Skip to main content

In order to access the website of Winterflood Securities Limited you must first read and accept the following terms:

This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject Winterflood to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

Please note that Winterflood Securities Limited is not registered as a broker-dealer with the Securities and Exchange Commission and is not a member of Financial Industry Regulatory Authority Inc. (“FINRA”). All research reports provided on this website are being distributed directly by Winterflood Securities Limited to persons in the U.S. that qualify as “major U.S. institutional investors” in compliance with Rule 15a-6(a)(2) of the Securities Exchange Act of 1934. Accordingly, these research reports have not been prepared in compliance with FINRA requirements. Please refer to our Full Disclaimer here.

Research on this Website

Research on this website has been issued for the information of Professional Clients and Eligible Counterparties (as defined in the FCA handbook) of Winterflood Securities Ltd (“Winterflood”). The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision.

Each research report on this website must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the Winterflood Investment Trust research team and are subject to change without notice and Winterflood is not under any obligation to update or keep current the information contained herein. The material on this website is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

Use of Cookies

For information on the cookies used on our websites, please refer to our Cookies Policy which can be accessed here.


For information on how we treat your personal data, please refer to our Privacy Notice which can be accessed here.

More information can be found in our Legal Disclaimer

If you have read and accepted the terms and conditions for use of this website please click continue
19 Nov 2021

BlackRock Energy and Resources Income Trust

Company Notes

4% yield with exposure to energy transition

BlackRock Energy and Resources Income Trust* was launched in December 2005. It 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. In March 2020 the fund announced that, in recognition of the structural shift in the energy sector from carbon-based towards alternative and renewable sources, it would increasingly focus on companies that benefit from this energy transition. Reflecting this portfolio evolution, Tom Holl was joined by Mark Hume, an energy specialist at BlackRock, who replaced Olivia Markham as co-manager. The portfolio’s neutral sector weights are now 40% Mining, 30% Traditional Energy and 30% Energy Transition.

Over the last five years, the fund has delivered a NAV total return of +68.2%, outperforming the +43.5% return of the Commodities & Natural Resources peer group. The fund does not have a benchmark but over this period the EMIX Global Mining Index has returned +90.2%, the MSCI World Energy Index has returned -0.7%, the S&P Global Clean Energy Index has returned +217.5% and the WilderHill Clean Energy Index has returned +356.6%.

The Board sets an annual dividend target at the beginning of each financial year and the fund has met or exceeded this target each year since launch. The target for the current year to 30 November 2021 is to pay quarterly dividends totalling at least 4p per share, which is in line with the previous year (when it was 108% covered by revenue) and represents a prospective yield of 4.1%.

*Denotes a corporate broking client of Winterflood Securities