BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC

Annual General Meeting

On 10 March 2023, the Chairman and Co-Portfolio Managers provided an update on markets, the performance of the Trust in 2022 and the outlook for the year ahead.

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.

Key insights:

  • In 2022, economically-sensitive areas performed well as the global economy emerged from the pandemic. In contrast, defensive areas struggled.
  • Russia’s actions in Ukraine have galvanised Europe and NATO into action, with national governments recommitting to defence spending.
  • The Ukraine crisis has pushed energy and food prices higher, which has created significant near-term inflation.
  • Geopolitical risk is more significant today than over the past two decades. China’s response to the Russian invasion is also important, particularly in the context of its own aspirations for Taiwan.
  • This year, inflationary pressures are rising and economic growth is weakening. Markets have become more focused on the valuation of individual companies than over the last decade.
  • The portfolio retains its focus on businesses with strong cash generation and robust balance sheets.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. The opinions expressed are as of March 2023 and may change as subsequent conditions vary.