BlackRock Energy and Resources Income Trust plc
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 wind turbines and iron for construction, to delivering gas to heat our homes. BlackRock seeks to understand every facet of the companies in this sector.

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.
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BlackRock Energy and Resources Income Trust
Marketing material. 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 BlackRock Energy and Resources Income Trust aims to deliver an annual dividend alongside long-term capital growth by investing primarily in mining and metals companies.
Portfolio managers Tom Holl and Mark Hume focus on companies that are essential to the global economy, and providing materials for emerging technologies.
The portfolio is structured so that one-third is invested in stocks benefiting from eco-friendly energy and sustainability, with the remainder in traditional sectors.
This focus supports the worldwide shift towards a lower-carbon economy and offers exciting opportunities.
Tom and Mark look to invest in companies that supply key resources—from materials for wind turbines to lithium for electric vehicles—playing a vital role in the industries driving economic growth.
The portfolio spans various regions, ensuring a diverse and balanced exposure to key markets internationally.
This global reach allows the trust to capitalise on opportunities in both developed and emerging economies.
These fundamental sectors not only contribute to economic growth but also generate steady income, ensuring a robust foundation for long-term capital appreciation.
However, some tolerance for market uncertainty is important, as this sector can be volatile. For investors seeking a blend of income and growth, BlackRock Energy and Resources Income Trust remains an attractive option, offering exposure to the critical sectors driving worldwide economic development.
Subscribe to receive regular updates on the progress of this trust.
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of 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.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Fund-specific risks
BlackRock Energy and Resources Income Trust plc
Counterparty Risk, Currency Risk, Emerging Markets, Gearing Risk, Investments in Mining Securities
Description of Fund Risks
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
Emerging Markets: Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.
Gearing Risk: Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Investments in Mining Securities: Investments in mining securities are subject to sector-specific risks which include environmental concerns, government policy, supply concerns and taxation. The variation in returns from mining securities is typically above average compared to other equity securities.
Important Information
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
UK Investment Trust Funds: The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL™ is a trademark of the London Stock Exchange plc and is used under licence.
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 investment trusts [listed below/above/in this document] currently conduct their affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non-mainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in local language in registered jurisdictions.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKTGH0425E/S-4321820
BlackRock Energy and Resources Income Trust
Marketing material. 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 BlackRock Energy and Resources Income Trust aims to deliver an annual dividend alongside long-term capital growth by investing primarily in mining and metals companies.
Portfolio managers Tom Holl and Mark Hume focus on companies that are essential to the global economy, and providing materials for emerging technologies.
The portfolio is structured so that one-third is invested in stocks benefiting from eco-friendly energy and sustainability, with the remainder in traditional sectors.
This focus supports the worldwide shift towards a lower-carbon economy and offers exciting opportunities.
Tom and Mark look to invest in companies that supply key resources—from materials for wind turbines to lithium for electric vehicles—playing a vital role in the industries driving economic growth.
The portfolio spans various regions, ensuring a diverse and balanced exposure to key markets internationally.
This global reach allows the trust to capitalise on opportunities in both developed and emerging economies.
These fundamental sectors not only contribute to economic growth but also generate steady income, ensuring a robust foundation for long-term capital appreciation.
However, some tolerance for market uncertainty is important, as this sector can be volatile. For investors seeking a blend of income and growth, BlackRock Energy and Resources Income Trust remains an attractive option, offering exposure to the critical sectors driving worldwide economic development.
Subscribe to receive regular updates on the progress of this trust.
Risk Warnings
Investors should refer to the prospectus or offering documentation for the funds full list of 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.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Fund-specific risks
BlackRock Energy and Resources Income Trust plc
Counterparty Risk, Currency Risk, Emerging Markets, Gearing Risk, Investments in Mining Securities
Description of Fund Risks
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.
Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.
Emerging Markets: Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.
Gearing Risk: Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.
Investments in Mining Securities: Investments in mining securities are subject to sector-specific risks which include environmental concerns, government policy, supply concerns and taxation. The variation in returns from mining securities is typically above average compared to other equity securities.
Important Information
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
UK Investment Trust Funds: The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL™ is a trademark of the London Stock Exchange plc and is used under licence.
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 investment trusts [listed below/above/in this document] currently conduct their affairs so that their securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non-mainstream investment products and intend to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are securities issued by investment trusts. Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in local language in registered jurisdictions.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
MKTGH0425E/S-4321820
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
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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.
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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.
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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.
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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.
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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.
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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.
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ISIN: GB00B0N8MF98
Sedol: B0N8MF9
Bloomberg: BERI:LN
Reuters: BERI.L
Ticker: BERI/LON
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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)370 707 1476
Place of Registration: England
Registered Number: 5612963
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Year End: 30 November
Results Announced: July (half yearly), January/February (final)
AGM: March
Dividends Paid: April/July/October and January (quarterly)
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
31 May 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 rose 4.3% in May (in GBP terms).
Global equity markets rose in May with an announced agreement between the US and China to reduce tariffs for 90 days. The US stock market was further supported towards the end of the month after the US announced a delay to implementation of higher tariffs on the EU and a US legal challenge to the recently announced US import tariffs. The House of Representatives passed the ‘One Big Beautiful Bill Act’ (OBBBA), which would potentially increase the size of primary deficit, adding to US debt and interest obligations. Longer-dated US Treasury yields rose during the month, whilst the US dollar index moved lower. The market rise was led by US technology stocks, notably megacaps and by banks, whilst sectors with perceived resilient earnings, such as healthcare and utilities, lagged the market rise. Global equity markets represented by the MSCI All Country World Index returned 5.7% in May 2025.
Within the sustainable energy theme, during May, we received partial clarity on US energy policy, initially in the form of the Draft Reconciliation Bill, and subsequently the OBBBA, which narrowly passed through the House of Representatives at the end of the month. The Act remains subject to approval and modification by the Senate, with July 4th being the target date for their decision. Finally, the Senate and House will have to reconcile their two bills into one for a final vote in both chambers. While the Act as it stands does propose to phase out key tax credits for clean power generation, it demonstrates a level of energy pragmatism that many were not anticipating based on the negativity priced into the equities prior to its announcement. The Act suggests that support for utility-scale renewables development will remain largely intact, including a proposal that investment / production tax credits for new renewable energy projects will remain in place through December 2028. Several US technology firms announced AI deals in the Middle East, including a $600m commitment from Saudi Arabia to US companies including Nvidia.
Turning to the energy sector, early in the month, OPEC+ announced a further >400kbpd increase in previously curtailed production, which may increase oil price volatility in the near-term. We also saw two well-capitalized US E&P companies, Diamondback Energy and Coterra Energy, announce that they would drop rigs in the Permian basin on concerns of falling oil prices. The 90-day delay on tariffs, on the other hand, contributed to a modest reprieve in oil prices during the month. The Brent oil price rose +1.5%, whilst the WTI oil price rose +3.2%, ending the month at $64/bbl and $61bbl respectively. The US Henry Hub natural gas price rose +3.3% during the month to end at $3.46/mmbtu.
Mining equities posted performance in May, albeit lagging broader equity markets, represented by the MSCI All Country World Index, which rose 5.7%. Mined commodity performance was mixed: prices for iron ore (62% Fe) and nickel fell by 1.6% and 1.2% respectively, whereas the copper price increased by 4.7%. The copper market appears to have notably tightened evidenced by a significant decline in inventories in China. Within precious metals, the gold price decreased by 0.7%, whilst the silver and platinum prices rose by 1.0% and 10.2% respectively. Reduced geopolitical and economic uncertainty contributed to the gold price easing. However, increased hybrid vehicle penetration drove strong demand for platinum, where we have also seen supply-side constraints become apparent.
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 31 May 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.


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.