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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 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.

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.

AJ Bell Award: As at 3 September 2021.

AJ Bell Award: As at 3 September 2021.

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

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: 31/12/23

Ongoing charges (including any performance fee): 0.91%

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

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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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.

The Board’s approach to ESG

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.

Environmental, social and governance (ESG) issues can present both opportunities and threats to long-term investment performance. The Company’s investment universe comprises sectors that are likely to be highly impacted by increasing regulation as a result of climate change and other social and governance factors. These ethical and sustainability issues cannot be ignored, and your Board has appointed a Manager that applies the highest standards of ESG practice. Effective engagement with management is, in most cases, the most constructive way of driving meaningful change in the behaviour of investee company management. However, as a general approach the Company will not invest in companies which have high ESG risks and no plans to address existing deficiencies. Where the Board is not satisfied that an investee company is taking steps to address matters of an ESG nature, it may discuss with the Manager how this situation might be resolved, including potentially by a full disposal of shares.

Sustainable investing: BlackRock’s approach

Sustainability is BlackRock’s standard for investing, based on the investment conviction that integrating sustainability can help investors build more resilient portfolios and achieve better long term, risk-adjusted returns. BlackRock believes that climate change is a defining factor in companies’ long-term prospects and that it will have a significant and lasting impact on economic growth and prosperity. BlackRock believes that climate risk equates to investment risk and this will drive a profound reassessment of risk and asset values as investors seek to react to the impact of climate policy changes.

ESG: integration into BlackRock’s investment management process

Environmental, Social and Governance (ESG) investing is often used interchangeably with the term “sustainable investing.” BlackRock has identified sustainable investing as being the overall framework and ESG as a data toolkit for identifying and informing our solutions. BlackRock has defined ESG Integration as the practice of incorporating material ESG information and consideration of sustainability risks into investment decisions in order to enhance risk-adjusted returns. BlackRock recognises the relevance of material ESG information across all asset classes and styles of portfolio management. ESG information and sustainability risks are included as a consideration in investment research, portfolio construction, portfolio review and investment stewardship processes. The Investment Manager considers ESG insights and data, including sustainability risks, within the total set of information in its research process and makes a determination as to the materiality of such information in its investment process. ESG insights are not the sole consideration when making investment decisions. The Investment Manager’s evaluation of ESG data may be subjective and could change over time in light of emerging sustainability risks or changing market conditions. This approach is consistent with the Investment Manager’s regulatory duty to manage the Company in accordance with its investment objective and policy and in the best interests of the Company’s investors. The Investment Manager’s Risk and Quantitative Analysis group will review portfolios to ensure that sustainability risks are considered regularly alongside traditional financial risks, that investment decisions are taken in light of relevant sustainability risks and that decisions exposing portfolios to sustainability risks are deliberate, and the risks diversified and scaled according to the investment objectives of the Company.

BlackRock’s approach to ESG integration is to broaden the total amount of information the Investment Manager considers with the aim of improving investment analysis and understanding the likely impact of sustainability risks on the Company’s investments. The Investment Manager assesses a variety of economic and financial indicators, which may include ESG data and insights, to make investment decisions appropriate for the Company objectives. This can include relevant third-party insights or data, internal research or engagement commentary and input from BlackRock Investment Stewardship.

ESG integration does not change the Company’s investment objective or constrain the Investment Manager’s investable universe and does not mean that an ESG investment strategy or exclusionary screens has been or will be adopted by the Company. Similarly, ESG integration does not determine the extent to which the Company may be impacted by sustainability risks.

Investment stewardship

BlackRock undertakes investment stewardship engagements and proxy voting with the goal of protecting and enhancing the long-term value of clients’ investments for relevant asset classes. In our experience, sustainable financial performance and value creation are enhanced by sound governance practices, including risk management oversight, board accountability, and compliance with regulations. We focus on board composition, effectiveness and accountability as a top priority. In our experience, high standards of corporate governance are the foundations of board leadership and oversight. We engage to better understand how boards assess their effectiveness and performance, as well as their position on director responsibilities and commitments, turnover and succession planning, crisis management and diversity. For further details regarding BlackRock’s work on investment stewardship please refer to the website here.

Fund manager commentary

30 April 2024

Comments from the Portfolio Managers

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 rose by 5.1% in April, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return) which returned +4.8% (performance figures in GBP).

April was a positive month for the mining sector, outperforming broader equity markets which fell by 3.3% (in USD terms) as measured by the MSCI All Country World Index. Inflation proving stickier than expected and rising US interest rate expectations supported the outperformance of value sectors over growth ones.

Meanwhile, we saw strength almost across the board in mined commodity prices as Chinese economic data improved. For reference, the country’s manufacturing PMI came in above 50 for the second consecutive month. Iron ore had a particularly strong month, with the 62% fe. price rising by 15.8%. Elsewhere, base metals were buoyant with copper, nickel and zinc prices rising by 12.8%, 15.1% and 21.7% respectively. Gold and silver prices rose by 3.7% and 6.5% respectively, appearing to benefit from ‘safe-haven’ demand.

Turning to the companies, we saw high profile M&A activity with BHP proposing a $39bn takeover of fellow diversified miner Anglo American. Anglo American rejected the offer, but the market expectation is that BHP may improve its offer or that other buyers may emerge. This proposal supports our view that existing copper assets are currently trading significantly below replacement costs in the listed market, making them attractive to peers and strategic buyers.

Strategy and Outlook

China has re-opened but with less impact than had been expected. Uncertainty persists around China’s commodity demand, but we are seeing the Chinese administration announce financial support incrementally.

Longer term, we are excited by the structural demand growth for a range of mined commodities that will result from the low carbon transition. Meanwhile, commodity supply is likely to be constrained by the capital discipline of recent years, whilst inventories for many mined commodities are at historic lows. Mining companies have low levels of debt, continue to return capital to shareholders, but appear to be entering a higher capital expenditure phase.

We are seeing Brown to Green emerge as a key theme, where mining companies are focusing on reducing the greenhouse gas emissions intensity associated with their production. We expect to see a re-rating for the mining companies able to best navigate this and are playing this in the portfolio.

All data points are in USD terms unless stated otherwise.

Unless otherwise stated all data is sourced from BlackRock as at 30 April 2024.

Any opinions, 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

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.

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.

Charles (Chip) Goodyear (appointed 24 August 2023) (Chairman since 9 May 2024 ) brings a wealth of relevant industry knowledge and experience having retired in October 2007 as the chief executive officer of BHP, the world’s largest diversified resources company. He is also a former executive vice president and chief financial officer of Freeport-McMoRan and began his career at Kidder, Peabody & Co. where he participated in merger and acquisition and financing activities for natural resources companies. He is currently president of Goodyear Capital Corporation and Goodyear Investment Company and a trustee of the National World War II Museum.

Srinivasan Venkatakrishnan (appointed 1 August 2021) (Chairman of the Audit Committee) is a Corporate Director and an experienced mining executive who brings a wealth of mining and financial experience, gained through his vast experience of leading global mining businesses, in a career that has spanned across 17 countries and six continents. He has a proven track record of leading multinational organisations - including major publicly listed companies - through periods of challenging and transformative change. He is currently the chair of Endeavour Mining Plc and a non-executive director of Wheaton Precious Metals Corporation. His past directorships include The Weir Group PLC.

During his executive career, he served as CEO of Vedanta Resources plc from 2018 to 2020 and was CEO of AngloGold Ashanti Limited between 2013 to 2018, having previously been Chief Financial Officer of the business from 2005 and of Ashanti Goldfields Limited from 2000. In his early career, he was a director with Deloitte in London, leading corporate restructurings on behalf of both corporates and financiers. He is a past board member of the World Gold Council, International Council on Mining and Metals, Business Leadership South Africa, the Chamber of Mines of South Africa and a past member of the Financial Review Investigation Panel of the Johannesburg Stock Exchange.

Judith Mosely (appointed 19 August 2014) (Senior Independent Director) is a non-executive director of Galiano Gold Inc. and Eldorado Gold Corp. and is chair of sustainability and member of the audit committee of both companies. She is also a board member of Women in Mining (UK) and a member of the investment advisory committee of Resource Capital Fund credit. She had over 20 years of experience in the mining and metals sector and most recently held the position of Business Development Director for Rand Merchant Bank in London with responsibility for developing the bank’s African business with international mining and metals companies. She previously headed the mining finance team at Société Générale in London.

Jane Lewis (appointed 28 April 2016) (Chair of the Management Engagement Committee) 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 CT UK Capital and Income Investment Trust PLC and a non-executive director of JPMorgan Global Growth & Income plc and Majedie Investments PLC.

Elisabeth Scott (appointed 9 May 2024) has over 35 years' experience in the asset management industry. She began her career as an investment manager with the British Investment Trust and worked in the Hong Kong asset management industry from 1992 until 2008, latterly as managing director and country head of Schroder Investment Management (Hong Kong) Ltd. She also chaired the Hong Kong Investment Funds Association between 2005 and 2007. She has been a non-executive director of investment companies since 2011. She is currently the chair of JPMorgan Global Emerging Markets Income Trust plc and India Capital Growth Fund Ltd and a non-executive director of Capital Group UK Management Company and Allianz Technology Trust PLC. She chaired the Association of Investment Companies from January 2021 until January 2024.

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Investment strategies targeting growth and income
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Over 29 years of proven experience running investment trusts (Dec 2021)
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Unparalleled research capabilities and experienced stock pickers
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Telephone: 020 7743 3000