally, the recent reporting season revealed disappointment in cash flow generation among larger mining companies, resulting in lower dividend payouts, with payout ratios at the lower end of expectations. Performance in the commodities sector was mixed: iron ore (62% Fe) prices fell by -1.4%, while nickel and copper prices rose by 4.6% and 1.8%, respectively. In the precious metals space, the gold price increased by 1.5%, whereas the silver price decreased by -1.2%. U.S. President Trump implemented tariffs on imports from Canada, Mexico, and China, which spurred uncertainty in the sector around potential retaliations and led to higher domestic prices for commodities. China’s manufacturing PMI rose to 50.2 in February from 49.1 in January, indicating increased activity.

All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

Unless otherwise stated all data is sourced from BlackRock as at 28 February 2025.

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.

Portfolio manager biographies

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.

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.

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.

Mr Adrian Brown (Chairman) (appointed 10 December 2019) is a senior advisor for Apex Group. 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. Mr Brown is also a trustee of the Boots plc pension scheme.

Mrs Carole Ferguson* (appointed 22 December 2021) is CEO of Carbon Transition Analytics and a Non-Executive Director of Henderson Far East Income Limited. She is also on the advisory board of WHEB Asset Management, an impact investor focused on the opportunities created by the transition to a low carbon and sustainable global economy, and was also formerly a Managing Director of Industry Tracker, a climate research house. Mrs Ferguson has extensive experience in the financial services sector in research, finance and sustainability. She began her career in fund management with BZW Investment Management, moving to work in equity derivatives with Swiss Bank Corporation, JP Morgan Securities and later with Jardine Fleming (Hong Kong) and Robert Fleming (London). Subsequently she was a senior member of the UK fund management team at SG Asset Management before moving to work as a mining analyst at SP Angel for four years. In 2017 she became Head of Investor Research at CDP, the charity that runs the global disclosure system for investors, companies, and others to manage their environmental impact.

Mr 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 abrdn New India Investment 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, JPMorgan Smaller Companies Investment Trust plc until November 2020 and Baillie Gifford China Growth Trust plc until 16 June 2023. Mr Robson has a degree in History from Trinity College, Cambridge.

Mrs Anne Marie Cannon* (appointed as Senior Independent Director 15 March 2024) has over 40 years experience in the energy industry and investment banking and is an experienced director holding executive and non-executive roles. She is currently Deputy Chair at Aker BP ASA and was formerly a Non-Executive Director of Harbour Energy plc, STV Group plc, Aker ASA and Aker Energy AS. In addition, she is a Senior Advisor in the Strategic Advisory business at PJT Partners. Mrs Cannon was previously a Senior Advisor at Morgan Stanley and a Director at Schroder Wagg and was an Executive Director on the boards of Hardy Oil & Gas plc and British Borneo plc. She has also held financial and commercial roles at Shell UK and Thomson North Sea. Mrs Cannon is a Fellow of the Energy Institute.

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Investment strategies targeting growth and income.
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Decades of proven experience running investment trusts since 1992.
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Unparalleled research capabilities and experienced stock pickers.
Contact
To get in touch contact us on:
Telephone: 020 7743 3000
Email: cosec@blackrock.com