BlackRock Income and Growth Investment Trust plc
Targeting a growing income and capital returns, the Trust aims to deliver long-term total returns through the cycle, including a premium and growing dividend. It is a concentrated, high conviction portfolio, focused on UK companies generating sustainable and growing free cash flow.
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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 growth in capital and income over the long term through investment in a diversified portfolio of principally UK listed equities.
Why choose it?
With longer lifespans and greater demands on retirement funds, investors need a steady source of income and growth. This conviction-led portfolio delivers exposure to a balanced range of sectors and company shares, focused on the UK, which have the potential to deliver capital growth and a growing dividend income.
Suited to…
Investors targeting a steady income that grows over time, useful for retirement planning. The Trust also aims to grow investors’ capital in the longer term.
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.
- Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance.
- The Trust’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Trust may not be able to realise the investment at the latest market price or at a price considered fair.
- 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: 31/10/2024
Ongoing Charge: 1.15%
Management Fee Summary: Management fee is 0.6% p.a. of the Company's market capitalisation. There is no additional fee for Company Secretarial and administration services.
With effect from 1 November 2023, the Company’s Manager agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.15% of average net assets.
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ISIN: GB0030961691
Sedol: 3096169
Bloomberg: BRIG LN
Reuters: BRIG
LSE code: BRIG.L
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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)370 703 0076
Place of Registration: England
Registered Number: 4223927
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Year End: October
Results Announced: December (annual), June (interim)
AGM: March
Dividends Paid: March (final), September (interim)
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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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
31 December 2024
Please note that the commentary below includes historic information in respect of 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.
Market Summary:
Equity markets struggled in December as global market selloffs and unwinds hit every part of the equity market. Early in the month, a rotation away from momentum stocks saw the S&P500 Index down by 0.6% and the Nasdaq down by 0.8%1, the worst 1-day move for momentum since February 2023, as the unwind was visible both intra-sector and geographically.
Inflation remained persistent in the US and UK markets, as the Bank of England announced that they were holding rates at 4.75%. This had been largely expected by the market2 as CPI inflation had ticked up from 2.3% in October 2024 to 2.6% in November 2024, and wage growth had accelerated. Meanwhile, the Federal Reserve (the Fed) cut rates by 25bps whilst indicating fewer rate cuts in 2025 as inflation continues to hold steadily above target.
In the US, the S&P500 Index returned -2.5%, as investors took profits in some of the year's biggest winners3, and the Fed's hawkish rate cut announcement saw markets selloff nearly 3% on the day.4 Equity markets priced two rate cuts for 2025 following the announcement, disappointing investors hoping for more cuts to fuel the bull market further. Market responses saw a reversal of some of the post-Trump sugar rush, as US domestic cyclicals and small caps underperformed.
In the UK, the FTSE All-Share Index returned -1.16% for the month, with materials and utilities leading the underperformance while financials were the only positively returning sector5, lifted by the prospect of fewer than expected rate cuts in 2025. However, the repricing of interest rate expectations crimped progress for the month, particularly hurting housebuilders and real estate companies.
The STOXX 600 Index ended the month -1.5% amidst political instability in the eurozone and the looming threat of US tariffs. The French government was toppled after a no-confidence vote early in December leading to the convergence of French and Greek borrowing costs due to increasing concerns for France’s debt levels6. Economic growth remains weak, with the European Central Bank revising 2025 growth forecasts down from 1.3% to 1.1% in December.7
Stock comment
Tate & Lyle detracted from performance as the shares were weak during the month. Following rumours of potential bid interest in October, which resulted in a 15% rally in the shares, the shares gave back much of this during November and December given the lack of any bid. Segro, alongside the broader real estate sector, was also weak, as UK borrowing costs continued to rise following the budget.
The strength in Diageo, finishing a weak year strongly, negatively impacted the portfolio as it is not owned and similarly, being underweight to HSBC also negatively impacted performance.
Pearson contributed to performance as the shares continued their strong run since results in November as markets continued to respond favourably to the new CEO’s strategy. Since being added to the portfolio in 2021, the shares have performed strongly as the company continues to migrate to higher value services. Admiral also contributed modestly to performance as shares rebounded slightly from previous weakness.
Not owning shares in Ashtead, Experian and Glencore all contributed to performance given their share price falls during the month. The profit warning from Ashtead crystallised our concerns on weaker growth, which is why we exited the shares earlier in the year.
Changes
The rise of borrowing costs in the UK has led to dislocation in share prices in certain areas which have provided opportunities. Amongst these, the Company added to positions in WH Smith, Big Yellow Group and Phoenix following weakness in share prices.
Conversely, to fund these, the Company has exited of its position in Hammerson. Albeit small, Hammerson was a recent purchase in 2024 and its sale is a function of portfolio positioning. This moderates the overweight position in real estate, given higher borrowing costs, whilst giving us the opportunity to re-invest in those positions where we have greatest conviction.
Outlook
Global developed equity markets continued their broad rallies throughout 2024 following a trend that started in late 2023. Following a lengthy period of uncertainty through the COVID-19 era, with sharply rising interest rates and inflation, equity markets have now settled down. Having passed peak interest rates, and with stable labour markets and broadly stable macroeconomic conditions, equity markets have performed strongly. The promise of greater fiscal spending in the US, China and parts of Europe have served to buoy equity markets further despite contributing to rising government bond yields as the spectre of uncontrolled fiscal deficits and inflationary pressures loom large for bond investors.
Following a period of extended economic weakness, the Chinese Government has begun a more concerted campaign aimed at accelerating economic growth and arresting deflationary pressures. Recent policy moves have sought to improve and encourage lending into the real economy with a sizable fiscal easing programme announced. Whilst the scale of the easing is large, western markets and commentators have remained sceptical of its impact and effectiveness whilst awaiting evidence to the contrary. In the UK, the recent budget promised and delivered a large-scale borrowing and spending plan whilst sizable increases in minimum wage and public sector wage agreements likely support a brighter picture for the UK consumer. UK labour markets remain resilient for now with low levels of unemployment while real wage growth is supportive of consumer demand albeit presents a challenge to corporate profit margins.
With the UK’s election and budget now over, the market’s attention will focus on the subsequent policy actions of the new US administration under Donald Trump. The global economy has benefited from the significant growth and deflation ‘dividend’ it has received from globalisation over the past decades. The impact of a more protectionist US approach and the potential implementation of tariffs may challenge this dividend. We would anticipate asset markets to be wary of these policies until there is more clarity as we move through 2025. Conversely, we believe political certainty, now evident in the UK, will be helpful for the UK and address the UK’s elevated risk premium that has persisted since the damaging Autumn budget of 2022. Whilst we do not position the portfolios for any election or geopolitical outcome, we are mindful of the potential volatility and the opportunities that may result, some of which have started to emerge.
The UK stock market continues to remain depressed in valuation terms relative to other developed markets offering double-digit discounts across a range of valuation metrics. This valuation anomaly saw further reactions from UK corporates with a robust buyback yield of the UK market. Combining this with a dividend yield of 3.6% (FTSE All Share Index yield as at 31 December 2024; source: FT), the cash return of the UK market is attractive in absolute terms and higher than other developed markets. Although we anticipate further volatility ahead, we believe that risk appetite will return, and opportunities are emerging. We have identified several potential opportunities with new positions initiated throughout the year in both UK domestic and midcap companies.
We continue to focus the portfolio on cash generative businesses that we believe offer durable, competitive advantages as we believe these companies are best placed to drive returns over the long term. Whilst we anticipate economic and market volatility will persist throughout the year, we are excited by the opportunities this will likely create; by seeking to identify the companies that strengthen their long-term prospects as well as attractive turnaround situations.
1Source: Sherwood News, 9th December 2024 Momentum unwind sinks US stocks - Sherwood News
2Source: Money Week, 2nd January 2024 December interest rates: Bank of England keeps rates on hold | Moneyweek
3Source: CNBC, 31st December 2024 Stock market today: Live updates
4Source: J.P. Morgan, 19th December 2024 December 2024 Fed Meeting: Fed Cuts Rates By 25 Basis Points to Bolster Labor Market, Triggering Market Shifts | J.P. Morgan
5Source: BlackRock 2024 Source: BlackRock 06/01/2025
6Source: Reuters, 2nd December 2024 Budget woes push French borrowing costs above crisis-scarred Greece | Reuters
7Source: European Central Bank, 18th December 2024 The euro area outlook and monetary policy
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 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.
Adam Avigdori, Director, is co-manager of the BlackRock Income and Growth Investment Trust plc, and is a member of the UK Equity Team. Adam joined BlackRock in 2001 and is responsible for managing UK equity portfolios covering the real estate and construction sectors. Adam has a degree in management sciences.
David Goldman, CFA, Director, is co-manager of the BlackRock Income and Growth Investment Trust plc, and is a member of the UK Equity Team. David joined BlackRock in 2004 and is responsible for managing UK equity portfolios covering the support services sectors. David has a degree with first class honours in economics.
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Board of directors
Graeme Proudfoot (Chairman) (appointed 1 November 2019) has considerable asset management experience and expertise having spent the bulk of his executive career at Invesco, latterly as Managing Director, EMEA and CEO of Invesco Pensions. Prior to joining Invesco, Mr Proudfoot began his career at Wilde Sapte Solicitors, practising as a corporate finance lawyer in London and New York. He is also non-executive Chairman of VPC Specialty Lending Investments plc.
Nicholas Gold (appointed 17 December 2008) is an experienced investment banker with over 36 years’ advisory experience across a wide range of industries and jurisdictions. He retired as the Managing Director responsible for closed-end fund corporate finance at ING Bank N.V. in 2008. Mr Gold is a chartered accountant and a solicitor. He was formerly a member of the Royal Academy of Dramatic Art Council and chairman of its commercial arm, RADA Enterprises. He is a Special Adviser to Pottinger Co Pty Limited.
Charles Worsley (appointed 19 April 2010) has over 30 years’ experience in commercial and residential property management and has been a shareholder of the Company since its launch. Mr Worsley has formerly been a director of retail and media companies. He is currently a director of a commercial property company, a renewable energy development company and a trustee director of a private family office.
Chrysoula Zervoudakis (appointed 19 December 2024) has worked for 28 years in asset management in the UK and France, investing in UK and Continental European Equities for retail and institutional clients. Most recently she was a director at AXA IM until 2015 and co-Head of Research. She has managed Growth and Income funds and analysed both industrial and consumer sectors with a focus on corporate governance and sustainability. She has been involved in promoting funds in the UK and internationally. She currently serves as non-executive director of OFI Invest AM in France where she chairs the Engagement and Ethics Committee and as Governor of West Thames College. She was previously a non exec director of Quadpack Industries SA and chair of the audit and risk committee.