BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc
All information is at 31 December 2013 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five
Month Months Months Year Years Years
Net asset value 1.9% 0.9% 4.1% -5.2% -20.5% 56.4%
Share price 2.6% 6.0% 9.5% -0.8% -20.7% 70.9%
Sources: Datastream, BlackRock
At month end
Net asset value - capital only: 106.16p
Net asset value - cum income**: 106.22p
Share price: 110.75p
Premium to NAV (cum income): 4.3%
Net yield: 5.4%
Net gearing - cum income: 9.5%
Total assets^^: £109.9m
Ordinary shares in issue: 96,258,000
Gearing range (as a % of net assets): 0-20%
**Includes net revenue of 0.06p.
^^includes current year revenue.
Sector % Total Country % Total
Analysis Total Assets Analysis Total Assets
Integrated Oil 37.1 Global 40.8
Diversified 20.5 Canada 21.0
Exploration & Production 14.5 USA 18.3
Copper 8.2 Europe 9.2
Gold 5.4 Latin America 8.6
Oil Sands 4.4 Africa 4.3
Oil Services 3.7 Asia 3.8
Coal 2.8 Australia 1.9
Iron Ore 2.5 China 1.3
Distribution 1.9 Current liabilities (9.2)
Aluminium 1.9
Nickel 1.5
Fertilizers 1.4 -----
Uranium 1.0 100.0
Silver 1.0 =====
Tin 0.8
Platinum 0.6
Current liabilities (9.2)
-----
100.0
=====
Ten Largest Equity Investments(in alphabetical order)
Company Region of Risk
Chevron Global
ExxonMobil Global
BHP Billiton Global
Royal Dutch Shell Global
BP Global
Rio Tinto Global
GlencoreXstrata Global
Total Global
Eni Europe
Tech Resources Canada
Commenting on the markets BlackRock's Natural Resources Team, representing the
Investment Manager noted:
Base metal prices enjoyed a strong rally in December 2013, with the MG Base
Metal Price Index gaining 5.3%. Copper rose by 4.6% to close the year at
US$3.35/lb. Copper inventories on the LME fell by 45.0% in the second half of the
year, suggesting solid underlying demand for the red metal. Zinc was the top
performer, with a gain of 10.0%. The news that Minmetal's Century mine is
reaching the end of its life brought the tightening outlook for zinc supply
into focus. The Century mine is Australia's largest open pit zinc mine and has
been in operation since 1997. Final production from the mine is expected in
mid-2015. Strong gains were also registered in the energy markets, where West
Texas Intermediate crude was up by 6.1%. Henry Hub gas prices rose by 14.5% to
US$4.34/MMBTU as the cold snap spread across parts of the US. The US Federal
Reserve announced the beginning of the highly anticipated tapering program. The
program, set to begin in January 2014, will commence with an initial reduction
of US$10 billion of bond buying per month. While the market response to this
initial announcement was rather muted, gold prices did drift back towards the
US1,200/oz level, a drop of 3.6% for the month. The metal closed at US$1,208/
oz, registering a 27% decline for the year - its largest calendar year fall
since 1981. Mining and energy equities rose by 0.2% and 1.7% respectively in
December (Sterling terms).
21 January 2014
ENDS
Latest information is available by typing www.blackrock.co.uk/brci on the
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terminal). Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.